Market UpdatesApr 07, 20262 Min
Global market wrap: Asia stocks trade mixed on Iran tensions, oil rallies, gold edges lower
We are back with quick updates about global stock markets and major developments across some of the top companies worldwide.
Trading in Asia-Pacific markets was marked by sharp swings on Tuesday, as major indexes moved in and out of positive territory.
While Japan’s Nikkei 225 ended the session flat at 53,429, South Korea’s blue-chip Kospi was up 0.8% at 5,494. Singapore’s Straits Times Index fell 0.1% to 4,964. Australia’s S&P/ASX 200, meanwhile, advanced 1.5% to 8,710. Markets in Hong Kong remained closed on Tuesday for the Easter holiday.
Meanwhile, U.S. President Donald Trump warned that the U.S. could target Iran’s civilian infrastructure if a peace deal is not reached within 24 hours, even as he said talks with Iranian leaders are ongoing. He also repeated his demand that Iran reopen the Strait of Hormuz on Tuesday to restore global energy flows, warning that the U.S. would destroy bridges and power plants within hours if the deadline is missed.
US stock futures slipped slightly as investors stayed cautious, watching Trump’s deadline for Iran to reopen the Strait of Hormuz. Futures tied to the S&P 500 fell 0.3% to 6,627, while Dow Jones Industrial Average futures slipped 0.21% to 46,803. Nasdaq 100 futures dropped 0.4% to 24,250.
Oil prices hovered around $110 per barrel, while fears of further conflict in the Middle East and a pending deal deadline kept sentiment fragile.
The West Texas Intermediate crude futures widened gains to 2.4% at $115.12 per barrel, while Brent crude gained 1.21% at $111.10 per barrel. The closure of the Strait of Hormuz has triggered a major supply shock, pushing up prices of crude, jet fuel, diesel and gasoline since the war broke out on February 28.
Gold prices were little changed on Tuesday, as investors stayed cautious ahead of a deadline set by Trump for reopening the Strait of Hormuz. Spot gold edged down 0.31% to $4,632.79 per ounce, while US gold futures for June delivery slipped 0.14% to $4,678. The surge in oil prices has stoked inflation concerns. While gold usually gains during inflationary periods, higher interest rates tend to weigh on its appeal as a non-yielding asset. Spot silver also declined, falling 0.85% to $72.18 per ounce.
Gold prices in Dubai were also steady on Tuesday morning. The 24K rate held firm at Dh561.50 per gram, while 22K, 21K, 18K and 14K gold were trading at Dh520.00, Dh498.50, Dh427.25 and Dh333.25 per gram, respectively.
Here’s a look at some of the important developments across the global markets:
SpaceX outlines IPO roadmap, prepares for early June roadshow: Report
SpaceX has reportedly shared fresh details of its planned initial public offering in a meeting with its banking partners, outlining a focus on retail investors. The company said it intends to allocate a significant portion of shares to individual investors. As part of the effort, it plans to host around 1,500 retail participants at an event in June, shortly after the IPO roadshow begins. The move is seen as a deliberate strategy to include long-time supporters of the company and its CEO, Elon Musk.
The IPO is expected to be the largest on record, with the company aiming to raise about $75 billion at a valuation of up to $1.75 trillion.
SpaceX plans to begin its roadshow in the week of June 8, when executives and bankers will present the offering to investors. A large investor event for retail participants is scheduled for June 11. The company also plans to open the offering to retail investors outside the United States, including those in the UK, Europe, Australia, Canada, Japan and South Korea.
Samsung forecasts record quarterly profit on strong AI chip demand
Samsung Electronics projected a sharp jump in quarterly profit, supported by strong demand for artificial intelligence chips. In its preliminary earnings guidance, the company said operating profit for the January to March quarter is expected to reach 57.2 trillion won ($37.8 billion), compared with 6.69 trillion won a year earlier. If achieved, the figure would mark a record quarterly profit for the company, well above market estimates of 42.3 trillion won compiled by LSEG SmartEstimate. Samsung also said consolidated revenue for the quarter is likely to rise nearly 70% year-on-year to 133 trillion won. The strong outlook is largely driven by its memory chip business, with demand for high-bandwidth memory chips used in AI applications remaining robust.
Amazon strikes new deal with US Postal Service, easing concerns over delivery cuts
Amazon said it has reached a new agreement with the US Postal Service (USPS) on package deliveries, securing the bulk of its existing business with the agency. According to sources, USPS will retain about 80% of its current delivery volumes from Amazon, its largest customer. The reduction is smaller than earlier expectations, after reports last month suggested Amazon could cut as much as two-thirds of its volume.
The agreement provides some relief for USPS, which had stated it could run out of cash as early as October. A sharp reduction in Amazon deliveries had raised concerns about the agency’s financial stability.
Amazon has been expanding its own delivery network, but the pace is not expected to match the nationwide reach of USPS.
Broadcom expands AI chip deals with Google and Anthropic
Broadcom said it has agreed to build future versions of artificial intelligence chips for Google and has expanded its deal with AI startup Anthropic. As part of the deal, Anthropic will get access to about 3.5 gigawatts of computing capacity using Google’s AI processors. The update, disclosed in a securities filing, highlights strong demand for infrastructure needed to run generative AI models.
Anthropic said its annualised revenue has crossed $30 billion, up from about $9 billion at the end of last year. The company also said it now has more than 1,000 clients spending over $1 million a year, about double the number from two months ago.
Bill Ackman’s Pershing Square offers to buy Universal Music Group, eyes NYSE listing
Pershing Square said it plans to acquire Universal Music Group in a cash-and-stock deal worth about 55.75 billion euros ($64.31 billion). Under the agreement, UMG will merge with Pershing Square to form a new company that will be listed on the New York Stock Exchange. The deal is expected to close by the end of the year. Pershing Square CEO Bill Ackman said UMG has delivered strong operating performance but its stock has lagged due to factors not tied to its core business. He added that the proposed transaction aims to address those issues.
US services growth slows in March as inflation pressures rise amid Iran war
Growth in the US services sector slowed in March, while prices paid by businesses rose at the fastest pace in more than 13 years, pointing to rising inflation pressures. Data from the Institute for Supply Management survey showed services employment fell to its lowest level since the end of 2023, even as overall demand remained firm with strong order growth. Businesses across sectors said the ongoing Middle East war has added uncertainty, alongside existing concerns over import tariffs.
The survey is likely to keep expectations intact that the Federal Reserve will hold interest rates steady for now.
OpenAI urges probe into Elon Musk’s ‘anti-competitive behaviour’ ahead of April trial
OpenAI has asked authorities in California and Delaware to investigate what it called “anti-competitive behaviour” by Elon Musk, ahead of a trial between the two sides later this month. In a letter, OpenAI strategy chief Jason Kwon said Musk has tried to undermine the company through a series of actions, including working with Meta CEO Mark Zuckerberg. Musk co-founded OpenAI with CEO Sam Altman in 2015 but left the company in 2018. He later launched rival firm xAI and sued OpenAI in 2024 over its shift toward a for-profit model. Jury selection in the high-profile trial between Musk and OpenAI is slated to begin on April 27.
Apple faces delays in foldable iPhone development: Report
Apple is reportedly facing challenges in the engineering test phase of its first foldable iPhone, which could delay production and shipments. The issues could push back initial shipments by many months in a worst-case scenario. Apple is expected to focus on launching its first foldable iPhone alongside two upgraded non-folding models in the second half of 2026.
