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China shares steady as energy and defence shares surge, offsetting airline losses; HK drops
China's equity benchmarks remained unchanged on Monday, as the Iran conflict prompted a surge in gold and energy stocks. This was offset by a decline in tourism and airline shares. The Mainland's sentiment was boosted by the expectation that Beijing would step in and stabilize?markets?ahead of an upcoming parliamentary meeting. Hong Kong's Hang Seng Index fell by about 2%, but it is more sensitive to volatility on the global markets. U.S.-Israeli strikes against Iran killed the Supreme Leader Ayatollah Khamenei over the weekend. This heightened geopolitical tensions, and exacerbated global economic uncertainty. The Shanghai Composite Index and China's CSI300 Index both saw small gains and losses in the morning session before finishing flat. Kevin Liu is a CICC Research strategist who believes that the impact of any geopolitical conflicts will be fleeting. Liu stated that "it does not change the original trend, which is determined by macro-fundamentals." After oil prices surged, investors piled into Chinese energy firms, sending shares of CNOOC, PetroChina, and China Petroleum &?Corp sharply up. Hong Kong's energy stocks also soared. Jeff Mei said that a dramatic rise in oil prices could reduce overall risk appetite, as higher inflation would make it harder for the U.S. Federal Reserve (Fed) to lower rates. He said, "In times of conflict, investors flock to safe-haven assets like gold." The index that tracks Chinese gold stocks rose 2%. Defence stocks also increased. Shipping stocks rose with shares of Nanjing Tanker, COSCO Shipping, and China Merchants Energy Shipping all rising. The shares of Chinese airlines and tourism companies have'slumped' due to travel disruptions caused by conflict. Air China shares fell by more than 3% both in Shanghai and Hong Kong. China Southern Airlines shares and China Eastern Airlines shares, listed on the mainland, also fell. Energy was the only major sector that showed positive growth in Hong Kong. The biggest losers were the tech, healthcare and tourism sectors. Crypto ETFs listed on Hong Kong's stock exchange fell. Jeff Ko, Chief Analyst at CoinEx, said that if the conflict intensifies, gold will remain strong, while bitcoin is expected to become?more vulnerable. Hong Kong "often acts like a shock-absorbing device" in contrast to Beijing, he said. Reporting by Shanghai Newsroom, Editing by Kevin Buckland & Thomas Derpinghaus
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Israel attacks Lebanon after Hezbollah's attacks, widening Iran Conflict
I srael launched a new round of air strikes against Tehran on Monday and expanded its military campaign by including attacks on Hezbollah militants backed by Iran in Lebanon. Meanwhile, U.S. president Donald Trump said that the U.S. - Israeli military assault on Iranian targets could continue for several weeks. Hezbollah admitted to launching drones and missiles at Israel as a retaliation against the death of Iran's Supreme leader Ali Khamenei. Israel's military claimed to have intercepted an incoming projectile from Lebanon. Other projectiles landed in the open areas of the country. Israel carried out air strikes against the Hezbollah controlled southern suburbs in Beirut, causing more than 12 explosions to rock the Lebanese Capital. Israel also said that it had struck senior Hezbollah terrorists near Beirut. After the strikes started at 2:40 am (0040 GMT), people fled by foot and car, blocking the roads. After more than a decade of war, which left Hezbollah weakened, Israel and Lebanon agreed in 2024 to a ceasefire mediated by the United States. Hezbollah's and Israel's tit-fortat attacks have widened the conflict in the Middle East that has been raging since Saturday when the United States and Israel launched an attack on Iran, sending oil prices skyrocketing and disrupting air travel. The U.S. Ambassador told Lebanon's Presidency on Saturday that Israel will not escalate its attacks against Lebanon if there are no hostile actions from the Lebanese. The Israeli military warned that Hezbollah is "fully responsible" for any escalation and urged residents to leave dozens of villages located in the south and east of Lebanon. Israeli military announced late Sunday that their air force has established aerial superiority above Tehran and that a wave strikes