Market UpdatesAug 10, 20262 Min
Global market wrap: Asian stocks advance on positive Wall Street cues; oil jumps 1%
We are back with quick updates on developments around global stock markets, commodities and companies that you shouldn’t miss today.
Asian stock markets advanced on Monday tracking gains in the US market on Friday even as global geopolitical situation remains uncertain.
Japan’s Nikkei 225 index surged 1.9% on Monday to 66,847, while South Korea’s benchmark Kospi gained 0.6% to 6,295.
China’s Shanghai Composite index inched up 0.2% to 3,948. Hong Kong’s Hang Seng Index also rose 0.5% to 25,799.
Singapore’s Straits Times climbed 1% to 5,698. However, Australia’s S&P/ASX 200 lost 0.3% to 9,234.
US stock futures were trading flat on Monday as chances of a deal happening between the US and Iran anytime soon appeared dim. S&P 500 futures were almost unchanged, Nasdaq 100 futures inched up 0.2%, while futures tied to the Dow slipped by a marginal 0.1%.
On Friday, the S&P 500 index had gained 0.6% to close at a record high. The Dow Jones Industrial Average had also risen 0.3%, while the Nasdaq Composite had jumped 1.3%.
Oil prices jumped further on Monday after Iran denied any direct talks with the US on the opening of the Strait of Hormuz. The US crude oil futures for July delivery rose 0.9% to $78.85 per barrel by 2352 EDT, while Brent futures for August delivery jumped 1.1% to $84.45 per barrel.
Snapping their five-day gaining streak, gold prices slipped on Monday. Spot gold slipped 0.35% to $4,327 per ounce by 0352 GMT on Friday, while US gold futures for August delivery shed 0.3% to $4,388 per ounce.
Here’s a look at the key developments of the day:
Australian scandium miner Sunrise Energy Metals gets US backing
Shares of Australian scandium mine developer Sunrise Energy Metals climbed 20% on Monday after the company was among the potential recipients of US support for critical mineral projects.
Sunrise Energy Metals received a conditional commitment of up to $400 million in long-term debt financing from the US Department of War to support the development of the company’s 100%-owned Syerston Scandium Project in New South Wales, Australia, under a proposed 25-year debt facility.
UK announces £130 million funding for zero-emission vehicle technology
The UK government on Monday announced nearly £130 million ($175 million) in funding for zero-emission vehicle technologies. Of the allotted amount, almost £65 million is public money and the rest is being provided by the industry.
Britain is committed to ending sales of new cars powered solely by petrol or diesel from 2030, with all new cars required to be zero-emission by 2035.
Bank of Japan’s July meeting summary raises rate hike bets for September
Odds of a rate hike in September by the Bank of Japan (BOJ) have increased after the summary of opinions for the July meeting was released on Monday that showed growing chorus of policymakers arguing for a more forceful response to mounting inflation risks.
At least three of the board’s nine members said the BOJ could raise rates more quickly than its current pace of roughly two increases a year, the summary showed.
Germany’s Hypoport posts 5% rise in profit in H1 2016
German credit and insurance technology company Hypoport on Monday reported a 5% year-over-year increase in gross profit for the first half of 2026. Earnings before interest and tax (Ebit) during the period rose 20% compared with the year-ago levels.
Second-quarter revenue and gross profit each grew 3% compared to the same period last year. Gross profit for the quarter reached €66.50 million, while EBIT stood at €7.30 million.
Moore Threads working on Hong Kong IPO
China-based artificial intelligence chipmaker Moore Threads Technology Co. said over the weekend that it planned to list in Hong Kong at an “appropriate time”.
According to a filing released on Sunday, Moore Threads is planning a Hong Kong offering to deepen its internationalisation strategy and attract outstanding research and development as well as management talent. The company’s shares have surged more than 420% since their Shanghai debut last year.
