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South Korea’s Kospi recorded its worst day on record, plunging 12% on Wednesday. Asian markets saw losses across the board, while U.S. markets also fell. The S&P 500 slipped about 0.94%, while the Dow lost 0.83%. At one point, the Dow fell more than 1,200 points. The Nasdaq Composite closed down 1.02%.
Gulf nations said their weapons stockpiles are sufficient as Iran continued drone and missile strikes on the fifth day of its war with Israel and the U.S. Executives from U.S. defense contractors Lockheed Martin and RTX, the parent company of Raytheon, are expected to meet White House officials Friday to discuss accelerating weapons production.
Global central banks are facing fresh tests as the Middle East conflict widens, amid fears of an oil shock and renewed inflation risks complicating policymakers’ calculus for shoring up growth.
