Market UpdatesJun 23, 20262 Min
Asian stocks slide; oil, gold decline, World’s largest caviar company starts bookbuilding for HK IPO
We are back with quick updates on global stocks, commodities and companies that you shouldn’t miss.
Key Asian markets saw profit-booking along with overnight selloff in tech stocks on Wall Street. After eight sessions of gains, Japan’s Nikkei 225 dropped over 3% on Tuesday to 69,788. South Korea’s Kospi also saw a steep correction of 9% to trade at 8,203.
China’s Shanghai Composite index slipped 1.3% on Tuesday to 4,106. Hong Kong’s Hang Seng was down 1.8% to 23,324
Among the outliers were Singapore’s Straits Times, which rose 0.1% to 5,213 and Australia’s S&P/ASX 200 was down 0.3% to 8,826.
US stock futures also declined on Tuesday after the stock markets witnessed pressure in the regular session on Monday. S&P 500 futures slipped 1.2%, Nasdaq 100 futures were down 2.2%, while futures tied to the Dow were trading down 0.6%. On Monday, the S&P 500 had lost 0.37%, tech-heavy Nasdaq Composite had declined 1.3%. However, the Dow had closed 0.3% higher.
Oil prices continued to decline as US Vice President JD Vance said that talks with Iranian officials in Switzerland had laid a good foundation for a final peace deal.
The US crude oil futures for July delivery were down 1.2% to $73 per barrel. Brent futures, the international benchmark, for August delivery fell 0.9% to $76.7 per barrel.
Gold prices dropped on Tuesday as the US dollar continued to push higher on expectations of Fed rate hikes as early as October. Spot gold declined 2.1% to $4,100 per ounce, while US gold futures for August delivery were trading 2% lower at $4,117 per ounce.
Here's a look at some major developments across global markets:
SpaceX shares nosedive 16%
Shares of Elon Musk-led SpaceX fell over 16% on Monday to close at $154.60, marking their third consecutive session of decline. The stock had fallen 5% and 3.6% on Wednesday and Thursday last week, respectively, and is now down nearly 24% over the past three sessions.
The company made its debut on stock exchanges last week and became one of the world’s most valuable companies soon after its listing on June 12. The stock had surged in the first two days, hitting a high of $225.64.
In a separate development, SpaceX on Monday announced that it has signed a computing power agreement with open-source AI startup Reflection AI worth up to $6.3 billion. The deal will give the startup access to Nvidia GB300 chips at Elon Musk’s Colossus 2 data center. In return, Reflection will pay SpaceX $150 million per month beginning July 1, 2026, through 2029, according to a CNBC report.
Nvidia under pressure on fears of falling chip prices
Shares of Nvidia have been languishing in the past one month, falling nearly 3% during the period, compared with stocks of companies like Micron Technology and Sandisk that have surged nearly 60% during the same period. Kalashi traders attribute this to Nvidia sitting on the sidelines as Wall Street has focused on memory chips and infrastructure in the next steps of the AI buildout.
World’s largest caviar company starts bookbuilding for HK IPO
World’s largest caviar company Hangzhou Qiandaohu Xunlong Sci-tech on Monday began the bookbuilding process to list in Hong Kong. The stock is scheduled to debut on June 30.
The company plans to raise up to HK$1.23 billion through offering 16.33 million H shares. The offer price is HK$75.5 per share.
KNDS preparing for multi-billion-euro IPO
Europe’s largest producer of military equipment KNDS is preparing for its multi-billion-euro initial public offering (IPO), details of which could be announced this week.
Ahead of the IPO, Germany is seeking to acquire a 40% stake in KNDS from family shareholders. The transaction would bring Germany’s stake in KNDS in line with France’s.
