Asian markets fall as war fears hit stocks, currencies

Asian markets fell sharply on Monday as fears over the economic impact of the Middle East war rattled investors and pushed oil prices above $110 a barrel.

Hong Kong’s Hang Seng Index dropped 3.3 percent, while Shanghai stocks fell 2.2 percent in early trading.

Currencies also came under pressure, with South Korea’s won sliding to a 17-year low of about 1,510 per dollar.

The Japanese yen weakened to around 159.5 per dollar, nearing record lows, as rising energy costs and geopolitical uncertainty weighed on regional markets.