in the capital have targeted intelligence, military command centers, and security and defense command centers. Masoud Pezeshkian, Iran's president, said that a leadership group composed of him, the head of the judiciary, and a member from the powerful Guardian Council temporarily assumed the role of Supreme Leader. Air raid sirens were heard throughout Israel on Sunday night, including Tel Aviv. Projectiles could be seen streaking through the night sky in Tel Aviv as Iran launched new missile barrages. CASUALTIES OF FIRST U.S. CASUALTIES On Sunday, the first U.S. fatalities of the campaign were confirmed. Three service members died. On Sunday, two anonymous U.S. officials confirmed that three U.S. soldiers were killed at a Kuwaiti base. Trump paid tribute to the three victims as "true American Patriots", but warned there would likely be many more casualties. He said, "That's just the way it is." A prolonged military campaign could be a serious political risk to Trump's Republican Party ahead of the U.S. midterms that could decide the fate of Congress. According to an Ipsos survey conducted on Sunday, only one-fourth of Americans approve?of the operation. In a video released on Sunday, Trump promised that military strikes against Iran would continue until "all of our objectives" are met. He did not provide any specifics. He claimed that the attack had destroyed Iran's military leadership, nine Iranian navy vessels and a naval facility. The U.S. Military said that American aircraft and warships had struck more than 1,000 Iranian target since the start on major combat operations Saturday. TRUMP URGES IRANIANS REVOLT Trump urged Iran's police and military, including the powerful Islamic Revolutionary Guards Corps, to cease fighting. He promised immunity to those who surrendered and threatened "certain death" to those who resisted. He called on the Iranian people to rebel against the government. Trump's pre-recorded message said: "I appeal to all Iranian patriots yearning for freedom to seize the moment, be brave, bold, heroic, and take back your own country." "America is with You." Trump has said in interviews with various?news outlets that the military campaign against Iran can continue for at least another four weeks. A White House spokesperson confirmed that top Trump administration officials would be briefing the U.S. Senate, House of Representatives and the entire membership on Tuesday. The death of Khamenei has left Iran with a power vacuum, which could lead to chaos. However, the Trump administration is yet to outline its long-term goals for the country. Trump did not talk to the reporters who travel with him, as he had done in previous visits to his Mar-a-Lago Resort in Florida. There were no administration officials on the Sunday political talk show in 'the U.S. Trump's administration is keen to avoid sending mixed signals, as it continues to discuss policy details within the government. IRAN: A CHALLENGE IN ITS EXISTENCE Iran's Revolutionary Guards claimed on Sunday that they had attacked three U.S. oil tankers and one UK tanker in the Gulf, Strait of Hormuz and Kuwait with drones and rockets. Shipping data showed hundreds of vessels, including oil and gasoline tankers, dropping anchors in nearby waters. Traders expect sharp increases in crude oil prices to occur on Monday. Air travel around the globe was severely disrupted by the continued strikes in the Middle East, which closed major airports including Dubai, the busiest international hub in the world. This is one of the largest aviation disruptions in recent history. Oman's Foreign Ministry said that Abbas Araqchi, the Iranian Foreign Minister, had stated Tehran was willing to deescalate. Araqchi, however, suggested that Iran was prepared to continue fighting in a recent post on X. Khamenei's 86-year old leadership, which has been in power since 1989, when Ayatollah Khomeini, the founder of Iran's Islamic Republic, died, is still not clear. Experts have said that while his death, and the deaths of other Iranian leaders, would deal Iran a serious blow, it wouldn't necessarily mean the end of Iran’s entrenched ruling clerical class or the influence of the elite Revolutionary Guards on the populace. It was still too early to predict how the Iranians would react to the changes. Redpoint Advisors' analysis of Iranian social networks suggests that the public has already begun to look beyond Khamenei as a possible successor.
