Daily News
South Korea's Kospi Leads Asia Declines as Middle East War Enters Fifth Week
30 March 2026
Today in Brief
Asia-Pacific markets fell sharply as the Middle East conflict entered its fifth week with no resolution in sight.
Geopolitical tensions, surging oil prices, and escalating Houthi involvement continued to rattle global markets and investors.
South Korea's Kospi leads declines in Asia as Middle East war enters fifth week
Asia-Pacific markets fell sharply on Monday as the Middle East war entered its fifth week, with the conflict escalating despite efforts aimed at finding a diplomatic solution. The benchmark Kospi plunged over 5%, while the small-cap Kosdaq was 3.97% lower. Japan's Nikkei 225 fell 3.97%, while the Topix lost 3.9%. Bank of Japan policymakers discussed the need for further rate hikes at their March meeting, as rising oil prices linked to the Middle East conflict add to inflation pressures. One member signalled that tightening may need to be accelerated, according to a summary of opinions released Monday.
Dow tumbles almost 800 points and enters correction, S&P 500 posts fifth straight losing week
The Dow Jones Industrial Average tumbled on Friday and fell into correction territory, while Brent topped $110 after incidents in the Strait of Hormuz exacerbated investors' energy supply concerns and President Donald Trump's latest comments failed to encourage traders to scoop up shares. The 30-stock Dow fell 793.47 points, or 1.73%, to close at 45,166.64. The S&P 500 lost 1.67% and ended the session at a seven-month low of 6,368.85. The Nasdaq Composite dropped 2.15% and settled at 20,948.36. The broad market index notched its fifth straight weekly decline, dropping 2.1% in the period. The tech-heavy Nasdaq slid 3.2% week to date, while the blue-chip Dow retreated 0.9% for the week.
Gold reversed earlier losses to trade around $4,500 per ounce on Monday
Gold reversed earlier losses to trade around $4,500 per ounce on Monday, remaining volatile as the Middle East conflict entered its fifth week with no clear resolution in sight. Hostilities in the region intensified as Iran-backed Houthi militants in Yemen joined the conflict, targeting Israel over the weekend. The militant group also has the capacity to launch strikes on vessels transiting the Red Sea and key Saudi Arabian energy infrastructure. Meanwhile, the US military is reportedly preparing for weeks of ground operations in Iran after additional troops arrived in the region. Gold remains down more than 15% from its March peak as the oil price shock stoked inflation concerns and reinforced expectations for interest rate hikes from major central banks.
Crude oil started the week about 3% higher, trading above $102
Crude oil started the week about 3% higher, trading above $102 and remaining at its highest level since July 2022, when Russia's invasion of Ukraine disrupted global energy markets. As the war in Iran entered its fifth week, investors grew increasingly doubtful about the prospects for a swift resolution, particularly after Iran-backed Houthi militants in Yemen joined the conflict and additional US troops were deployed to the region. The Houthis fired missiles at Israel over the weekend and signalled that attacks would continue until strikes against Iran and its proxies cease. The militant group also has the capacity to target vessels transiting the Red Sea and key Saudi Arabian energy infrastructure. Meanwhile, the US military is reportedly preparing for weeks of ground operations in Iran after ordering thousands of troops to the region.
Trump reportedly wants to 'take the oil in Iran' as Tehran targets water, power facilities in Kuwait
U.S. President Donald Trump said he could "take the oil in Iran" and seize Iran's export hub of Kharg Island, as hostilities in the Middle East continue for a fifth week. Trump told the Financial Times on Sunday that his "preference would be to take the oil," comparing it to the U.S. military operation in Venezuela earlier this year where the U.S. effectively gained control of the Latin American country's oil industry, following the capture of its leader Nicolás Maduro. The Trump administration has weighed sending ground forces to the Kharg Island, according to Reuters, with one of its sources warning that such an operation would be "very risky." Tehran has the ability to reach the island with missiles and drones.
Trump reverses course on Cuban oil blockade, allows Russian tanker to pass
U.S. President Donald Trump signalled he was reversing course on blocking oil shipments to Cuba on Sunday, saying he had "no problem" with any country sending in crude as a Russian tanker neared a Cuban port with a badly needed shipment. A sanctioned Russian vessel, part of the country's "shadow fleet," was just off the coast of eastern Cuba on Sunday, according to ship tracking data, and was expected to reach port on Monday, a lifeline for the country's economy that has nearly ground to a halt under a de facto oil blockade imposed by Washington. The U.S. cut off Venezuelan oil exports to Cuba after toppling Venezuelan President Nicolas Maduro on January 3, and Trump threatened to slap punishing tariffs on any other country that sent crude to Cuba.
