SINGAPORE: Asian markets skidded on Wednesday, with investors cutting crowded positions in gold and chipmakers on worries a wider Mideast war could deliver an energy shock that raises inflation and delays rate cuts. Early in the Asia session gold steadied at $5,128 an ounce, while U.S. and European futures also tried to stabilise, with S&P 500 futures flat and European futures up 0.8%. On Wall Street, indexes pared heavier losses but the S&P 500 closed 0.8% lower on fear over potentially prolonged higher oil prices. "Are energy prices going to remain elevated for a longer period of time than people thought yesterday, and then does that pass through?" The euro has slid below $1.16 as investors expect Europe will be hit hard by higher energy costs.

Source: The Star March 04, 2026 12:09 UTC