#亚太股市暴跌触发熔断 Panic spreading! Asia-Pacific stock markets halt trading with circuit breakers, global energy channels come to a standstill
Recently, the escalation of the Middle East situation has triggered a chain reaction in global markets. Asia-Pacific stock markets experienced a “Black Wednesday,” with shipping through the Strait of Hormuz nearly halted. Under multiple risks intertwining, market panic sentiment has reached its peak.
On March 4th, Asia-Pacific stock markets collectively plummeted. The Korean Composite Index opened sharply lower, triggering circuit breakers twice within a few hours, with a total suspension time exceeding 25 minutes. After reopening, the decline widened to nearly 13%, with a two-day cumulative drop of almost 20%, marking the largest consecutive decline in recent years. Foreign investors’ net sell-off in a single day hit a record high. The Thai SET Index followed closely, plunging over 4% and triggering an emergency halt. Futures and options trading for the index, as well as single stock futures, were also suspended simultaneously. Additionally, the Nikkei 225 index fell over 4%, and the MSCI Asia-Pacific Index dropped 2%, causing the Asia-Pacific capital markets to be in a state of alarm.
The core trigger for the market turbulence is the shipping crisis in the Strait of Hormuz. As the “lifeline” of global oil and gas supply, accounting for about one-fifth of the world’s supply, over 150 oil tankers are currently stranded outside the strait. Shipowners and insurers refuse to let ships pass due to the risk of conflict. Data shows that on March 3rd, only one oil tanker successfully transited, a drop of over 95% compared to normal levels, effectively causing the strait to come to a halt.
As a result, Brent crude oil prices surged rapidly, and domestic crude oil futures contracts also hit record highs. To ease transportation pressure, Saudi Aramco is planning to transfer more oil to the Red Sea port of Yanbu and is inquiring whether Asian clients accept changing the pickup location. This crisis has also intensified global supply chain concerns.
Surveys indicate that more than half of companies consider geopolitical-induced supply chain disruptions as the top “black swan” risk for the next five years. Meanwhile, Middle East conflicts have led to a halt in Dubai’s air transportation. As a hub responsible for 20% of the world’s gold circulation, the precious metals supply chain has also suffered severe disruptions, potentially further increasing volatility.
However, the market has not fallen into full panic. Factors such as decreased oil dependency in developed countries, the U.S. releasing strategic reserves, and traders’ rich emergency experience have played a buffering role. Institutions warn that short-term market volatility will continue, and close attention should be paid to the recovery of shipping through the strait and evolving situations, with vigilance against further risk spread. $BTC $ETH $XRP