Asian Markets Track Wall Street Lower

Asian stock markets are trading mostly lower on Monday, following the broadly negative cues from Wall Street on Friday, as traders remain cautious after renewed hostilities in the Middle East over the weekend. However, the U.S. and Iran have now agreed to halt military strikes against each other and meet on Tuesday in Doha, Qatar, to resolve tensions over the Strait of Hormuz. Asian markets closed mostly lower on Friday.

Earlier, Iran had attacked commercial vessels in the Gulf, prompting U.S. strikes on Iran’s air defense sites, drone facilities and mine-laying capabilities. Iran retaliated with strikes on U.S. bases in Bahrain and Kuwait before both sides agreed to halt strikes and meet this week.