Good morning and welcome again to FirstFT Asia. In in the present day’s e-newsletter:
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US sends extra troops to Iran
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Contained in the plan to kill Ayatollah Ali Khamenei
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Toyota bows to activist investor stress
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How Pakistan turned on the Taliban
We start with the Center East battle, as Donald Trump mentioned the US will do “whatever it takes” in Iran, regardless of the period of the operation.
The most recent: Trump’s feedback got here after US secretary of defence Pete Hegseth mentioned the battle with Iran wouldn’t be “endless”, although extra troops have been on the way in which. Attaining the administration’s targets — together with destroying the regime’s ballistic missile and nuclear capabilities — “won’t happen overnight,” he continued.
In the meantime Israel has begun hanging Hizbollah targets throughout Lebanon, after the Shia militant group intervened within the battle on the aspect of Tehran. Waves of Israeli bombings throughout Lebanon — together with barrages geared toward Beirut’s southern suburbs — have thus far killed greater than 50 folks and wounded over 150, in keeping with Lebanese authorities.
Power within the crosshairs: Oil costs completed greater of their first buying and selling session since Saturday’s joint US-Israeli strikes on Iran. Brent crude, the worldwide oil benchmark, settled 6.7 per cent greater at $77.74 a barrel, its highest degree since July 2025.
Pure fuel costs skilled their largest rise since Russia’s invasion of Ukraine in 2022, triggered by Iranian assaults on power websites within the Center East. QatarEnergy, the world’s largest liquefied pure fuel firm, was focused with Iranian drone assaults forcing it to close down manufacturing, triggering a surge in fuel costs of as a lot as 50 per cent in European and Asian markets.
Alarmed analysts warned that hovering pure fuel costs posed the largest risk thus far to the worldwide economic system from the widening battle. “Global gas markets could face a crisis well beyond the scale of oil markets,” mentioned Saul Kavonic, an analyst at MST Monetary.
Comply with our reside weblog for the newest information and browse extra protection of the battle under:
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Contained in the plan to kill Iran’s supreme chief: Israel spent years hacking Tehran’s site visitors cameras and monitoring bodyguards forward of the assassination of Ayatollah Ali Khamenei.
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Journey chaos: Dubai residents have been driving to neighbouring Oman or even Saudi Arabia to attempt to safe seats on the restricted variety of flights out of the area.
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Market response: Large traders have turned to gold and the US greenback fairly than the normal security of presidency bonds, as anxiousness grows over an inflation shock.
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UK responds: Sir Keir Starmer has hit again at assaults by Trump over Britain’s failure to help the US offensive in Iran, declaring: “This government does not believe in regime change from the skies.”
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Opinion: The slender Strait of Hormuz is straightforward for Iran to dam, however western navies have a number of choices to maintain it open, writes James Holmes of the US Naval Warfare School.
Right here’s what else we’re retaining tabs on in the present day:
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Financial information: Japan publishes the January labour drive survey.
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Financial coverage: Financial institution of Japan governor Kazuo Ueda speaks on the FIN/SUM 2026 fintech summit in Tokyo. Reserve Financial institution of Australia governor Michele Bullock delivers remarks on the AFR Business Summit in Sydney.
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India: Monetary markets are closed for Holi, the Hindu pageant of colors.
5 extra high tales
1. Canada’s Prime Minister Mark Carney and his Indian counterpart Narendra Modi have agreed to speed up commerce talks, aiming to seal an settlement by the top of the 12 months. The leaders met in New Delhi yesterday, the place Carney introduced the Complete Financial Partnership Settlement that he mentioned was geared toward doubling two-way commerce to C$70bn ($51bn) by the top of the last decade. Right here’s extra on Carney’s India journey.
2. Toyota has raised its supply to privatise its largest subsidiary, bowing to stress from activist investor Elliott Administration, which had pushed for a better worth on a $38bn deal that may reshape Japan’s largest enterprise empire. Learn extra in regards to the take-private battle at Toyota.
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BYD gross sales drop: The Chinese language EV champion reported February gross sales fell by their largest quantity in 5 years as progress slows at residence.
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Nissan CEO interview: Ivan Espinosa discusses the Japanese carmaker’s drastic restructuring, challenges from Chinese language rivals and advances in auto expertise.
3. Hedge funds that had piled into rising market shares are dashing to reassess their positions because the US and Israel’s assault on Iran sends shares and currencies in some creating nations sliding. MSCI’s broad EM equities index slid nearly 2 per cent yesterday as shares in markets together with India, Hong Kong and Taiwan got here underneath stress.
4. Emmanuel Macron mentioned France has provided to briefly transfer nuclear warheads to allied European nations for the primary time, as he pledged to extend the dimensions of the nation’s arsenal. The French president laid out a new doctrine of “forward deterrence” that might contain deeper co-operation between France and 7 different European nations.
5. The Trump administration is anticipated to drop its authorized effort to implement punitive government orders focusing on high regulation companies. The White Home is about to terminate its attraction efforts in 4 instances involving Jenner & Block, Perkins Coie, Wilmer Hale and Susman Godfrey, in keeping with folks aware of the matter. Listed below are extra particulars.
Information in-depth
Preventing erupted final week between Pakistan and Taliban-run Afghanistan, with Islamabad declaring “open war” in opposition to the Islamist group, its one-time proxy. Pakistan beforehand nurtured the Taliban’s senior ranks, coaching and financing the group by way of its intelligence providers and sheltering them through the 20-year Nato occupation of neighbouring Afghanistan. However Islamabad now views the Taliban as its chief safety risk.
We’re additionally studying . . .
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Mini-Macquarie: Australian funding banking upstart Barrenjoey has agreed a merger with asset supervisor Magellan that may create a new rival to Macquarie.
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Lloyd Blankfein: Individuals are complacent about danger of monetary disaster, the previous Goldman Sachs CEO instructed the FT.
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US haven standing in peril: In moments of maximum uncertainty, traders normally rush to the security of US authorities bonds, writes Katie Martin. However not this time.
Map of the day
Trump has repeatedly rebuked his predecessors for his or her international misadventures. However the US president’s newly rebranded “Department of War” has been busier through the previous 12 months than in his total first time period. Our visible story particulars Trump’s pivot to navy interventionism.
Take a break from the information . . .
Most exercise put on that adheres to our pores and skin is laden with chemical compounds. Laboratories are concocting concepts to convey alternate options to market.
