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(Bloomberg) — Asian stocks were poised for losses on Thursday as renewed clashes between the US and Iran added strain to a fragile ceasefire, while pushing oil prices higher.
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Equity-index futures for Japan and Hong Kong pointed to losses at the open, with a regional stock gauge set to end four days of gains. US share futures fell around 0.4% after the underlying benchmarks pulled back from record highs, with the S&P 500 snapping a nine-day winning streak. After the close, Broadcom Inc. shares tumbled in post-market action as its outlook failed to impress investors.
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US crude steadied after gaining 2.4% in the previous session after the US and Iran exchanged fire overnight, drawing Kuwait and Bahrain into one of the most serious flare-ups since a ceasefire took effect in early April. Rising oil prices and signs of resilience in the US labor market sent Treasuries lower, as traders increased bets that the Federal Reserve’s next move will be to raise interest rates.
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The moves followed days of rising tensions in the Middle East, including Israeli operations against Hezbollah in Lebanon, that risk derailing US-Iran talks and undermining a fragile ceasefire. While the AI-driven rally has propelled equities to record highs, a fresh wave of geopolitical risks is testing investors’ willingness to look past higher oil prices.
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“We are no longer watching a delicate ceasefire, instead what is occurring is more akin to a low-intensity conflict,” said Chris Beauchamp, chief market analyst at IG. “This simply leaves the vital issue of oil supplies unresolved, and the clock continues to tick down towards doomsday for oil inventories and the global economy.”
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In Asia, the yen hovered near the 160-per-dollar level after Bank of Japan Governor Kazuo Ueda reiterated that policymakers need to keep raising interest rates in line with economic and inflation developments. While the comments reinforced expectations for a rate hike on June 16, they were less explicit than remarks that preceded the BOJ’s previous two increases.
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“The BOJ appears to be on track for a June hike,” said Yusuke Miyairi, a currency strategist at Nomura International Plc. “Since the BOJ’s June hike is much priced in, Ueda’s speech won’t change the trend of the dollar-yen pair.”
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Attention also turned to the US labor market, where data showed companies added the most jobs since January 2025, suggesting hiring momentum remains intact despite higher energy costs. If confirmed by Friday’s payrolls report, the figures may reinforce expectations that the Fed is more likely to raise rates in the months ahead.
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The data weighed on Treasuries, sending the 10-year yield up five basis points to 4.49%. A Bloomberg gauge of the dollar rose 0.3%, while gold fell as much as 1.4% to below $4,430 an ounce, reaching the lowest intraday level in almost a week.
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