Stocks Plunge as Trump’s Iran Deadline Approaches; Gold Crashes

It’s getting close to zero hour for Donald Trump’s ultimatum to Tehran to reopen the Strait of Hormuz. Will the US president follow through with his threat to destroy Iran’s power plants, triggering ever widening tit-for-tat reprisals? It’s impossible to know, but investors are bracing for the war — and its globe-wide consequences — to worsen.

Stocks sank on Monday, with MSCI’s Asia Pacific gauge falling 3.7% to almost erase its gain for the year. South Korea’s benchmark tumbled 6.5%. Hong Kong’s Hang Seng Index dropped 3.5%. S&P 500 futures are down 0.9%. A gauge of European equities slumped toward the lowest since September.