Asian Stocks Mostly Down as Market Awaits US-Iran Peace Talk Progress

Asian stock markets closed mostly lower today as investors awaited progress on US-Iran peace talks. Oil prices saw a slight pullback after rising the previous day. Following a strong and record-breaking week driven by market expectations that the Middle East war, ongoing since late February, might conclude, investors are now cautiously monitoring the situation. President Donald Trump expressed optimism yesterday, telling reporters, "It looks very good, we will have an agreement with Iran, and it will be a good agreement," suggesting renewed negotiations this weekend. However, concerns are growing that the fragile ceasefire, which expires next week, could collapse, potentially leading to another market downturn. Meanwhile, Bloomberg News reports that leaders from some Persian Gulf and European countries are worried that a long-term agreement between the US and Iran could take up to six months, urging the warring parties to extend the ceasefire to cover this negotiation period. These leaders reportedly desire an immediate reopening of the Strait of Hormuz and have privately warned of a potential global food crisis if an agreement is not reached before next month. Asian stock markets closed mostly down today, with Tokyo, Seoul, Hong Kong, Shanghai, Sydney, Wellington, Manila, Singapore, and Taipei stock markets all declining.