Market UpdatesApr 02, 20262 Min

Global market wrap: Asia stocks slide after Trump flags Iran strikes, oil surges, gold prices retreat

Asian stocks fell on Thursday, reversing earlier gains after US President Donald Trump signalled a possible escalation in the Iran conflict over the coming weeks. Meanwhile, oil prices rose in volatile trade, as hopes of a near-term de-escalation faded and concerns over supply disruptions resurfaced.

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

Asian markets reversed gains on Thursday as investors reacted to US President Donald Trump’s address on the Iran conflict. Trump said US objectives were close to being achieved but warned that military action would continue, including plans to strike Iran “very hard” over the next two to three weeks.

South Korea’s Kospi led losses in the region, falling 4.4% to 5,237. Japan’s Nikkei 225 declined 2.3% to 52,501 following Trump’s address. Hong Kong’s Hang Seng index dropped 1.3% to 24,959, while Singapore’s Straits Times Index fell 0.8% to 4,935.

Australia’s S&P/ASX 200 also reversed early gains, ending the session 1% down at 8,579.

Overnight in the US, stocks ended higher, with the S&P 500 rising 0.7% to end the session at 6,575. Similarly, the Nasdaq Composite gained 1.1% to end at 21,840, and the Dow Jones Industrial Average added 0.4% to 46,565.

US stock futures fell, with S&P 500 futures 1.3% down at 6,528. Nasdaq 100 futures had declined over 1.7% to 23,781. Futures tied to the Dow Jones Industrial Average were down 1.1% to 46,281.

Oil prices jumped in volatile trade after Trump warned of further military action against Iran over the next two to three weeks, reducing hopes of a near-term de-escalation. US West Texas Intermediate crude for May rose 5.2% to $105.22 a barrel, while June Brent crude futures gained 6.45% to $107.68 per barrel. In his address, Trump linked the rise in oil prices to what he described as attacks by Iran on commercial oil tankers and neighbouring countries.

Gold prices retreated on Thursday after rising to a two-week high in the previous session, their strongest level since March 19. Spot gold fell 3.4% to $4,591 an ounce, snapping a four-day rally. US gold futures declined 1.9% to $4,688. In other metals, spot silver fell 5.92% to $70.63 per ounce.

Gold prices in Dubai fell sharply on Thursday morning, tracking declines in global markets after Trump gave no clear indication on ending the war with Iran. Twenty-four karat gold was priced at Dh563.25 per gram at the open, down from Dh573.00 at the previous close. Other variants also declined. Twenty-two karat gold fell to Dh521.50 per gram, while 21K, 18K and 14K were priced at Dh500.00, Dh428.75 and Dh334.25, respectively.

The latest drop follows a volatile month for gold buyers in the UAE, with prices swinging between early March highs and late-month declines. Gold began the month above Dh620 per gram, with 24K briefly nearing Dh630 in the first half of March. Prices peaked around mid-month, holding above Dh600 for several sessions. A sharp correction followed, with prices falling into the Dh540 range within days amid shifting global expectations on inflation, interest rates and geopolitical risks. Prices saw brief rebounds toward the end of the month, moving back into the mid-Dh560 range, but the gains were not sustained.

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

Elon Musk’s SpaceX files for IPO, eyes record offering

SpaceX has confidentially filed for an initial public offering in the US. The listing could become the largest on record, with the company targeting a valuation of more than $1.75 trillion. The move follows SpaceX’s merger with Elon Musk’s artificial intelligence venture xAI. The deal valued SpaceX at about $1 trillion and xAI at $250 billion.

SpaceX is the world’s most active rocket launch company and operates a large satellite internet network. The business has expanded its role in global communications and is increasingly used in war zones. The company has also outlined long-term plans around lunar missions, Mars exploration and space-based data infrastructure. Musk, who also leads Tesla, remains at the helm.

Iran threatens action against 18 US tech companies including Nvidia, Apple Tesla, Google

Iran’s Revolutionary Guard has warned it could target a number of US technology companies with operations in the Middle East, including Nvidia, Apple, Tesla, Microsoft and Google. It said 18 companies would be treated as “legitimate targets” in response to recent US and Israeli strikes on Iran. The list also includes Cisco, HP, Intel, Oracle, IBM, Dell, Palantir, JPMorgan, GE, Boeing, Spire Solutions and UAE-based artificial intelligence firm G42.

Amazon in talks to buy $9-billion satellite firm Globalstar to rival Elon Musk’s Starlink

Amazon is reportedly in talks to acquire satellite telecommunications company Globalstar in a deal valued at about $9 billion, as it looks to strengthen its low Earth orbit satellite business. Discussions between the two sides have been ongoing, though some issues remain unresolved. One of the sticking points is Apple’s 20% stake in Globalstar, which has required parallel negotiations. The acquisition, if completed, would support Amazon’s efforts to compete with Elon Musk’s SpaceX and its Starlink satellite internet service. Amazon has been advancing its own satellite project, known as Leo, and launched its first batch of satellites in 2025. It currently has around 180 satellites in orbit, much lesser than SpaceX, which operates more than 10,000 satellites.

Eli Lilly wins FDA approval for GLP-1 weight-loss pill, set to launch soon

The US Food and Drug Administration has approved Eli Lilly’s GLP-1 weight-loss pill, marking a big step for the company as it expands beyond injectable treatments. Lilly said the once-daily pill, Foundayo, will begin shipping through its direct-to-consumer platform LillyDirect on Monday.

Intel plans fresh $15 million investment in AI chip startup SambaNova

Intel plans to invest another $15 million in AI chip startup SambaNova, according to a review of corporate filings. The investment is subject to regulatory approval. If completed, the move would raise Intel’s stake in the company to about 9%. The latest funding follows a $35 million investment made in February, which increased Intel’s holding to 8.2% from 6.8% last year. The two companies also announced a strategic collaboration at the time.

Microsoft plans to invest $5.5 billion in Singapore by 2029 for AI, cloud push

Microsoft plans to invest $5.5 billion in cloud and artificial intelligence infrastructure in Singapore through 2029, as demand for computing capacity and AI skills continues to grow. The company said the investment will also support ongoing operations in the country. Microsoft is also expanding training and tools for students, educators and non-profit organisations. Earlier, in October 2025, Microsoft said it planned to double data centre capacity over the next two years and increase spending on AI infrastructure.

Kia, Subaru unveil new EVs for US market amid fresh launches

Major automakers unveiled new electric vehicles at the New York Auto Show, even as demand remains weak following the removal of a $7,500 US tax credit. Kia said it will begin selling its lower-priced EV3 in the United States later this year. Japanese automaker Subaru introduced a new three-row electric SUV, the Getaway, which can seat seven and is expected to go on sale later this year or in 2027. It will be the company’s fourth EV in the US market.