Market UpdatesMay 04, 20262 Min

Global Market Wrap: Asia Stocks Rise As Oil And Gold Trade Mixed On Geopolitical Jitters

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

South Korean stocks rose on Monday to hit a fresh record, building on their strongest monthly gain in April, as investors weighed escalating US-Iran tensions alongside a US plan to reopen shipping routes through the Strait of Hormuz.

South Korea’s Kospi index rose 5.1% to 6,913, while Hong Kong’s Hang Seng index gained 1.3% to 26,126. Singapore’s Straits Times Index added 0.6% to 4,944. In Australia, the S&P/ASX 200 lost 0.3% to 8,697. Markets in Japan and China are closed for a public holiday.

On Friday, US markets ended on a strong note, with both the S&P 500 and Nasdaq Composite hitting fresh all-time intraday and closing highs. The S&P 500 rose 0.2% to 7,230, while the tech-heavy Nasdaq climbed 0.9% to 25,114. In contrast, the Dow Jones Industrial Average moved against the broader trend, slipping 0.3% to 49,499.

Oil prices traded mixed in choppy conditions on Monday as investors weighed US President Donald Trump’s announcement to “free” ships previously affected by the Strait of Hormuz closure, even as tensions between Tehran and Washington remained elevated. July Brent crude futures lost 0.5% to $108 per barrel, while June West Texas Intermediate (WTI) futures were down 0.6% at $101 per barrel.

Gold prices were largely lower on Monday in thin trade, as inflation concerns weighed on the US monetary policy outlook and investors tracked developments in US-Iran peace negotiations. Spot gold dropped 0.3% to $4,597 per ounce, while US gold futures for June delivery declined 0.8% to $4,607. Spot silver, meanwhile, declined 0.3% to $75 per ounce.

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

GameStop proposes $56 billion deal for eBay, seeks 20% premium buyout

GameStop has proposed acquiring eBay Inc in a deal valued at about $56 billion, according to a letter sent to eBay’s board by CEO Ryan Cohen. The offer values eBay at $125 per share and is structured as an equal mix of cash and stock. Based on eBay’s closing price on Friday, the bid represents a premium of roughly 20%. Cohen said in the letter that GameStop is prepared to take the offer directly to shareholders if eBay’s board does not engage with the proposal. GameStop, which gained attention during the meme-stock surge five years ago, already holds about a 5% stake in eBay through shares and derivatives, according to the letter seen by Reuters.

Anthropic nears $1.5 billion AI venture with Blackstone, Goldman Sachs

Anthropic is reportedly close to finalising a joint venture worth about $1.5 billion with Blackstone, Goldman Sachs and several other Wall Street firms to sell artificial intelligence tools to companies backed by private equity. According to the report, Anthropic, Blackstone and Hellman & Friedman are anchoring the venture and are expected to invest about $300 million each. Goldman Sachs is also set to be a founding investor, with an expected contribution of around $150 million. The initiative is aimed at expanding the use of Anthropic’s AI products within private equity-backed businesses.

Berkshire Hathaway profit rises, cash pile hits record $380 billion

Berkshire Hathaway reported an increase in first-quarter operating profit, even as parts of its consumer-facing businesses came under pressure from broader economic uncertainty.

The conglomerate, led by Warren Buffett and now run by Greg Abel, also reported record cash holdings. Operating profit from its businesses rose 18% to $11.35 billion, compared with $9.64 billion a year earlier. Net income more than doubled to $10.1 billion from $4.6 billion, helped by gains in stock investments. The company said it repurchased $234 million of its own shares during the quarter, its first buybacks since May 2024. No repurchases were made in the first two weeks of April. Cash holdings stood at $380.2 billion at the end of March, excluding unsettled US Treasury bill purchases.

OPEC+ approves third oil output hike since Strait of Hormuz disruption

OPEC+ agreed to raise oil output targets for June, though the increase is expected to remain largely notional while the conflict involving Iran continues to disrupt Gulf supplies through the Strait of Hormuz. Seven member countries will lift production targets by 188,000 barrels per day in June, the group said in a statement after an online meeting. It is the third consecutive monthly increase. The adjustment is unchanged from May’s agreed increase, excluding the UAE’s share. The move is intended to signal that the group is prepared to increase supply once conditions stabilise and to maintain a business-as-usual approach despite the UAE’s departure from OPEC+, according to OPEC+ sources and analysts.

Australia, Japan move to strengthen supply chains amid global energy risks

Australia and Japan on Monday agreed to deepen cooperation on energy and critical minerals during talks between Japanese Prime Minister Sanae Takaichi and Australian Prime Minister Anthony Albanese, who is on a three-day visit. The two countries also agreed to strengthen supply chains for energy, food and critical minerals, building on a defence agreement signed last month. “Australia and Japan are taking action to protect our economies from future economic shocks and uncertainty,” Albanese said in a statement. “By working together, we will achieve more secure and resilient supply chains that will benefit Australian and Japanese businesses and consumers now and into the future.” Australia supplies about one-third of Japan’s energy needs and is its largest source of liquefied natural gas.

LNG Canada shipments cross 1 million tonnes as Asia demand drives flows

Canada’s LNG Canada plant exported over 1 million metric tons of liquefied natural gas in April, according to LSEG data. It is the facility’s highest monthly total so far. The plant, Canada’s first large LNG export terminal on the west coast of North America, sends cargoes directly to Asia, the world’s biggest LNG market. All shipments in April went to Asia. More than half were delivered to South Korea, while one cargo went to China. The plant is a joint venture between Shell, Petronas, PetroChina, Mitsubishi Corp and KOGAS. It started production in June and is not yet at full capacity. It can export up to 14 million tonnes a year.