Smoke rises from an Israeli strike targeting the southern suburbs on March 5, 2026 in Beirut, Lebanon.
Daniel Carde | Getty Images
Asia-Pacific markets staged a late rally Friday, breaking ranks with Wall Street losses overnight, as the Iran conflict risks global energy supplies.
Overnight, oil prices broke through the $80 per barrel mark, but eased on Friday. Brent futures were about 0.3% lower at $85.14. U.S. West Texas Intermediate, which saw its biggest single day gain since May 2020 on Thursday, was last down 0.53% at $80.58.
More uncertainty was also seen on the global trade front after New York Attorney General Letitia James and the top prosecutors of 23 other states once again sued to block President Donald Trump‘s global tariff regime.
This comes after the U.S. Court of International Trade had ruled Thursday that companies were entitled to tariff refunds from Trump’s duties that were struck down by the Supreme Court.
South Korea’s Kospi reversed losses late into the session and finished marginally up at 5,584.87, after marking its best day since 2008 in the prior session.
The small-cap Kosdaq extended gains to rise 3.43% at 1,154.67. Kosdaq 150 futures spiked 6% in early trading, triggering a buy trading curb for five minutes.
Defense heavyweight LIG Nex1 rose more than 9%, after South Korean media reported its air defense systems were used to successfully intercept Iranian missiles launched at the United Arab Emirates.
Japan’s Nikkei 225 was up 0.62% to 55,620.84, also reversing earlier losses, while the Topix was also up with a 0.39% gain and closed at 3,716.93.
Shares of Softbank Group Corp climbed 1.6% as a report said it was seeking a record $40 billion loan to finance its investment in OpenAI.
Australia’s S&P/ASX 200 fell 1% to 8,851, dragged by basic materials stocks.
Hong Kong’s Hang Seng index was 1.69% higher, extending gains from Thursday, while the mainland Chinese CSI 300 was up 0.23%.
Overnight in the U.S., all three major indexes fell, with the stock sell-off led by Boeing, Caterpillar and other names that stand to lose the most if the global economy slows.
The Dow Jones Industrial Average declined 1.61%, while the S&P 500 fell 0.56%. The tech heavy Nasdaq Composite dipped 0.26%.
—CNBC’s Sean Conlon and Pia Singh contributed to this report.