[MARKET ANALYSIS] Asia-Pac stocks are pressured and oil surged after US-Iran talks failed and Trump announced a Hormuz blockade

APAC Stocks: Negative

• Asia-Pac stocks declined after the marathon negotiations over the weekend between the US and Iran in Pakistan ended without an agreement, as the sides remained at loggerheads over Iran's nuclear ambitions. Furthermore, US President Trump announced to impose a US naval blockade on ships travelling through the Strait of Hormuz, while the US military said it would start a blockade of Iranian ports on Monday at 10:00EDT/15:00BST, but would "not impede" vessels transiting the Strait of Hormuz travelling to or from other countries.

ASX 200: -0.5%

• Index was dragged lower by underperformance in tech and miners, while energy is at the other end of the spectrum following a surge in oil prices.

Nikkei 225: -1.0%

• Retreated amid headwinds from the higher energy prices, which weighed heavily on power companies and large manufacturers, while there were also recent suggestions from Japan's economy minister that BoJ policy to boost the yen could be an option to curb inflation.

Hang Seng & Shanghai Comp: Hang Seng -1.5% / Shanghai Comp -0.3%

• Chinese markets followed suit to the losses in regional peers, with sentiment not helped by another meagre PBoC liquidity operations and with a mixed performance seen in tech stocks.

US Equity Futures: Lower

• Fell at the open as markets reacted to the failed US-Iran talks and Trump's Hormuz blockade.

European Equity Futures -1.4%

• Indicate a lower cash market open with Euro Stoxx 50 futures down 1.8% after Euro Stoxx 50 futures closed with gains of 0.5% on Friday.