Asian stocks fall as US and Iran exchange fire – business live

Asian stocks fell sharply as the US and Iran exchanged their largest round of fire since a ceasefire was agreed in April, following the US launching strikes against Iran after Donald Trump blamed Tehran for downing a US army helicopter near the strait of Hormuz. The incident caused Brent crude to briefly fall below $90 and triggered a significant decline in the Philly Semiconductor Index, with reflation expected due to energy costs and lingering uncertainty over peace talks and Hormuz reopening.