[MARKET ANALYSIS] Asia-Pac stocks declined amid a continuation of the tech-reversal and fresh US-Iran strikes

APAC Stocks: Negative

• Asia-Pac stocks declined in a continuation of the recent tech reversal, and with the US conducting strikes on Iran for a second consecutive day, which prompted Iran to retaliate by targeting US bases in the region and ships near the Strait of Hormuz, while it also declared the waterway closed to all vessels.

ASX 200: -0.5%

• Index was pressured with the downside led by underperformance in tech and the top-weighted financials sector, although losses were stemmed by resilience in energy and defensives.

Nikkei 225: -0.9%

• Slumped at the open owing to the fresh hostilities in the Middle East, with headwinds seen amid higher oil prices and upside in yields, although the index then staged a recovery and returned to flat territory before a renewed bout of selling persisted.

Hang Seng & Shanghai Comp: Hang Seng -1.3% / Shanghai Comp -0.7%

• Chinese markets followed suit to the weakness across global markets, with several tech stocks clustered among the list of worst performers.

US Equity Futures: Mildly higher

• Initially softened following the fresh US strikes on Iran, but then rebounded given that Trump had flagged that the US would hit Iran hard well in advance, while some relief was also seen following CENTCOM's announcement that US forces had completed their strikes.

European Equity Futures -0.7%

• Indicate a lower cash market open with Euro Stoxx 50 futures down 0.7% after the cash market closed with losses of 0.7% on Wednesday.