Shuli Ren, Columnist

Why the Iran War Has Morphed Into Panic Selling in Asia

March 4, 2026 at 7:49 AM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

A healthy selloff. Photo: Jung Yeon-je /AFP/Getty Images

Provide news feedback or report an error

Site feedback:

Take our Survey

It turns out, the biggest financial victim of President Donald Trump’s decision to strike Iran is not the S&P 500, but equity markets across North Asia.

Panic selling was sweeping across Hong Kong, Seoul and Tokyo on Wednesday. South Korea’s benchmark Kospi index headed for its biggest two-day drop since 2008.