Stock Market Live Updates: Asian markets under pressure as Israel’s Gaza campaign continues

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Asian markets saw declines on Monday due to concerns over an escalation of conflict as Israel expanded its operations into Gaza. Early on Monday, S&P 500 futures increased by 0.36% to reach 4,152.50, following a previous decline, while Nasdaq futures gained 0.5%.

Investor risk appetite was dampened by Israel’s move to encircle Gaza’s main city as part of the “second phase” of a three-week conflict against Iranian-backed Hamas militants.

MSCI’s broadest index of Asia-Pacific shares, excluding Japan, decreased by 0.2%, hitting a one-year low the previous week.

In Japan, the Nikkei fell by 1.15%, or 356.04 points, to 30,635.65, and the Topix index dropped by 0.99%, or 22.26 points, reaching 2,232.39. South Korea’s KOSPI also showed a negative bias, declining by 0.24% to 2,297.32, and Australia’s S&P ASX 200 fell by 0.49%, or 33.20 points, to 6,793.70 points.

Meanwhile, crude oil prices slipped by $1 per barrel on Monday as investors exercised caution in anticipation of the upcoming Federal Reserve policy meeting and China’s manufacturing data later in the week. These factors offset support from geopolitical tensions in the Middle East.

Brent crude futures dropped by 98 cents, or 1.1%, to $89.50 a barrel by 0001 GMT, while U.S. West Texas Intermediate crude was at $84.54 a barrel, down $1, or 1.2%.

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