Asian stock markets are a sea of red on Friday, despite the broadly positive cues from Wall Street overnight, amid concerns over the re-escalation of the Middle East conflict after ship attacks and seizures near the Strait of Hormuz. Traders are now anticipating China's active role to resolve the crisis and hasten up the reopening of the Strait of Hormuz in the backdrop of a U.S.-China summit. Both countries agreed the Strait must be free for all nations. Asian markets ended mixed on Thursday.
The escalating geopolitical tensions and higher energy prices raised concerns over potential supply disruptions, higher inflationary pressures, and risks to global growth.
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