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Asian stocks fell broadly on Monday as investors reacted to hawkish comments from Federal Reserve Chair Kevin Warsh and escalating U.S.-Iran tensions, which drove oil prices higher and renewed inflation concerns.
The regional weakness followed losses on Wall Street on Friday, while U.S. stock futures also declined during Asian trading. Warsh’s Jackson Hole speech prompted markets to increase expectations that the Federal Reserve could raise interest rates as early as September.
South Korea’s KOSPI dropped 1.5%, pressured by major semiconductor stocks including Samsung Electronics and SK Hynix. Japan’s Nikkei 225 declined 1.1%, while the broader TOPIX slipped 0.5%. The USD/JPY exchange rate briefly climbed above 160 yen.
Warsh said the Fed would have more work to do if policymakers lacked confidence that underlying inflation was moving sustainably toward the central bank’s 2% target. Following his remarks, markets raised the probability of a September interest-rate hike to about 60%, up from roughly 35% beforehand.
Geopolitical risks added to market pressure. Brent crude climbed above $90 per barrel after U.S. forces struck Iranian launchers on Larak Island. Iran reportedly retaliated by targeting U.S. forces stationed in Jordan, raising concerns about further disruptions to Middle East energy supplies.
Chinese stocks also weakened, with the Shanghai Composite falling 0.2% and the CSI 300 losing 0.8%. Hong Kong’s Hang Seng declined 0.8%, while the Hang Seng TECH Index dropped 1.5%.
China’s official manufacturing PMI improved to 49.8 in August from 49.2 in July, beating forecasts but remaining below the 50 level that separates expansion from contraction. Non-manufacturing data continued to signal weakness across services and construction.
Japan delivered stronger economic figures, with July industrial production rising 0.1% month-on-month against expectations for a 0.7% decline. Retail sales increased 2.4%, indicating resilience in domestic demand.
India’s Nifty 50 futures slipped 0.2% ahead of Tuesday’s MSCI index rebalancing. Elsewhere, Australia’s S&P/ASX 200 edged 0.1% higher, while Singapore’s Straits Times Index gained 0.4%, bucking the broader Asian market decline.
