Market UpdatesApr 08, 20262 Min

Global market wrap: Asia stocks rally as Trump pauses Iran strikes, oil prices drop, gold hits three-week high

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

Most Asia-Pacific markets rose on Wednesday after US President Donald Trump said he had agreed to suspend planned attacks on Iranian infrastructure for two weeks. In a post on Truth Social, he said the decision was conditional on Iran ensuring the “complete, immediate, and safe opening of the Strait of Hormuz.” Iranian Foreign Minister Abbas Araghchi, meanwhile, said in a post on X that the country’s armed forces would “cease their defensive operations.”

South Korea’s Kospi surged 6.8% to 5,872, while Hong Kong’s Hang Seng Index advanced 3.1% to 25,961 as trading resumed on Wednesday following the holiday. Singapore’s Straits Times Index was also among the gainers, having risen 0.8% to 4999. Australia’s S&P/ASX 200 advanced 2.6% to 8,963. Japan’s Nikkei 225, meanwhile, jumped 5.3% to 56,308.

US markets closed mixed on 7 April. While the S&P 500 and Nasdaq Composite ended the session with modest gains, Dow Jones Industrial Average closed lower. The Nasdaq 100 edged up 0.1% to 22,017 and the S&P 500 ended the session flat at 6,616. Meanwhile, the Dow Jones Industrial Average fell 0.1% to 46,584.

Oil prices fell sharply after Trump agreed to suspend attacks on Iran for two weeks in exchange for Tehran allowing safe passage through the Strait of Hormuz. West Texas Intermediate crude for May delivery dropped 15% to $95.77 per barrel, while Brent crude for June delivery declined 13% to $93.99 per barrel.

Oil exports through the Strait of Hormuz have dropped sharply following Iranian attacks on commercial vessels, causing a major disruption to global crude supplies. Around 20% of the world’s oil passed through the route before the US and Israel launched strikes on Iran on February 28. Prices of crude, jet fuel, diesel and gasoline have risen during the war.

Gold prices rose to a near three-week high on Wednesday as markets reassessed near-term risks after Trump agreed to suspend attacks on Iran for two weeks, easing concerns around energy-driven inflation. Spot gold gained 2.6% to $4,825.22 per ounce, while US gold futures for June delivery rose 3.7% to $4,861.20. Spot silver surged 6.6% to $77.41 per ounce.

Gold prices in Dubai also rose sharply, hitting a three-week high. The price of 24K gold climbed to Dh578.75 per gram at the market open, up from Dh566.25 at the previous close. Similarly, 22K gold increased to Dh536.0 per gram in early trade. Other variants were also higher, with 21K at Dh514.0, 18K at Dh440.5 and 14K at Dh343.5 per gram.

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

Intel joins Elon Musk’s Terafab project for AI chip push

Intel has joined Elon Musk’s Terafab AI chip project alongside Tesla and SpaceX, aiming to build processors for robotics and data centre use. The move follows Musk’s earlier plans to set up large-scale chip facilities to support autonomous driving and AI ambitions. Intel said its manufacturing capabilities will support Terafab’s target of producing large-scale computers for future AI and robotics applications. Musk has previously outlined plans to build two advanced chip plants in Austin, Texas, focused on powering vehicles, humanoid robots and AI data centres.

TikTok to invest 1 ‌billion euros in second Finland data centre

TikTok will invest 1 ‌ billion euros ($1.16 billion) to build a second data centre in Finland as it expands local storage for European user data. The new facility, planned in Lahti, southern Finland, will have an initial capacity of 50 megawatts, with scope to scale up further. The move comes as TikTok faces ongoing scrutiny over data protection and as European regulators push social media companies on user safety. Finland is increasingly becoming a preferred location for data centres. It’s attracting companies like Microsoft and Google with its cool climate, cheaper energy, clean power and a stable regulatory setup.

Abu Dhabi’s Mubadala Capital raises nearly $1 billion for new Brazil investment fund

Mubadala Capital, the asset management arm of Abu Dhabi’s sovereign wealth fund, has raised nearly $1 billion for its third fund focused on Brazil. The firm put in $250 million as an anchor investment, with the rest coming largely from global investors, including pension funds, family offices and private capital firms. It has already deployed about a third of the money across sectors such as transport, education and fitness.

Google CEO Sundar Pichai says AI surge is creating new avenues for startup funding

Sundar Pichai said the AI boom has opened up more opportunities for the company to invest in startups. He pointed to companies like SpaceX and Anthropic as examples of where Alphabet is putting money to work. Google has already seen strong returns from its early investment on SpaceX, which was valued at $12 billion in 2015 and is now worth about $1.25 trillion. The company has long invested in startups through GV and CapitalG. But with AI firms now requiring much larger funding, Alphabet is making bigger and direct investments, similar to Nvidia, Microsoft and Amazon.

Tesla’s Germany registrations quadruple in March 2026

Tesla’s vehicle registrations in Germany more than quadrupled in March compared with a year earlier, according to data from the country’s road traffic agency KBA. Newly registered Tesla cars rose 315.1% year-on-year to 9,252 units during the month. For the first quarter, registrations increased 160% to 12,829 vehicles. The rise in Germany comes as Tesla also reported higher registrations across other key European markets in March, following a period in 2025 when its regional market share nearly halved.

Anthropic touts AI cybersecurity project with Amazon, Microsoft, Apple, others

Anthropic has announced a new cybersecurity initiative with major technology companies, including Amazon, Microsoft and Apple, to test an advanced AI model. Under the programme, called Project Glasswing, selected partners will get early access to an unreleased general-purpose model, Claude Mythos Preview, for defensive cybersecurity use. Other partners include CrowdStrike, Palo Alto Networks, Google and Nvidia. Anthropic said the model has already identified thousands of vulnerabilities across operating systems, web browsers and other software. The company added that insights from the project will be shared with the broader industry.

Elon Musk seeks ouster of OpenAI CEO Sam Altman in lawsuit

Elon Musk is seeking the removal of OpenAI CEO Sam Altman and President Greg Brockman as part of an ongoing lawsuit set to go to trial later this month. In a legal filing, Musk’s lawyers outlined the remedies he is pursuing if a court finds that OpenAI and its leadership defrauded him. Musk sued Altman and OpenAI in 2024, alleging that the company he helped found misled him into contributing $38 million on the understanding it would remain a nonprofit. The dispute has since escalated into a broader legal and public clash between the two sides. Jury selection in the case is scheduled to begin on April 27.

US drugmaker Gilead to acquire Germany’s Tubulis to boost cancer pipeline

Gilead said it will acquire Germany-based Tubulis GmbH in a deal worth up to $5 billion, as it looks to strengthen its cancer drug pipeline. The acquisition will give Gilead access to Tubulis’ experimental antibody-drug conjugates (ADCs), a class of targeted therapies meant to deliver chemotherapy directly to cancer cells while limiting damage to healthy tissue. The deal is the latest in a series of acquisitions by Gilead as it looks to expand beyond its core areas. In February, the company agreed to buy partner Arcellx for up to $7.8 billion, and in March struck a deal to acquire biotech firm Ouro Medicines for more than $2 billion.

US Rejects Ford’s request for aluminium tariff relief

The US government has reportedly rejected requests from Ford Motor and other automakers for relief from aluminium tariffs, despite supply disruptions caused by a fire at a Novelis plant. Ford had asked the Trump administration last week to ease duties until the company’s rolling mill in Oswego, New York, returns to full operations. The issue is part of ongoing discussions between automakers and the administration over the impact of tariffs, but there has been no change in the government’s position so far.