Market UpdatesMay 06, 20262 Min

Global Market Wrap: Asia-Pacific Shares Rally, South Korea’s Kospi Scales New Peak, Oil Declines

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

South Korea’s Kospi hit a fresh record high on Wednesday as Asia-Pacific markets rose broadly, following gains on Wall Street after oil prices fell and strong earnings supported sentiment. US President Donald Trump said diplomatic efforts in the Middle East were progressing, adding that the US had paused its plan to guide ships through the Strait of Hormuz.

Kospi advanced 6.4% to 7,384, hitting a new record and crossing the 7,000 mark after trading resumed following a holiday. The index has now gained more than 70% so far this year. Hong Kong’s Hang Seng index rose 1.2% to 26,213, while Singapore’s Straits Times Index gained 0.2% to 4,933. In Australia, the S&P/ASX 200 edged up 1.3% to 8,793. Japan’s stock market was closed due to a holiday.

Wall Street stocks closed higher on Tuesday, with the S&P 500 rising 0.8% to a record 7,259. The Nasdaq Composite gained 1% to finish at an all-time high of 25,326, while the Dow Jones Industrial Average added 0.7% to close at 49,298.

Oil prices fell on Wednesday after President Trump said the US would pause its naval escort effort in the Strait of Hormuz, raising hopes of a possible deal with Iran.

Brent crude for July delivery dropped 5.2% to $104 per barrel, while US West Texas Intermediate futures fell 6.1% to $95 per barrel.

Gold prices rose ‌on Wednesday amid hopes of a US-Iran peace deal. Spot gold rose 2.3% to $4,662 per ounce. US gold futures for June delivery were up 1.4% at $4,633. Spot silver surged 4.6% to $76 per ounce.

Gold prices in Dubai rose sharply on Wednesday morning, with local rates hitting their highest level so far this month. The 24-karat variety was priced at Dh560 per gram, up from Dh548.50 on Tuesday. The 22-karat price also increased to Dh518.75 from Dh508.

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

Samsung shares surge, market cap crosses $1 trillion mark

Samsung Electronics shares rose more than 15% on Wednesday, extending recent gains and pushing the company’s market capitalisation above $1 trillion. Samsung had first crossed the $1 trillion mark earlier this year, on February 26, according to FactSet data.

Alphabet edges closer to Nvidia’s position as world’s most valuable company

Alphabet is close to overtaking Nvidia to become the world’s most valuable company, supported by a strong rally in its stock.

The surge has been driven by growing interest in its artificial intelligence offerings and steady expansion in its cloud business.

AMD beats estimates, forecast tops as AI demand lifts outlook

Advanced Micro Devices reported first-quarter results that came in above expectations, helped by strong demand for chips used in artificial intelligence workloads. The company also issued a stronger-than-expected outlook. It said it expects second-quarter revenue of about $11.2 billion, compared with estimates of $10.52 billion, according to LSEG.

For the quarter ended March, AMD’s revenue came in at $10.25 billion, compared with estimates of $9.89 billion. Total revenue rose 38% from $7.44 billion a year earlier. Data centre revenue increased 57% to $5.8 billion, up from $3.67 billion in the same period last year. Net income nearly doubled to $1.38 billion from $709 million a year ago. Shares of AMD rose about 15% in extended trading following the results.

Super Micro shares jump 18% on strong outlook despite revenue miss

Super Micro Computer shares rose about 18% in extended trading on Tuesday after the company issued strong guidance, even as its fiscal third-quarter revenue missed expectations.

For the quarter ended March 31, the company reported adjusted earnings per share of 84 cents, above estimates of 62 cents, according to LSEG. Revenue came in at $10.24 billion, below expectations of $12.33 billion. However, total revenue more than doubled from a year earlier, rising 123%.

Anthropic commits $200 billion to Google Cloud in long-term deal

Anthropic has reportedly committed to spend $200 billion on Google Cloud services and chips over five years, under a recent agreement. The size of the deal suggests Anthropic could account for more than 40% of the cloud revenue backlog that Alphabet disclosed to investors last week. The backlog reflects contracted future revenue from cloud customers. In April, Anthropic also signed an agreement with Google and its chip partner Broadcom Inc. for multiple gigawatts of tensor processing unit capacity.

Micron tops $700 billion market cap as rally gains pace

Micron shares rose about 11% on Tuesday, extending a strong rally and pushing the company’s market capitalisation past $700 billion for the first time. The stock moved higher after the company said it has started shipping its highest-capacity solid-state drive. Shares are now up 124% this year and nearly 700% over the past 12 months, lifting Micron into the top 10 most valuable technology companies in the United States. The gains come as a global shortage of memory chips, linked to demand from artificial intelligence applications, continues to support the sector.

Tesla’s supervised self-driving system could win nod in Belgian region

Tesla may move closer to introducing its supervised “full self-driving” software in Europe, after support from Belgium’s Flanders region. The region said it is examining whether it can adopt the system quickly, following a recent approval in Netherlands. Last month, Dutch regulators gave provisional clearance for the software to be used on public roads, making it the first country in the European Union to allow the system. The technology can control a vehicle but still requires driver supervision.

Vodafone to buy CK Hutchison stake in VodafoneThree for $5.8 billion

Vodafone Group has agreed to buy its partner CK Hutchison’s stake in VodafoneThree for £4.3 billion ($5.8 billion), taking full ownership of the UK’s largest mobile operator. CK Hutchison Holdings currently holds 49% of the joint venture. Vodafone owns the remaining 51%. VodafoneThree was created last year through the merger of Vodafone’s UK business with Hutchison’s Three unit. The combined entity moved ahead of rivals, including BT Group’s EE and O2, which is owned by Telefonica and Liberty Global, to become the market leader.

Germany rolls out €5 billion plan to support cleaner industrial production

Germany will provide up to €5 billion ($5.85 billion) this year to support major factories in reducing carbon emissions by switching to cleaner technologies. The funding will be offered through 15-year “carbon contracts for difference” (CCfDs), designed to cover the higher costs of low-emission production in sectors such as steel, cement and chemicals. The programme aims to help companies continue operating in Germany while meeting climate targets, rather than shifting production to countries with less stringent environmental standards.

Canada reports trade surplus in March as oil and gold exports rise

Canada recorded a trade surplus in March, as higher crude oil prices and strong gold exports lifted overall shipments while imports declined. Statistics Canada said the country posted a surplus of $1.78 billion in March, compared with a deficit of $5.11 billion in the previous month. It was the first surplus in six months. The increase in exports was supported by rising crude prices linked to tensions involving Iran, which boosted the value of energy shipments. Gold exports also rose, supported by steady global demand, even as prices eased during the month.

Hong Kong Q1 GDP grows at fastest pace in nearly five years

Hong Kong’s economy grew 5.9% in the first quarter from a year earlier, according to advance government estimates released on Tuesday. It marks the 13th consecutive quarter of expansion and the fastest pace of growth in nearly five years. The latest reading is the strongest since the second quarter of 2021, when the economy expanded 7.6%. Growth also picked up from a revised 4.0% increase in the fourth quarter of 2025. On a seasonally adjusted basis, GDP rose 2.9% quarter-on-quarter. The government maintained a positive outlook, forecasting economic growth of 2.5% to 3.5% for 2026, after an estimated 3.5% expansion in 2025. Officials said risks remain, including developments in the Middle East.