Morning brief: Iran's oil move, China data beats, markets slide

The tone among global markets remained cautious as equities collapsed amid lingering geopolitical tensions in the Middle East.

From oil tankers moving through a tense Strait of Hormuz to fresh uncertainty in US-Iran talks, risks remain elevated.

At the same time, China’s factory profits are showing signs of recovery, while a legal battle over AI is unfolding in the US.

Against this backdrop, Asian equities slipped on Friday, reflecting a market caught between fragile optimism and rising global tensions.

Iran allows 10 oil shipments through Hormuz

President Donald Trump said Iran allowed 10 oil tankers to pass through the Strait of Hormuz this week as a “present” to the United States.

Speaking at a Cabinet meeting, Trump said the shipment started with eight vessels before Iran added two more, while also saying Washington is engaged in “very substantial discussions” over Iran.

US envoy Steve Witkoff said Washington has sent a 15-point peace framework through Pakistan, even as Iranian state media reported Tehran rejected a US ceasefire proposal.

Trump said risks remain high because even a single missile strike on a tanker would be unacceptable.

China factory profits surge

China’s industrial profits rose 15.2% year over year in January-February, extending December’s 5.3% gain.

The figures suggest that official efforts to ease overcapacity and weak demand are starting to feed through.

The National Bureau of Statistics said stronger factory activity and firmer product prices supported the rebound, with high-tech manufacturing leading the way.

Raw-material producers, including non-ferrous metals and chemicals, also posted robust gains.

But officials warned that escalating external tensions could cloud the outlook, as higher oil prices and disruption to Middle East shipments begin to test China’s recovery more broadly.

Beijing has already capped part of the rise in retail fuel prices to limit the hit to households and businesses.

Anthropic's legal win

Anthropic won a preliminary injunction from a federal judge in San Francisco, temporarily blocking Trump administration actions that blacklisted the AI startup.

The administration barred federal agencies from using its Claude models while the case moves forward.

Judge Rita Lin said the record suggested the government may have retaliated against Anthropic for criticizing proposed uses of its technology.

The court described the move as a likely First Amendment problem.

The clash grew out of failed Pentagon contract talks after Anthropic sought assurances that Claude would not be used for fully autonomous weapons or mass surveillance of Americans.

Anthropic had signed a $200 million Defense Department contract in July, but the broader legal fight over military AI limits and government authority could take months to resolve.

Asian markets plunge

Asian markets fell on Friday after another weak Wall Street session, and lingering uncertainty over US-Iran negotiations kept investors cautious.

President Donald Trump said he had extended by 10 days the deadline for a possible strike on Iran’s energy infrastructure, pushing it to April 6 as talks continue.

In early trade, South Korea’s Kospi led regional losses with a 3.6% slide, while the Kosdaq fell 2%.

Japan’s Nikkei 225 dropped 1.6%, and the broader Topix lost 0.8%, while Australia’s S&P/ASX 200 slipped 0.42%.

Hong Kong’s Hang Seng was also lower at 24,782 versus the previous close of 24,856.43.

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