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New Delhi: Asian markets were mixed on Tuesday as uncertainty over the Iran war continued to unsettle global investors. South Korea’s Kospi was the biggest loser, sinking 3.5% to 7,249.73 after an early drop of more than 4%, with Samsung Electronics slipping 3.8% and SK Hynix falling 4%, tracking overnight losses in tech shares on Wall Street.

Japan’s Nikkei 225 lost 0.6% to 60,433.79, erasing initial gains despite government data showing the economy grew for the second straight quarter in January-March, driven by better than expected consumer spending. Hong Kong’s Hang Seng climbed 0.5% to 25,811.28, while the Shanghai Composite shed 0.3% to 4,121.11.

Wall Street and oil prices in focus

On Monday, the S&P 500 dipped 0.1% to 7,403.05, its second loss since setting an all-time high last week. The Dow Jones Industrial Average added 0.3% to 49,686.12, while the Nasdaq composite fell 0.5% to 26,090.73. In energy trading, Brent crude dipped $1.99 to $110.11 a barrel, while US benchmark crude lost $1.36 to $103.02 a barrel. Oil prices have been volatile as markets remain uncertain over how long the Iran war will keep the Strait of Hormuz effectively closed to oil tankers. Brent crude was trading at around $70 per barrel before the war began.

Trump hints at Iran negotiations, bond yields rise

Oil prices fell after US President Donald Trump said in a social media post that he was holding off on a military strike on Iran planned for Tuesday because “serious negotiations” are underway to end the war. In the bond market, the yield on the 10-year Treasury rose as high as 4.63% before settling at 4.59%.

What to watch this week

Investors are keeping a close eye on Nvidia’s quarterly results due Wednesday, with the chip company having consistently beaten analyst expectations. Target, Home Depot and Walmart also report results this week. In currency markets, the US dollar rose to 158.96 Japanese yen from 158.84, while the euro slipped to $1.1643 from $1.1657.