{"id":64401,"date":"2026-07-07T20:38:17","date_gmt":"2026-07-08T00:38:17","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-strikes-iran-following-tanker-attacks-global-markets-retreat-amid-chip-rout\/64401\/"},"modified":"2026-07-07T20:38:17","modified_gmt":"2026-07-08T00:38:17","slug":"us-strikes-iran-following-tanker-attacks-global-markets-retreat-amid-chip-rout","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-strikes-iran-following-tanker-attacks-global-markets-retreat-amid-chip-rout\/64401\/","title":{"rendered":"US Strikes Iran Following Tanker Attacks; Global Markets Retreat Amid Chip Rout"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Brent crude prices surged over 5% to approximately $76 per barrel<\/strong> after the U.S. military launched &quot;powerful&quot; strikes on Iranian military sites in response to attacks on commercial shipping in the <strong>Strait of Hormuz<\/strong>.<\/li>\n<li><strong>Asian equity markets faced a sharp sell-off<\/strong>, with the <strong>KOSPI (<a href=\"\/stock\/.KS11\">.KS11<\/a>)<\/strong> plunging 3.3% and the <strong>Nikkei 225 (<a href=\"\/stock\/.N225\">.N225<\/a>)<\/strong> dropping 1% as a global semiconductor rout deepened.<\/li>\n<li><strong>Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>)<\/strong> is reportedly testing memory chips from China\u2019s <strong>CXMT<\/strong> for devices sold in the Chinese market, a move that wiped out over <strong>$20 billion<\/strong> in market value from South Korean chip giants Samsung and SK Hynix.<\/li>\n<li><strong>AstraZeneca (<a href=\"\/stock\/AZN\">AZN<\/a>)<\/strong> secured a major licensing deal with <strong>Sino Biopharmaceutical (<a href=\"\/stock\/1177.HK\">1177.HK<\/a>)<\/strong> worth up to <strong>$1.9 billion<\/strong> for a respiratory drug candidate.<\/li>\n<li><strong>South Korea launched 24-hour foreign exchange trading<\/strong> for the first time to modernize its financial markets, though officials warned of potential volatility during overnight sessions.<\/li>\n<\/ul>\n<h2>Middle East Tensions Escalate as U.S. Hits Iranian Targets<\/h2>\n<p>Geopolitical risks returned to the forefront of global markets on Wednesday as <strong>U.S. Central Command (CENTCOM)<\/strong> confirmed it had begun a series of &quot;powerful strikes&quot; against multiple military targets in southern Iran. The strikes followed reports of at least three commercial vessels, including a <strong>Qatari LNG tanker<\/strong> and a <strong>Saudi supertanker<\/strong>, being struck by drones or projectiles in the <strong>Strait of Hormuz<\/strong>.<\/p>\n<p>Iranian state media reported numerous explosions on <strong>Qeshm Island<\/strong>, <strong>Kharg Island<\/strong>, and in the port city of <strong>Bandar Abbas<\/strong>. The escalation has severely imperiled a fragile 60-day truce reached last month, with <strong>Brent crude<\/strong> futures jumping more than <strong>5%<\/strong> to trade near <strong>$76.39 per barrel<\/strong>. <em>Market participants are now pricing in a significant &quot;war premium&quot; as concerns grow over a prolonged disruption to the world&#39;s most critical energy chokepoint.<\/em><\/p>\n<h2>Apple\u2019s Pivot to Chinese Chips Rattles Semiconductor Sector<\/h2>\n<p>A report from the <em>Financial Times<\/em> indicating that <strong>Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>)<\/strong> has begun testing memory chips from <strong>ChangXin Memory Technologies (CXMT)<\/strong> has sent shockwaves through the global semiconductor supply chain. Apple is reportedly seeking to diversify its suppliers to mitigate &quot;unsustainable&quot; memory price hikes from established leaders like <strong>Samsung Electronics (<a href=\"\/stock\/005930.KS\">005930.KS<\/a>)<\/strong> and <strong>SK Hynix (<a href=\"\/stock\/000660.KS\">000660.KS<\/a>)<\/strong>.<\/p>\n<p>The news triggered a massive sell-off in Asian tech stocks, with <strong>SK Hynix<\/strong> plunging as much as <strong>15%<\/strong> and <strong>Samsung<\/strong> falling <strong>9%<\/strong> in earlier sessions. <em>Analysts suggest that Apple&#39;s interest in CXMT\u2014despite the firm being on a U.S. military blacklist\u2014signals a strategic shift to use Chinese vendors as leverage against South Korean and American chipmakers.<\/em><\/p>\n<h2>Asian Markets Slump; JGB Yields Edge Higher<\/h2>\n<p>Broad-based selling hit Asian bourses as investors reacted to both the Middle East conflict and the tech sector rout. The <strong>Nikkei 225 (<a href=\"\/stock\/.N225\">.N225<\/a>)<\/strong> slipped <strong>1%<\/strong>, extending recent declines, while the <strong>S&amp;P\/ASX 200 (<a href=\"\/stock\/.AXJO\">.AXJO<\/a>)<\/strong> in Australia dropped <strong>1%<\/strong> in early trade. In South Korea, the <strong>KOSPI (<a href=\"\/stock\/.KS11\">.KS11<\/a>)<\/strong> retreated to <strong>7,407.32<\/strong>, a <strong>3.3%<\/strong> decline, prompting the finance ministry to announce enhanced monitoring of market volatility.<\/p>\n<p>In fixed income, <strong>Japanese Government Bond (JGB)<\/strong> yields continued their upward trajectory. The <strong>30-year JGB yield<\/strong> edged higher toward <strong>4%<\/strong>, tracking recent declines in <strong>U.S. Treasurys<\/strong>. <em>The rise comes despite reports that the Japanese government modified its &quot;Basic Policy&quot; draft to avoid the appearance of pressuring the Bank of Japan on interest rate hikes.<\/em><\/p>\n<h2>AstraZeneca Inks $1.9 Billion Deal with Sino Biopharma<\/h2>\n<p>In a significant pharmaceutical development, <strong>AstraZeneca (<a href=\"\/stock\/AZN\">AZN<\/a>)<\/strong> signed an exclusive licensing agreement with <strong>Sino Biopharmaceutical (<a href=\"\/stock\/1177.HK\">1177.HK<\/a>)<\/strong> for the development of <strong>TQC3721<\/strong>, a respiratory drug candidate. Under the terms, AstraZeneca will pay <strong>$200 million upfront<\/strong>, with potential milestone payments totaling up to <strong>$1.9 billion<\/strong>.<\/p>\n<p>The deal grants AstraZeneca the rights to develop and commercialize the drug\u2014a <strong>PDE3\/4 inhibitor<\/strong> aimed at chronic obstructive pulmonary disease (COPD)\u2014outside of China. <em>This marks the second major out-licensing deal for Sino Biopharma this year, further validating the innovation capabilities of Chinese biotech firms on the global stage.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Brent crude prices surged over 5% to approximately $76 per barrel after the U.S. military launched &quot;powerful&quot; strikes 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