Asian stock markets traded mixed in early Tuesday deals as concerns over the Middle East remained in focus after the U.S. intensified economic pressure on Iran and its trading partners.
South Korea's Kospi declined 2.96%, making it the biggest loser among the major regional indices. Japan's Nikkei 225 fell 0.87%, while Australia's S&P/ASX 200 bucked the broader weakness and gained 0.40%.
Oil prices remained elevated even after declining in the previous session. Brent crude traded near $92 a barrel after falling more than 2% on Monday, while West Texas Intermediate hovered around $85.
The U.S. has stepped up efforts to economically pressure Iran and its trading partners in an attempt to restore energy flows through the Strait of Hormuz. Treasury Secretary Scott Bessent said on Monday that countries would be given a specific timeframe to cut their economic links with Iran or face unilateral action, describing the campaign as an "economic D-Day".
The mixed start in Asia followed an uneven session on Wall Street, where investors turned cautious ahead of Nvidia's earnings and a key U.S. inflation reading due later this week.
U.S. stock futures were largely unchanged overnight. Dow Jones Industrial Average futures rose 15 points, or 0.03%, while S&P 500 futures edged 0.03% higher. Nasdaq 100 futures traded near the flatline.
In Monday's regular session, the S&P 500 declined 0.28% and the Nasdaq Composite fell 0.76%, with semiconductor and other technology stocks weighing on sentiment. The Dow Jones Industrial Average, however, gained 140.15 points, or 0.26%.
U.S. Treasury yields also moved lower after CNBC reported that the Treasury Department could tap its $1 trillion General Account to support plans to increase purchases of government bonds. The yield on the benchmark 10-year U.S. Treasury fell by more than three basis points to 4.7%.
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