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British airbase in Cyprus attacked by suspected drone attack
The UK Ministry of Defence and Cypriot authorities confirmed that the Royal Air Force Base Akrotiri in Cyprus was 'hit' by a suspected drone attack overnight. There were only minor damages and no injuries, they said. A spokesperson for the?Cyprus Government said "information received via?various channels indicate that it involved an?unmanned?drone which caused limited damages". A British base administration security alert was sent to residents of the Akrotiri area. It advised them to remain in their homes until further notice "following a suspected impact by a drone". The British retain sovereignty over two bases located on the island in the eastern Mediterranean, which is a member of the European Union. RAF 'Akrotiri is a sprawling peninsula with a square shape on the southern tip of?Cyprus. It was attacked by?militants from Libya in the mid-1980s. Reporting by Devika Nair in Bengaluru, and Michele Kambas at Nicosia. Editing and proofreading by Himani Sarkar, Jacqueline Wong.
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Japan doesn't plan to release oil stocks despite tankers stuck in Gulf
A spokesman for the Japanese government said that the country does not intend to release oil from its stockpiles, despite the fact that some tankers headed for Japan are stuck in the Gulf due to the conflict with Iran. Japan gets 95% of its supply of oil from the Middle East - mainly Saudi Arabia and United Arab Emirates. Around 70% of this oil passes through the Strait of Hormuz - a narrow waterway that connects Iran and Oman. On an average day, ships carrying about one-fifth the global oil demand from Saudi Arabia, the UAE and Iraq, Iran and Kuwait, as well as liquefied gas tankers from Qatar - the second largest LNG producer in the world - pass through the waterway. After the U.S. launched a military strike on Iran at the weekend, Japanese shipping companies halted operations in the Strait of Hormuz. Minoru Kihara, Chief Cabinet Secretary, said that some crude oil tankers heading to Japan from the Middle East were 'waiting in the Persian Gulf and avoiding passage through Strait of Hormuz. He said that Japan has no immediate plans to release one of the largest crude oil stocks in the world. Japan's oil reserves are equal to 254 net days of imports. They have been released in the past to stabilize oil markets. Most recently, in 2022, after Russia invaded Ukraine on a large scale, in coordination with other agencies and the International Energy Agency. An official from Japan's Ministry of Economy, Trade and Industry stated on Monday that there had been no requests for international coordination of stockpile releases. Itochu, a Japanese trading company, has begun to see "some impact" in the shipments of crude and petroleum products coming from the Gulf due to the fallout caused by the conflict. Itochu said it will source supplies from outside the Middle East and monitor how long disruptions in logistics may last. Mitsui Corp., Sumitomo Corp., and other Japanese trading houses did not immediately comment on their operation. Eneos Japan's largest refiner said that it would assess the impact on future crude purchases while watching the circumstances. It refused to comment on the shipments or vessel status. The oil prices rose 7% Monday due to the Middle East conflict which has caused some tankers to be damaged and disrupted shipping. Japan is the second largest LNG?importer in the world, but most of it comes from Australia. In 2025, LNG imports from the Middle East - including Qatar, Oman, and the UAE - will still make up 11% of Japan’s total imports, according to Ministry of Finance figures. Kihara reports that Japanese utilities have enough LNG in stock to last three weeks. (Reporting and editing by Tom Hogue, Christian Schmollinger and Christian Schmollinger; Additional reporting and Editing by Tamiyuki Kihara; Yuka Obayashi and Katya Golubkova)
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After US and Israel attack Iran, airlines cancel flights
Global Airlines has cancelled flights in the Middle East following the United States' and Israel's strikes on Iran, which plunged the region into another conflict. The global air travel industry remained in turmoil Monday, as the war in Iran caused the closure of major Middle Eastern hubs, including Dubai, Doha, and Abu Dhabi, for a third consecutive day. This left tens of thousand of passengers stranded worldwide, and disrupted thousands of flights. The following is a list of the most recent flights by alphabetical order. AEGEAN AIRLINES The largest airline in Greece has suspended flights between Tel Aviv, Israel and Beirut, Lebanon as well as Erbil in Iraq until March 3. AIR FRANCE - KLM Air France has cancelled flights from and to Tel Aviv, Beirut and Dubai until March 3. KLM