Asia-Pacific markets reverse gains as investors assess Trump’s speech on Iran war

Trump reiterated his point that the objectives in Iran were almost met, and said that “we have all the cards” in the conflict.
He also said that Washington would hit Iran “very hard” over the next two to three weeks.
Asian markets reversed their earlier gains, with all major indexes in negative territory following the address.

Asia-Pacific markets reversed gains on Thursday as investors assessed U.S…. President Donald Trump’s address to the nation on the Iran war.

During his speech, Trump reiterated that the U.S. The objectives in Iran were almost met and said that “we have all the cards” in the conflict. He also said that Washington would hit Iran “very hard” over the next two to three weeks.

Early Wednesday stateside, Trump claimed that Iran’s “New Regime President” had asked the U.S. for a ceasefire, a claim that Tehran has denied.

Trump added that the U.S. will “consider” the offer only once the Strait of Hormuz was “open, free, and clear,” he said on Truth Social.

Trump previously said he was willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remaining closed, according to a report by the Wall Street Journal.

South Korea’s Kospi
dropped 4.25%, leading Asian losses, and the small-cap Kosdaq was down 4.71%, both the indices opened more than 1% higher.

Japan’s Nikkei 225
Was down 2.3% after Trump’s address, while the Topix fell 1.5%.

Australia’s S&P/ASX 200 started the day in positive territory, but was also down 1.11%.

Hong Kong’s Hang Seng index fell 1.08% after the speech, while the CSI 300 index on mainland China lost 0.77%.

U.S. stock futures fell, with S&P 500 futures and Nasdaq-100 futures down over 1%. Dow futures were down 439 points, or 0.94%.

Overnight in the U.S., the S&P 500 advanced 0.72%, and the Nasdaq Composite gained 1.16%. The Dow Jones Industrial Average added 0.48%.

Main developments

Donald Trump threatened to hit Iran hard in the coming weeks, and warned the US would strike the country’s power plants if no deal was reached with Tehran.

Oil prices climbed and stocks fell after Trump’s comments in an address to the nation on Wednesday night raised the possibility of further escalation.

Trump signaled the war would continue for weeks, saying his “core strategic objectives” in Iran were “nearing completion”.

Earlier in the day, Trump said Iran’s president asked for a ceasefire, which the US president refused to agree to until the Strait of Hormuz was reopened.

Iran rejected the claim, calling it “false and baseless”. The Revolutionary Guards said the strait would not reopen based on Trump’s “ridiculous displays”.

President Donald Trump told the “countries of the world” grappling with the global energy crisis triggered by the Iran war that it would be up to them to break the Islamic republic’s chokehold on the Strait of Hormuz.

Tehran has all but closed the critical waterway, through which one fifth of the world’s oil typically transits, in retaliation for the US and Israeli offensive.

Trump told Washington’s allies in Wednesday’s speech that “they should take the lead in protecting the oil that they so desperately depend on”.

The president has lashed out at European allies for refusing to send their navies to reopen the strait by force.

“To those countries that can’t get fuel — many of which refused to get involved in the decapitation of Iran . . . I have a suggestion: number one, buy oil from the United States of America. We have plenty. We have so much,” he said. “And number two . . . Go to the strait and just take it, protect it, use it for yourselves.”

But, later in the speech, Trump also claimed the strait would “open up naturally” when the war concludes.

Asia-Pacific markets reversed early gains on Thursday, April 2, 2026, as investors responded to a high-stakes televised address by U.S. President Donald Trump regarding the war with Iran. While the President stated that “core strategic objectives are approaching completion,” his threats of continued intense military action dashed hopes for an immediate ceasefire.

Market Reactions
Major regional indicators fell into negative territory following the address:

Japan: The Nikkei 225 dropped 1.4% to 52,755.17 after initial opening higher. The Topix fell 0.94%.
South Korea: The Kospi tumbled 2.82%, and the small-cap Kosdaq sank 3%.
Australia: The S&P/ASX 200 erased early gains to end down 0.48%.
Hong Kong: The Hang Seng index declined 0.5% briefly after the speech.
India: The BSE Sensex shed 1.19% and the Nifty 50 fell 1.31%.

Key Takeaways from Trump’s Speech

President Trump’s 20-minute address from the White House introduced significant volatility into global markets:
Escalation Threats: Trump vowed to hit Iran “extremely hard” over the next two to three weeks if no deal is reached, threatening to bring the country back to the “Stone Ages”.
Infrastructure Targets: He specifically threatened to strike Iran’s “electric generating plants” and hinted at targeting their oil infrastructure.

Energy Impact:

Trump blames Iran for surging U.S. petrol prices, which have topped $4 per gallon since the war began.
Diplomatic Stance: While claiming that Iran’s “New Regime President” had asked for a ceasefire, Trump stated the U.S. would only consider it once the Strait of Hormuz is “open, free, and clear.”

Commodities and Currencies

Oil Prices:

Brent crude jumped over 4% to above $105 per barrel as the speech offered no clear timeframe for reopening the Strait of Hormuz.
U.S. Dollar: The greenback firmed as investors sought safe-haven assets, reversal a two-day decline.
Gold: Prices fell 1.4% to roughly $4,693 per ounce, snapping a four-session winning streak as sentiment shifted toward risk averse.

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