Asian Markets A Sea Of Red

Asian stock markets are a sea of red on Friday, following the mixed cues from Wall Street overnight, as traders remain cautious and keep an eye on developments in the Middle East as tensions along the Strait of Hormuz persist as supply disruption threats reappear on fresh attack on a cargo ship with a projectile hitting a cargo ship near Oman. Meanwhile, U.S. inflation numbers moderated U.S. Fed’s interest rate hike concerns. Asian markets ended mixed on Thursday.

The attack on the ship revived security concerns and heightened fears that Iran could exert greater control over traffic in the key waterway, while several commercial ships turned back. Soon after the signing of the MoU, Iran had reopened the critical Strait of Hormuz leading to active shipping traffic.