has suspended flights from and to Tel Aviv and Dubai as well as Riyadh, Dammam and Dubai. AIR INDIA The airline suspended all flights from and to the United Arab Emirates (UAE), Saudi Arabia, Israel and Qatar until March 2. On March 2, it also cancelled some flights from and to Europe. BRITISH AIRWAYS British Airways, owned by IAG, said that customers who fly between London and Abu Dhabi or Amman or Bahrain or Doha or Dubai or Tel Aviv until March 15 could change their flight date for free to travel before or on March 29. Travelers up until March 8 can also ask for a refund. CATHAY PACIFIC AIRWAYS Hong Kong Airlines said that it had?cancelled all its flights from and to Dubai until March 5, and suspended its flights Riyadh till March 3. EMIRATES Emirates announced that it had suspended all flights from and to Dubai until 11:01 GMT on March 2. ETIHAD AERWAYS The airline said that it has suspended all flights from and to its Abu Dhabi hub up until 10:00 GMT on March 2nd. INDIGO IndiGo, India's largest airline, has announced that it will suspend all flights using Middle Eastern airspace at least until March 2. ITA AIRWAYS ITA Airways suspended all flights to and out of Tel Aviv, and will not be using the airspace in Israel, Lebanon and Jordan until March 7, 2019. JAPAN AIRLINES Japan Airlines has suspended all Tokyo-Doha flights until further notice. The airline said that the suspension affects approximately?1,000 passengers on six flights scheduled between February 28 and March 3. LOT POLISH AERLINES LOT Polish Airlines has announced that all flights from and to Tel Aviv have been cancelled until March 15. LUFTHANSA The German airline has suspended flights from and to Tel 'Aviv, Beirut and Amman until 8 March, and flights from and to Dubai until 4 March. MALAYSIA AIRLINES Malaysia Airlines has suspended all flights to and from Doha and Madinah, Jeddah and Jeddah until March 4. NORWEGIAN AIR A spokesperson for the Nordic airline confirmed that all flights were suspended until March 4. He added that the carrier had not suspended flights to Tel Aviv, Israel, or Beirut, Lebanon because these destinations were only active during summer. SINGAPORE Airlines Singapore Airlines has cancelled all flights from and to Dubai until March 7. Scoot, its low-cost airline, has cancelled flights from and to Jeddah until March 7. QATAR AIRWAYS The airline announced that it temporarily suspended flights from and to Doha due to the closure Qatari airspace. TURKISH AIRLINES The airline has cancelled some flights?to and fro Bahrain, Dammam and Riyadh as well as Iran, Iraq and Jordan. Kuwait, Lebanon, Oman and Qatar have also been affected. WIZZ AIR The airline suspended flights from and to Israel, Dubai Abu Dhabi, and Amman, until March 7. (Compiled by Josephine Mason, Jamie Freed and Bureaus; Edited by Barbara Lewis and Christian Schmollinger; Louise Heavens, Barbara Lewis and Christian Schmollinger).
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Australia rejects military involvement in Iran conflict
Australia announced on Monday that it would not participate?in any military operation in Iran and would not send troops to the Middle East should the conflict escalate. Israel launched fresh strikes against?Tehran, while Iran responded by launching more'missile attacks. Iran's Supreme leader Ali Khamenei died in an attack Saturday. The United States also reported its first casualties as President Donald Trump suggested that the conflict could continue for another four weeks. Penny Wong, Australian Foreign Minister, said Canberra "would not get into it". "Australia is not at the center of the Middle East's issues." Wong said on Channel Nine that we would not be participating in future strikes. Wong stated that the Australian government is in talks with airlines about helping Australians stuck in the Middle East, but acknowledged 'that evacuation plans will be difficult as long as airspace in much of the region remains closed. We understand how difficult and distressing this time can be, and will do everything we can to help you and provide information. Wong told reporters earlier in Canberra that the situation was very difficult. Wong stated that there were 115,000 Australians in the region, and that the best way to bring them home would be if commercial airlines resumed their services. She refused to confirm whether the government planned repatriation flight. "There's conflict in the?region, and we've lost lives across the region. And?airspace?is not open. Wong explained that the flights cannot take place, whether it's an Australian flight or commercial flight. Etihad, Emirates and other airlines cancelled some flights from Australia to the Middle East on Monday. Defence Minister Richard Marles stated that the government has taken steps to ensure the safety of the 100 Australians based at Al Minhad Air Base, near Dubai. The base is used for UN missions.
