<p>TradingKey - 受中東持續緊張局勢和國際油價上漲的影響，亞洲股市在今天開盤時面臨集體壓力。A 股、日本和韓國股票均大幅低開，市場風險偏好迅速降温。</p>
<p>在市場表現方面，日本股市領跌，日經 225 指數在開盤後大幅下跌，科技和出口行業普遍疲軟。KOSPI 也低開，半導體和週期性股票遭遇拋售，拖累了指數的整體表現。</p>
<p>與此同時，三大 A 股指數均低開。儘管下跌幅度相對温和，但市場情緒依然顯得相當謹慎，投資者主要保持觀望。目前市場趨勢繼續傾向於下行。</p>
<p>截至發稿時，日經 225 指數報 50,975.60 點，下跌 4.49%；KOSPI 報 5,247.61 點，下跌 3.52%；上海綜合指數報 3,882.78 點，下跌 0.79%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260330/index-7cb01a8f99d1451c912787d3f0952d36.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260330/index-7cb01a8f99d1451c912787d3f0952d36.png"/></p>
<p>從驅動因素來看，核心市場擾動仍源於外部環境。一方面，中東地區反覆出現的緊張局勢加劇了投資者對能源供應中斷的擔憂，導致布倫特原油價格維持在高位，並進一步加劇全球通脹預期。另一方面，在持續的通脹壓力背景下，市場對美聯儲降息的預期持續降温，導致全球流動性邊際收緊，給股權資產施加壓力。</p>
<p>日本和韓國市場對油價和外部需求變化更為敏感，因此反應特別劇烈。尤其是在當前利率上升的環境中，成長股估值受到明顯壓力；加之部分資金選擇戰術性避險，導致開盤時出現集中拋售。相比之下，A 股受到國內需求和政策預期的支撐，整體波動相對可控，儘管外部擾動仍通過情緒和資金流動傳導。</p>
<p>總體而言，今天亞洲股市的急劇低開基本反映了市場對 “高油價 + 高利率” 組合的重新定價。在地緣政治風險顯著緩解之前，亞太市場在短期內可能維持高波動性，表現將更容易受到新聞驅動的催化劑影響。</p>
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<p>亞洲股市因中東持續緊張局勢和油價上漲而大幅低開。日經 225 指數下跌 4.49%，KOSPI 指數下跌 3.52%，上海綜合指數下跌 0.79%。投資者對能源供應中斷和持續的通脹壓力錶示擔憂，這加劇了市場的下滑。由於對油價和外部需求的敏感性，日本和韓國市場反應尤為強烈。總體而言，市場正在調整高油價和高利率的組合，導致亞太地區的波動性增加</p>

<p>TradingKey - Affected by ongoing tensions in the Middle East and rising international oil prices, Asian equity markets faced collective pressure at today's open. A-shares, Japanese, and South Korean stocks all opened significantly lower as market risk appetite cooled rapidly.</p>
<div class="lb-trans"><p>TradingKey - 受中東持續緊張局勢和國際油價上漲的影響，亞洲股市在今天開盤時面臨集體壓力。A 股、日本和韓國股票均大幅低開，市場風險偏好迅速降温。</p>
</div><p>In terms of market performance, Japanese stocks led the decline, with the Nikkei 225 Index dropping sharply after the open as heavyweight technology and export sectors generally weakened. The KOSPI also opened lower, with semiconductors and cyclical stocks facing sell-offs, weighing on the index's overall performance.</p>
<div class="lb-trans"><p>在市場表現方面，日本股市領跌，日經 225 指數在開盤後大幅下跌，科技和出口行業普遍疲軟。KOSPI 也低開，半導體和週期性股票遭遇拋售，拖累了指數的整體表現。</p>
</div><p>Meanwhile, all three major A-share indices opened lower. Although the declines were relatively moderate, market sentiment remained notably cautious, with investors primarily staying on the sidelines. The current market trend continues to lean toward the downside.</p>
<div class="lb-trans"><p>與此同時，三大 A 股指數均低開。儘管下跌幅度相對温和，但市場情緒依然顯得相當謹慎，投資者主要保持觀望。目前市場趨勢繼續傾向於下行。</p>
</div><p>As of press time, the Nikkei 225 Index stood at 50,975.60 points, down 4.49%; the KOSPI was at 5,247.61 points, down 3.52%; and the Shanghai Composite Index was at 3,882.78 points, down 0.79%.</p>
<div class="lb-trans"><p>截至發稿時，日經 225 指數報 50,975.60 點，下跌 4.49%；KOSPI 報 5,247.61 點，下跌 3.52%；上海綜合指數報 3,882.78 點，下跌 0.79%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260330/index-7cb01a8f99d1451c912787d3f0952d36.png" alt="" original-src="https://resource.tradingkey.com/uploads/20260330/index-7cb01a8f99d1451c912787d3f0952d36.png"/></p>
<p>Looking at the driving factors, the core market disturbances still stem from the external environment. On one hand, recurring tensions in the Middle East have fueled investor concerns over energy supply disruptions, keeping Brent crude at elevated levels and further intensifying global inflation expectations. On the other hand, against a backdrop of persistent inflationary pressures, expectations for Fed rate cuts continue to cool, leading to a marginal tightening of global liquidity and exerting pressure on equity assets.</p>
<div class="lb-trans"><p>從驅動因素來看，核心市場擾動仍源於外部環境。一方面，中東地區反覆出現的緊張局勢加劇了投資者對能源供應中斷的擔憂，導致布倫特原油價格維持在高位，並進一步加劇全球通脹預期。另一方面，在持續的通脹壓力背景下，市場對美聯儲降息的預期持續降温，導致全球流動性邊際收緊，給股權資產施加壓力。</p>
</div><p>Japanese and South Korean markets are more sensitive to changes in oil prices and external demand, hence their particularly sharp reactions. Especially in the current environment of rising interest rates, growth stock valuations are under clear pressure; coupled with some capital opting for tactical safe-haven moves, this led to concentrated selling at the open. In contrast, A-shares are supported by domestic demand and policy expectations, keeping overall volatility relatively controlled, though external disturbances continue to transmit through sentiment and capital flows.</p>
<div class="lb-trans"><p>日本和韓國市場對油價和外部需求變化更為敏感，因此反應特別劇烈。尤其是在當前利率上升的環境中，成長股估值受到明顯壓力；加之部分資金選擇戰術性避險，導致開盤時出現集中拋售。相比之下，A 股受到國內需求和政策預期的支撐，整體波動相對可控，儘管外部擾動仍通過情緒和資金流動傳導。</p>
</div><p>Overall, the sharp opening decline in Asian equities today essentially reflects the market's repricing of the &#34;high oil prices + high interest rates&#34; combination. Until geopolitical risks significantly subside, Asia-Pacific markets are likely to maintain high volatility in the short term, with performance becoming more susceptible to news-driven catalysts.</p>
<div class="lb-trans"><p>總體而言，今天亞洲股市的急劇低開基本反映了市場對 “高油價 + 高利率” 組合的重新定價。在地緣政治風險顯著緩解之前，亞太市場在短期內可能維持高波動性，表現將更容易受到新聞驅動的催化劑影響。</p>
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亞洲股市集體大幅低開，原因何在？