Market UpdatesMay 27, 20262 Min

Global Market Wrap: Japan, South Korea Indices Hit Record Highs; Oil Declines And Gold Holds Steady

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

Japan’s Nikkei 225 rose 2.2% intraday and hit a record high of 66,428, but closed flat at 64,999. Meanwhile, South Korea’s Kospi jumped 4.9% to a new high of 8,457, and eventually closed 2.2% higher at 8,228. Australia’s S&P/ASX 200 gained 0.6% to 8,717. Meanwhile, Hong Kong’s Hang Seng index slipped 1.2% to 25,286 and Singapore’s Straits Times Index was down 0.8% at 5,028.

In the US, S&P 500 rose 0.6% to 7,519.12 and the Nasdaq gained 1.2% to 26,656.18, with both indexes closing at record highs. The Dow Jones Industrial Average lost 0.2%, ending at 50,461.68.

Oil futures declined, with Brent crude down ~2% to $97 a barrel and West Texas Intermediate down ~2% to $91.

Gold held steady, with spot gold down marginally at $4,481 per ounce, and US gold futures for June delivery falling 0.01% to $4,477. Spot silver fell by around 2% to $75 per ounce.

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

Micron Hits $1-Trillion Market Cap As Shares Jump 19%

Micron crossed a $1-trillion market valuation for the first time on Tuesday after its shares rose 19%, supported by strong demand for memory chips used in artificial intelligence applications. The rally came after UBS raised its price target on the stock from $535 to $1,625.

American Airlines To Equip 500 Aircrafts With SpaceX Starlink Wi-Fi

American Airlines said it plans to equip more than 500 of its narrow-body aircrafts with SpaceX’s Starlink, expanding in-flight Wi-Fi across its fleet. The rollout will begin early next year and cover aircrafts such as the Airbus A321neo.

Eli Lilly To Buy Three Firms For Nearly $4 Billion

Eli Lilly said it will acquire three companies for nearly $4 billion in cash as it expands its research and development efforts into infectious diseases. The company will buy Curevo for $1.5 billion, LimmaTech Biologics for $780 million, and Vaccine Company for $1.55 billion.

Starlink, Amazon May Get Access To European Satellite Spectrum Next Year

Starlink and Amazon’s low-Earth-orbit satellite unit may be able to acquire part of Europe’s mobile satellite spectrum next year. However, most of the available spectrum is expected to be reserved for European companies.

Volvo Cars Gets US Approval To Continue Selling Vehicle Despite China Link

Volvo Cars said it has received the US government’s approval to continue selling vehicles in the country. The company is majority owned by China’s Geely Holding. The approval comes after US rules in January 2025 effectively barred nearly all Chinese cars and trucks from the market.

SK Hynix Stock Jumps 11%, Hits $1-Trillion Valuation

Shares of South Korea’s SK Hynix jumped 11% on Wednesday, pushing the chipmaker’s market value above $1 trillion as investors continued to buy into AI-linked semiconductor stocks. The rally extended a strong run that has lifted the stock about 250% this year.

Australia CPI Rises 0.4% In April, Inflation Cools To 4.2%

Australian consumer prices rose less than expected in April, helped by a government fuel tax cut, while underlying inflation edged higher due to rising oil prices. Data from the Australian Bureau of Statistics showed the monthly CPI increased 0.4%, while the annual pace slowed to 4.2% from 4.6%.

Canada’s Telesat In Early Talks With Italy On Secure Satellite Services

Canada’s Telesat has held preliminary talks with Italy to provide satellite services for encrypted communications for government, diplomatic and defence use in high-risk areas. The discussions come after Italy’s talks with Starlink on secure satellite systems stalled last year.