Iran’s Joint Military Command told state media on Tuesday any company or state that accepts frozen Iranian assets as compensation for damaged vessels will be barred from transiting the Strait of Hormuz. Spokesman Ebrahim Zolfaqari dismissed earlier remarks by US President Trump that ships damaged in the Gulf could be compensated using frozen Iranian funds.

July 28: South Korea's KOSPI plunged 10.84% to 6,023.63 as Samsung Electronics fell 13.39%, its largest one-day drop in 18 years, and SK Hynix tumbled 14.65%, roughly halving from June highs. Several Korean outlets linked the rout to the IPO/listing of China's largest semiconductor firm ChangXin Memory, saying investors fear funds raised could accelerate its catch-up with Samsung and SK Hynix. Z-Ben Advisors analyst Peter Alexander told CNBC that, by analogy with steel and electric-vehicle sectors, ChangXin could rapidly capture low-end memory market share and ultimately challenge the dominance of Samsung, SK Hynix and Micron.

China's CSI 500 index futures (IC) most-active contract fell 2.00% intraday to 7,451.0 points.