[MARKET ANALYSIS] Asia-Pac stocks extend on losses following the latest US-Iran geopolitical escalation

APAC Stocks: Negative Asia-Pac stocks are pressured as the risk-off mood persists following a surge in oil prices and upside in yields, triggered by the latest exchange of US-Iran strikes, while President Trump warned that the "biggest attack of them all... is waiting in the wings" and that there will be very little left of Iran. ASX 200: -1.2% Index is dragged lower by underperformance in miners, materials, resources and tech stocks, while better-than-expected GDP data from Australia was overshadowed by the geopolitical escalation in the Middle East. Nikkei 225: -2.7% Retreated amid pressure from mining and tech, while there were comments from US Treasury Secretary Bessent, who called on Japan to stop reflation and shift from Abenomics to Takaichi-nomics. KOSPI -3.2% Leads the declines in the region with tech stocks hit alongside the higher global yield environment. Hang Seng & Shanghai Comp: Hang Seng -1.2% / Shanghai Comp -0.8% Conforms to the broad downbeat mood amid weakness in some autonames following monthly sales updates and with the mainland not helped after the PBoC's open market operations amount was at zero. US Equity Futures: % Remained lacklustre after declining alongside the continued geopolitical escalation in the Middle East. European Equity Futures -0.5% Indicate a lower cash market open with Euro Stoxx 50 futures down 0.5% after the cash market closed with losses of 0.8% on Tuesday.