Global market wrap: Asian stocks jump as tech stocks rally ahead of US-China summit; crude oil slips again

We are back with quick updates on global developments around stock markets, commodities and companies that are creating buzz today.

Asian stocks started the week on a positive note amid a rally tech stocks ahead of a summit between US President Donald Trump and Chinese President Xi Jinping later this week.

On Monday, South Korea’s Kospi index gained 1.8% to 7,015, China’s Shanghai Composite index rose 0.6% to 3,933, while Hong Kong’s Hang Seng Index was trading up by 0.6% to 24,892. Japan’s markets were closed for a holiday.

Singapore’s Straits Times inched up 0.2% to 5,667. However, Australia’s S&P/ASX 200 was down marginally by 0.1% at 8,723.

US stock futures jumped on Sunday night after the country’s equity benchmark indices posted three consecutive weekly declines. S&P 500 futures and futures tied to the Dow advanced 0.4% each, while Nasdaq 100 futures jumped 0.6%.

In the regular trading session on Friday, the S&P 500 had risen marginally by 0.17%, the Dow Jones Industrial Average had closed down 0.18%, while the Nasdaq Composite gained 0.39%.

Oil prices continued to decline on Monday as analysts noted that the oil flows in the Middle East remain surprisingly strong despite the disruption to Saudi Arabia’s East-West pipeline.

The US crude oil futures for November delivery declined 2.3% to $93.92 per barrel at 0127 EDT, while Brent futures for November delivery dropped 2.2% to $101.56 per barrel.

Gold prices traded under pressure on Monday amid mixed signals as crude oil prices declined even as the Middle East tensions escalated. US gold futures for ​December delivery slipped 0.6% to $4,398 per ounce, while spot gold was down 0.4% to $4,360 per ounce by 0527 GMT.

Here’s a look at the other key developments of the day:

Softbank Group launches $11 billion bond sale to fund OpenAI investment

SoftBank Group​ has launched $10 billion and 1 billion ‌euro-denominated ($1.1 billion) senior unsecured notes to fund its investment in OpenAI, a term sheet showed on Monday.

The term sheet showed that the dollar-denominated ​notes were split into 3-1/2-year, 5-1/2-year ​and 7-1/2-year tenors, while the euro-denominated bonds ⁠were split into 4-year and 6-year tenors.

Proceeds will be used ​to fund SoftBank’s $10 billion payment for the third tranche of its follow-on investment in OpenAI, which is expected ​to close on October 1, and for ​general corporate purposes, the term sheet said.

It added that the bond issuances ​are expected ​to price ⁠on September 24 and settle on September 29.

TotalEnergies looks set to return to Venezuela

French oil major TotalEnergies has signed an energy cooperation agreement with Venezuela that could pave the way for the company to resume operations in the country after exiting its oil and gas investments several years ago, according to a report.

Petroleos de Venezuela President Héctor Obregón and TotalEnergies senior vice president for the Americas Francisco Javier Rielo signed the memorandum of understanding Saturday in Caracas.

TotalEnergies E&P New Ventures will participate in energy projects under the agreement, according to a Venezuelan government statement.

Four Chinese firms seek to raise up to $14.35 billion in Hong Kong offerings

Four Chinese firms are looking to raise up to a combined HK$14.35 billion via separate listings in Hong Kong. Shares of all four firms are expected to start trading on September 29.

automation equipment maker RoboTechnik Intelligent Technology is coming up with the biggest offer of 11.9 million H shares at up to HK$436 each, aiming to raise about HK$5.18 billion. Printed circuit board maker Shenzhen Kinwong Electronic seeks to raise up to HK$5.1 billion via secondary 72.94 million share sales, with a maximum offer price of HK$69.88.

Materials producer Red Avenue New Materials plans to sell 68.1 million H shares at a maximum offer price of HK$44 for up to HK$3 billion. Meanwhile, precision motor solutions provider Direct Drive Tech will raise HK$1.08 billion in an IPO with an offer price of HK$21.6 apiece.

Firmus Grid to launch landmark $5 billion IPO in Australia soon

Data center operator Firmus Grid Ltd is looking to raise at least $5 billion in an initial public offering (IPO) in one of the biggest-ever listings in Australia, according to a report.

Bookbuild will run from October 6 to October 7, with the retail offering from October 12 to October 19, the report said. It added that the company is targeting an ASX debut on October 26.

Reportedly, the deal includes an overallotment option of as much as 10% of the base offering.

Australia’s Telix Pharma to buy Germany’s ITM Isotope for $1.65 billion

Australia’s Telix Pharmaceuticals said on Monday that it had agreed to acquire Germany’s ITM Isotope Technologies Munich for an upfront consideration of $1.65 billion. The acquisition will help the company to strengthen its position across the radiopharmaceutical supply chain.

Under the deal, Telix will pay about $1.25 billion in its shares, while assuming $302 million of ITM’s net debt and other transaction-related costs, the company said.

ITM shareholders are expected to receive 105.8 million Telix shares, with the deal implying that Telix shareholders will own about 76.3% of the combined company.