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Shares of Australian airline Qantas fall by more than 10% after US-Iran conflict
The shares of Australia's national carrier, Qantas Airlines, fell more than 10% to their lowest level in ten months after U.S. and Israel launched massive strikes against Iran over the weekend. This sent oil prices soaring. When the Australian stock market opened on the Monday, shares of the firm fell by as much as 10.4%, to A$8.92 each, their lowest level since May 2, 2o25. They then pared some losses, trading at a loss of 5.8% as late as 2345 GMT. On Sunday, global air travel was in turmoil as the war in Iran forced key Middle Eastern hubs such as Dubai and Doha to close for a second consecutive day. This left tens and thousands of passengers worldwide stranded and thousands of flights disrupted. Virgin Australia shares, Australia's number two airline, fell as much as 3.5% on?Monday?to A$3.03 per share to hit their lowest in nearly a month. The shares of Australia's No.2 airline, Virgin Australia, fell as much as 3.5% to A$3.03 on Monday, before recovering losses and gaining around 1.9%. Air New Zealand shares fell?0.5%, to NZ$0.553, their lowest level since April 7, 2025. They then pared losses and traded flat. (Reporting and editing by Jamie Freed in Bengaluru, with Shivangi Lahiri reporting from Bengaluru)
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Israeli military claims projectiles fired from Lebanon
Israeli military reported 'on Monday that the launch of projectiles from Lebanon resulted in sirens sounding in several areas in northern Israel. This was the first time since U.S.-Israeli strikes against Iran, that such a launch had occurred from Lebanese soil. Israel -and Lebanon -agreed to a U.S. mediated ceasefire in 2024. This ended more than a year's worth of fighting between Israel and the Lebanese militant Hezbollah, which culminated with Israeli strikes that weakened the Iran-backed group. The sides have been exchanging accusations about violations since then. Hezbollah has not yet commented on the reported launch in Lebanon. Shi'ite Muslims, who have been one of Iran's main allies for many years, showed solidarity with Iran but did not say whether they would be involved. In a statement issued a few days later, the Israeli military said that they intercepted one launch and other projectiles fell in open areas. The military confirmed that no injuries or damage were reported. Reporting by YomnaEhab and NayeraAbdallah, Editing by Bill Berkrot
Israel attacks Lebanon after Hezbollah's attacks, widening Iran Conflict
I srael has launched new airstrikes?targeting Tehran, and extended its military campaign on Monday to include attacks against Iran-backed Hezbollah in Lebanon. Meanwhile, U.S. president Donald Trump indicated that the U.S. - Israeli?military attack on Iranian targets may continue for several weeks.
Israel announced that it would attack sites associated with the Shi'ite Muslim militia Hezbollah in Lebanon, which is one of Tehran's main allies in the Middle East. Hezbollah had admitted to launching'missiles and drones' at Israel as a retaliation against the death of Iran's Supreme Leader Ali Khamenei.
Israel's military claimed to have intercepted an incoming projectile from Lebanon. Others landed in "open areas" of the country.
Israel launched air strikes against the Hezbollah controlled southern suburbs in Beirut, causing more than 12 explosions to rock the Lebanese Capital. Israel also said that it had struck senior Hezbollah terrorists near Beirut.
After the strikes started at 2:40 am (0040 GMT), people fled by foot and car, blocking the roads.
After more than a decade of war, which left Hezbollah weakened, Israel and Lebanon agreed in 2024 to a ceasefire mediated by the United States.
Hezbollah's and Israel's tit-fortat attacks have widened the conflict in the Middle East that has been raging since Saturday when the United States and Israel launched an attack on Iran, sending oil prices skyrocketing and disrupting air travel.
The U.S. Ambassador to Lebanon told Lebanon's Presidency on Saturday that Israel will not escalate its attacks against Lebanon if there are no hostile actions from the Lebanese.
