[MARKET ANALYSIS] Asia-Pac stocks wiped out gains as Trump's primetime address and renewed threat dampened hopes for a near-term off-ramp in the conflict

APAC Stocks: Negative

• Asia-Pac stocks failed to sustain initial gains after US President Trump's primetime address disappointed those hoping for an immediate de-escalation in the Iran conflict, in which he said they will hit Iran very hard over the next 2-3 weeks and will 'bring Iran back to the stone age, where they belong', while he also threatened to hit Iran's electric plants if there is no deal and could hit their oil.

ASX 200: -0.9%

• Reversed early gains as Trump's remarks soured the broad risk sentiment, and with the declines led by weakness in the tech, mining, materials and resources industries, while the latest trade data from Australia had very little influence on price action.

Nikkei 225: -2.0%

• Wiped out the initial spoils and slumped beneath the 53,000 level as US President Trump's remarks triggered a broad risk-off mood and lifted oil prices.

Hang Seng & Shanghai Comp: Hang Seng -1.0% / Shanghai Comp -0.5%

• Chinese markets are subdued amid notable weakness in the Hong Kong-listed blue chip tech stocks, and with the mainland also dampened following another paltry liquidity operation by the PBoC.

US Equity Futures: Lower

• Declined as President Trump's rehashed tough talk dampened the recent optimism for a near-end to the Iran conflict.

European Equity Futures -1.6%

• Indicate a lower cash market open with Euro Stoxx 50 futures down 1.6% after the cash market closed with gains of 2.9% on Wednesday.