Market UpdatesApr 09, 20262 Min

Global Market Wrap: Asia Stocks Trade Lower On Middle East Truce Doubts, Oil Rises, Gold Mixed

We are back with quick updates about global stock markets and major developments across some of the top companies worldwide.

Asia-Pacific markets were subdued on Thursday after Iran accused the US of breaching the terms of a two-week ceasefire agreement. US President Donald Trump had announced the ceasefire on April 8, more than a month into the war, describing it as a “double-sided” arrangement. The deal was linked to Iran reopening the Strait of Hormuz. Tehran had said it would halt “defensive” operations if attacks stopped, while Israel was also reported to have agreed to the ceasefire. However, Iran later accused the US of violating the deal, raising doubts over the truce.

South Korea’s Kospi was down 1.5% to 5781, while Japan’s Nikkei 225 fell 0.5% to 55,999. Japan’s Finance Minister Satsuki Katayama said on Thursday that volatility across global markets could quickly push up interest rates. She added that rate increases driven by movements in other markets can happen faster than expected.

In other Asian markets, Hong Kong’s Hang Seng Index slipped 0.3% to 25,805, while Singapore’s Straits Times Index fell 0.3% to 4,978 Australia’s S&P/ASX 200 edged down 0.08% to 8,944.

US stocks jumped overnight after Trump announced a two-week pause in attacks on Iran, temporarily easing a five-week standoff that had disrupted a key global energy route. The Dow Jones Industrial Average rose 2.8% to close at 47,909, marking its biggest single-day gain since April 2025, when Trump first scaled back his initial tariff plans. The S&P 500 rose 2.51% to 6,782, while the Nasdaq Composite climbed 2.8% to finish at 22,634.

Oil prices rose as doubts over a fragile two-week Middle East ceasefire raised concerns about restricted flows through the Strait of Hormuz. West Texas Intermediate (WTI) crude for May rose 3.3% to $97.61 per barrel, while Brent crude for June gained 2.46% to $97.08 per barrel. Both benchmarks had fallen below $100 in the previous session, with WTI posting its biggest drop since April 2020 on hopes that the ceasefire would reopen the key shipping route.

Meanwhile, Taiwan’s state refiner CPC and trader Glencore have chartered tankers to load Middle Eastern crude for Asia, a day after a ceasefire was announced in the US-Iran war. Taiwan’s Economy Minister Kung Ming-hsin said CPC has booked a tanker to transport about two million barrels of oil. The two-week ceasefire is linked to the reopening of the Strait of Hormuz, a route that accounts for about 20% of global oil and LNG shipments. The six-week war has severely disrupted traffic through the Strait, driving up global energy prices. Asian refiners depend on the Middle East for more than half of their crude and naphtha supplies.

Gold prices were mixed on Thursday as traders remained cautious over US-Iran ceasefire talks and awaited a key US inflation report for signals on interest rates.

Spot gold rose 0.12% to $4,722.53 per ounce, while US gold futures for June fell 0.75% to $4,741.60. Spot gold has fallen more than 10% since the US-Israeli war with Iran began on February 28, as rising energy prices lifted inflation concerns and led markets to reassess interest rate expectations. Among other metals, spot silver declined 0.09% to $74.03 per ounce.

In Dubai, gold prices gave up most of their gains on Thursday after rising sharply following the ceasefire announcement a day earlier. The price of 24K gold fell to Dh569 per gram at market open, down from Dh578.75 on Wednesday, a drop of Dh9.75 in 24 hours. The metal had jumped nearly Dh12 per gram after news of the US-Iran ceasefire.

Other variants also declined, with 22K at Dh526.75, 21K at Dh505.00, 18K at Dh433.00 and 14K at Dh337.75 per gram.

Here’s a look at some of the important developments across the global markets:

Elon Musk’s xAI restructures engineering team ahead of SpaceX IPO

Elon Musk’s xAI is reportedly reorganising its engineering team as it merges more closely with SpaceX ahead of the space company’s planned IPO. The AI company, acquired by SpaceX earlier this year, is making the changes to accelerate development and better compete with rivals like OpenAI, Anthropic and Google.

Meta debuts AI model to compete with Google and OpenAI

Meta has launched its first major AI model, Muse Spark, in an effort to compete with Google, OpenAI and Anthropic. The model, developed by Meta Superintelligence Labs, is part of the company’s new Muse series and was originally code-named Avocado.

The release comes after Meta’s previous open-source models failed to attract attention, prompting CEO Mark Zuckerberg to rethink the company’s AI strategy.

OpenAI to reserve portion of IPO shares for retail investors

OpenAI plans to reserve a portion of its shares for retail investors in its upcoming IPO, CFO Sarah Friar said, as the ChatGPT maker prepares for a potential US stock market debut. Friar didn’t comment on the listing timeline but said it’s “good hygiene” for an $852-billion company to “look and feel and act...like a public company.”

The company is laying the groundwork for an IPO that could value it at up to $1 trillion and may file with regulators in the second half of 2026. Friar said retail investors showed “really strong demand” in the latest funding round, where OpenAI raised more than $3 billion from individuals and closed with $122 billion in committed capital.

Anthropic loses appeals court bid to pause Pentagon blacklisting

A US appeals court in Washington, D.C., denied Anthropic’s request to temporarily block the Pentagon’s blacklisting of the AI company while its legal challenge continues. The decision comes after a separate federal court in San Francisco, in March, allowed limited relief, preventing the government from enforcing a broader ban on the use of Anthropic’s Claude model.

Germany February industrial orders rise but lag estimates

Germany’s industrial orders rose in February but missed expectations, highlighting weak demand in the manufacturing sector. Orders increased 0.9% from the previous month, according to official data, below forecasts of a 2.0% rise. The gain follows a sharp 11.1% drop in January. Economists said the data point to a largely flat trend in underlying demand. Excluding large orders, bookings rose 3.5% in February. Analysts added that uncertainty remains over the impact of the Iran war and higher fuel costs, though government spending, including a 500 billion euro infrastructure fund, could support the economy over time.

PIMCO weighs $14-billion debt deal for Oracle Michigan data centre

Pacific Investment Management Co. (PIMCO) is reportedly in talks with Bank of America to help arrange about $14 billion in debt financing for an Oracle data centre project in Michigan. If completed, the deal would make PIMCO a key backer of the Saline Township campus, which is expected to be funded through a mix of debt and equity. The project has total financing of about $16.3 billion, with around 15% coming from equity and the rest through bonds issued by a special purpose vehicle. The development comes as Oracle expands its AI infrastructure, a move that has drawn attention from investors as the company’s debt levels rise. Earlier this year, Oracle said it could raise up to $50 billion through debt and equity.