Israeli forces warned that Hezbollah is "fully responsible" for any escalation and urged residents to leave dozens of villages located in the south and east of Lebanon.
Israeli military announced late Sunday that their air force has established aerial superiority above Tehran. A wave of strikes across the capital targeted intelligence, military command centers, and security and defense centers.
Masoud Pezeshkian, Iran's president, said that a leadership group composed of him, the head of the judiciary, and a member from the powerful Guardian Council temporarily assumed the role of Supreme Leader.
Late on Sunday night, air raid sirens were heard across Israel. This included in Tel 'Aviv where missiles could be seen streaking through the sky.
CASUALTIES OF FIRST U.S. CASUALTIES
On Sunday, the first U.S. fatalities of the campaign were confirmed. Three service members died. On Sunday, two anonymous U.S. officials confirmed that three U.S. soldiers were killed at a Kuwaiti base.
Trump paid tribute to the three victims as "true American Patriots", but warned there would likely be many more casualties. He said, "That's just the way it is."
A prolonged military campaign could be a serious political risk to Trump's Republican Party ahead of the U.S. Midterm Elections that could determine the fate of Congress. According to an Ipsos survey conducted on Sunday, only one-fourth of Americans approve of the military operation.
In a video released on Sunday, Trump promised that military strikes against Iran would continue until "all of our objectives" are met. He did not provide any specifics. He claimed that the attack had destroyed Iran's military leadership, nine Iranian navy vessels and a naval facility.
The U.S. Military said that American aircraft and warships had struck more than 1,000 Iranian target since the start on major combat operations Saturday.
TRUMP URGES IRANIANS REVOLT
Trump urged Iran's police and military, including the powerful Islamic Revolutionary Guards Corps, to cease fighting. He promised immunity to those who surrendered and threatened "certain death" to those who resisted. He called on the Iranian people to rebel against the government.
Trump's pre-recorded message said: "I appeal to all Iranian patriots yearning for freedom to seize the moment, be brave, bold, heroic, and take back your own country." "America is with You."
Trump stated in interviews with multiple media outlets that the military campaign against Iran would continue for at least another four weeks. A White House spokesperson confirmed that top Trump administration officials would be briefing the U.S. Senate, House of Representatives and the entire membership on Tuesday.
The death of Khamenei has left Iran with a power vacuum, which could lead to chaos. However, the Trump administration is yet to outline its long-term goals for the country.
Trump, in a departure from his usual routine while at his Mar-a-Lago Resort in Florida did not talk to the reporters who travel with him. There were no administration officials on the Sunday political talk shows in the U.S.
A person familiar with internal discussions said that the Trump administration is trying to avoid sending mixed signals while officials continue to discuss policy details.
IRAN: A CHALLENGE IN ITS EXISTENCE
Iran's Revolutionary Guards announced on Sunday that they had attacked three U.S. oil tankers and two UK tanks in the Gulf, Strait of Hormuz and Bahrain military bases with drones and rockets. Shipping data showed that hundreds of vessels, including oil and gas tanks, were dropping anchors in nearby waters. Traders expect sharp increases in crude oil price on Monday.
Air travel around the globe was severely disrupted by the continued strikes in the Middle East, which closed major Middle Eastern airports including Dubai - the busiest international hub in the world. This was one of the largest aviation disruptions in recent history.
Oman's Foreign Ministry said that Abbas Araqchi, the Iranian Foreign Minister, had stated Tehran was willing to deescalate. Araqchi, however, suggested that Iran was prepared to continue fighting in a recent post on X.
Khamenei's 86-year old leadership, which has been in power since 1989, when Ayatollah Khomeini, the founder of Iran's Islamic Republic, died, is still not clear.
Experts say that while the death of his and other Iranian leaders will be a major blow to Iran, it won't necessarily mean the end of its entrenched clerical regime or the influence of the elite Revolutionary Guards on the populace.
It was still too early to predict how the Iranians would react to the changes. Redpoint Advisors' analysis of Iranian social networks suggests that the public has already begun to look beyond Khamenei as a possible successor.
(source: Reuters)