[MARKET ANALYSIS] Asia-Pac stocks retreat following a fresh exchange of US-Iran strikes over the weekend

APAC Stocks: Negative

• Asia-Pac stocks are pressured with the major regional indices all in the red following a fresh exchange of strikes between the US and Iran, which underpinned oil prices and yields, while Iran also declared the Strait of Hormuz would be closed until further notice.

ASX 200: -0.4%

• Marginally declined with the index dragged lower by underperformance in the tech, utilities, mining, materials and resources sectors, but with the downside cushioned by resilience in the top weighted financial industry.

Nikkei 225: -1.1%

• Pulled back from resistance around the 69,000 level with Japanese exporters pressured by higher oil prices and concerns of renewed shipping disruptions.

KOSPI -7.0%

• Leads the downturn with the index heavily pressured by chip-related selling amid heavy losses in the likes of Samsung Electronics and SK Hynix, despite the latter's strong debut last Friday on the Nasdaq.

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

• Chinese markets conform to the negative mood, but with the downside limited in Hong Kong as participants also digest preliminary H1 earnings updates.

US Equity Futures: Lower

• Gradually declined amid headwinds from the fresh exchange of US-Iran strikes.

European Equity Futures -0.8%

• Indicate a lower cash market open with Euro Stoxx 50 futures down 0.8% after the cash market closed with losses of 0.2% on Friday.