Yemen's Houthis launch Israel strike, the first time since the U.S.-Israel war began
Yemen's Houthis launched a missile strike against Israel, the group said Saturday. It was the first time the Tehran-backed militia had intervened in the U.S.-Israeli-led war against Iran, which has entered its second month. "The Yemeni Armed Forces ... have carried out the first military operation using a barrage of ballistic missiles targeting sensitive Israeli military sites," Houthi spokesman Yahya Saree said in a post on X. Saree said the strike was in support of Iran's regime and Hezbollah forces in Lebanon. The Israel Defence Forces said they "identified the launch of a missile from Yemen towards Israel," adding that its aerial defences intercepted the threat. The move by the Houthis marks an escalation in the conflict, which began with U.S. and Israeli airstrikes against Iranian targets on Feb. 28.
Pakistan prepared to host U.S.-Iran talks in 'coming days' as Trump weighs deploying ground troops
Pakistani Deputy Prime Minister and Foreign Minister Ishaq Dar said Sunday that both the U.S. and Iran have expressed confidence in Pakistan to hold talks in the coming days aimed at ending the U.S.-Israeli war in Iran. In a statement following a meeting with the foreign ministers of Saudi Arabia, Turkey and Egypt, Dar said Pakistan is engaging with the U.S. to find an end to the conflict, and that "both Iran and the US have expressed their confidence in Pakistan to facilitate the talks." Pakistan will be honoured to host and facilitate meaningful talks between the two sides in coming days, for a comprehensive and lasting settlement of the ongoing conflict, Dar said. It is unclear whether the U.S. and Iran had agreed to any formal talks with Pakistan. The White House did not immediately respond to a request for comment from CNBC.
Meta's court losses spell potential trouble for AI research, consumer safety
Over a decade ago, Meta – then known as Facebook – hired social science researchers to analyse how the social network's services were affecting users. It was a way for the company and its peers to show they were serious about understanding the benefits and potential risks of their innovations. But as Meta's court losses this week illustrate, the researchers' work can become a liability. Brian Boland, a former Facebook executive who testified in both trials — one in New Mexico and the other in Los Angeles — says the damning findings from Meta's internal research and documents seemed to contradict the way the company portrayed itself publicly. Juries in the two trials determined that Meta inadequately policed its site, putting kids in harm's way.
Eli Lilly reaches $2.75 billion deal with Insilico to bring AI-developed drugs to the global market
U.S. pharmaceutical giant Eli Lilly has reached a $2.75 billion deal to bring drugs developed using artificial intelligence by Hong Kong-based Insilico Medicine to the global market. The agreement will give Insilico $115 million up front, with the remainder subject to regulatory and commercial milestones, along with royalties on future sales, according to the companies' announcement Monday. Insilico has developed at least 28 drugs using generative AI tools, with nearly half already at a clinical stage, Alex Zhavoronkov, founder and CEO of Insilico, told CNBC. The company went public in Hong Kong in December. Its shares are up more than 50% year-to-date. "In many ways, Lilly is better than us in some areas of AI," Zhavoronkov said, noting the U.S. pharma giant has "one person" who has brought biology, chemistry and automation under one roof.
Nike's China stumble exposes execution gaps
Nike's troubles in China are being laid bare as operational missteps collide with fierce domestic competition and a cooling consumer, revealing execution flaws at the U.S. sportswear giant beyond just a backlash against foreign brands. Greater China accounts for around 15% of Nike's global revenue and is the sportswear brand's second-largest market outside North America. This makes a turnaround particularly urgent but an economic slowdown and a prolonged property crisis are limiting Chinese shoppers' spending power. At the same time, Nike is losing ground to fast-rising domestic rivals Anta and Li Ning, which have capitalised on agile supply chains and vast store networks to push competitively priced products deep into China's heartland. The pressure point is clear: the earnings drag in China exposes weaknesses in execution just as the market grows less forgiving.
Citigroup dismisses report of potential US regional bank acquisition
Citigroup on Friday dismissed as "baseless speculation" a Bloomberg News report that its top executives were weighing the acquisition of a U.S. regional bank, saying it remains focused on organic growth. Bloomberg earlier reported that Citi's senior leaders had held preliminary discussions in recent months about a potential deal to boost deposits and had even raised the idea with U.S. regulators, citing people familiar with the matter. "The suggestion that Citi is planning to buy a regional bank, wealth brokerage - or any other financial services firm - is baseless speculation," a spokesperson for the lender said in a statement to Reuters. "At this time, we are solely focused on growing organically by executing our strategy and completing our transformation," the spokesperson added.
