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Asian equity markets mostly fell on Monday as investors weighed escalating tensions in the Middle East, with rising oil prices reinforcing concerns about inflation and the outlook for further interest-rate hikes. Over the weekend, the US and Iran exchanged new missile strikes amid ongoing disputes over shipping through the Strait of Hormuz, pushing crude oil prices higher. South Korea’s KOSPI dropped 5%, pressured by heavyweight chipmakers SK Hynix and Samsung Electronics. Markets in Japan, Australia, and China also declined, while Hong Kong shares extended their gains.
