New Delhi, 09 March (H.S.): Ominous signals from global markets heralded a brutal downturn today, fueled by escalating West Asia tensions and a sharp surge in crude oil prices. Panic gripped bourses worldwide, with US indices closing deep in the red, European markets under pressure, and Asian exchanges witnessing widespread selling.

US Markets Close in Fear

Heightened geopolitical risks in West Asia cast a pall over Wall Street in the prior session. The S&P 500 shed 90.69 points, or 1.33%, to close at 6,740.02. Nasdaq plunged 348.72 points, or 1.53%, ending at 22,400.27. Dow Jones futures extended the rout, trading 1,082.35 points, or 2.28%, lower at 46,419.20.

Europe Feels the Heat

European benchmarks faltered amid sustained selling. London's FTSE 100 dropped 129.19 points, or 1.26%, to 10,284.75. France's CAC 40 slipped 0.65% to 7,993.49, while Germany's DAX fell 224.72 points, or 0.95%, to 23,591.03.

Asia's Circuit-Breaker Chaos

Asian markets convulsed with uniform weakness across all nine major indices. South Korea and Japan bore the brunt, hammered by West Asia fears.Korea's Kospi index cratered over 8% at the open, triggering circuit breakers and halting trading for 20 minutes—its second lower circuit this month. Resuming trade brought no respite; after a fleeting recovery, it tumbled further.

Currently, Kospi trades 427.21 points, or 8.28%, lower at 5,157.66.Other Asian gauges mirrored the carnage:

GIFT Nifty: Down 761.50 points, or 3.20%, at 23,812.50

Singapore's Straits Times: Fell 130.88 points, or 2.77%, to 4,717.37

Japan's Nikkei 225: Plunged 3,865.84 points, or 6.95%, to 51,755

Taiwan Weighted: Dropped 1,726.75 points, or 5.42%, to 31,872.79

Thailand's SET Composite: Slid 4.38% to 1,351.14

Indonesia's Jakarta Composite: Down 266.91 points, or 3.65%, at 7,318.78

Hong Kong's Hang Seng: Declined 690.29 points, or 2.75%, to 25,067

China's Shanghai Composite: Off 1.14% at 4,077.68

Traders brace for more volatility as oil's rally amplifies inflation fears and supply chain risks.

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Hindusthan Samachar / Jun Sarkar