Intel stock spikes after report of possible US government stake
Investing.com-- Major defense stocks across Asia slipped on Tuesday after President Donald Trump announced a tentative ceasefire between Israel and Iran, ending a “12‑day war.”
Investors rotated out of traditionally defensive aerospace and military contractors in a broader risk-on market sentiment.
Stocks in Seoul led losses with heavyweight Hanwha Aerospace Co (KS:012450) shares dropping 2.4%. Korea Aerospac (KS:047810) stock declined more than 4%, while defense technology firm LIG Nex1 Co (KS:079550) shares plunged 14%.
In Australia, Electro Optic Systems (ASX:EOS) shares slumped more than 10%, while Austal Ltd (ASX:ASB) and DroneShield Ltd (ASX:DRO) fell in 3%-5% range.
Chinese defense-related names also moved lower. AVIC Aircraft Co Ltd (SZ:000768) lost 1.3%, while China Shipbuilding Industry stock (SS:601989) edged down 0.4%.
Broader stock market indexes were on the rise amid a broader risk-on mood.
Trump, writing on Truth Social late Monday, said the ceasefire would commence with Iran pausing immediately, Israel following 12 hours later, and full cessation within 24 hours.
Media reports showed that senior Iranian officials confirmed alignment but stressed that any truce hinges on Israel halting strikes.