Global market wrap: Asian stocks mostly trade positive as crude oil eases; global chip stocks rally

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

Asian stocks mostly rose on Wednesday as a drop in crude oil prices provided some relief to investors even as US Treasury yields continued to rise.

Japan’s Nikkei index jumped 2% to 66,783 on Wednesday, while South Korea’s Kospi index was trading almost unchanged at 6,866.

China’s Shanghai index rose 0.3% to 3,841. Hong Kong’s Hang Seng Index, meanwhile, traded flat at 24,513.

Singapore’s Straits Times inched down 0.1% to 5,709, while Australia’s S&P/ASX 200 gained 1.1% to 8,806.

US stock futures rose on Wednesday ahead of the release of key inflation data that could influence the Federal Reserve’s interest-rate decision. S&P 500 futures were up 0.2%, futures tied to the Dow gained 0.4% each, while Nasdaq 100 futures were trading almost flat.

In the regular trading session on Tuesday, the S&P 500 slipped 0.2%, Nasdaq Composite inched down 0.1%, while the Dow Jones Industrial Average shed 0.7%.

Oil prices rose slightly on Wednesday after falling sharply in the previous session as Saudi oil exports recovered substantially. The US crude oil futures for November delivery rose 0.3% to $89.64 per barrel at 0126 EDT, while Brent futures for December delivery inched up 0.3% to $96.41 per barrel.

Gold prices were trading steady on Wednesday, though they headed for a monthly decline amid expectations of higher interest rates going ahead. US gold futures for ​December delivery was trading marginally lower by 0.1% at $4,177 per ounce, while spot gold inched up 0.6% to $4,139 by 0546 GMT.

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

Global chip stocks rise on Anthropic’s AI spending plans

Global chip stocks rose on Tuesday after a media report said AI startup Anthropic’s IPO prospectus showed that it expected $518 billion in cloud, computing and infrastructure commitments over the coming year.

European chip stocks gained, with Germany’s Infineon Technologies, Aixtron and Siltronic gaining 4.5%, 5.9% and 7.7%, respectively. In the Netherlands, ASML Holding, ASM International and BE Semiconductor added 3.6%, 5.4% and 4.1%, respectively.

In the US, Intel rose 0.7%, Marvell was up 1.4% and AMD jumped 1.2% in extended trading hours.

OpenAI aiming to raise $30 billion in fresh funding: report

According to a report, OpenAI is targeting to raise at least $30 billion in a funding round and is seeking a valuation of about $1.4 trillion, not including the money raised.

The fundraising discussions are at an early stage and terms could change, the report said, adding that the demand for the round is being led by investors.

The proposed round would serve as a bridge financing to provide capital in place of an IPO, according to the report.

Consumer tech firm Oura postpones its US IPO amid market turmoil

Smart ring maker Oura on Tuesday postponed its US initial public offering (IPO) amid poor market sentiment. The company was expected to price its IPO on Tuesday and begin trading on the Nasdaq on Wednesday.

The consumer technology company and some of its existing investors had marketed 50 million shares in the offering priced in an indicated range of $40 to $44 apiece. At the top of the indicated range, Oura would have raised $2.2 billion at a fully diluted valuation of $15.62 billion.

However, the company reassessed the feasibility of the offering as US stock markets hit a bump following spike in bond yields, fears of more rate hikes by the US Federal Reserve and the ongoing geopolitical turmoil with Iran.

Australia consumer price inflation rises to 4% in August

A day after the Reserve Bank of Australia raised its key interest rate to a 15-year high, data showed that Australia’s consumer inflation rose slightly less than expected in August.

Data from the Australian Bureau of Statistics (ABS) on Wednesday showed that consumer price index (CPI) accelerated in August to 4% year-on-year, up from 3.5% in July. But it remained below economists’ expectations of 4.1%.

On a monthly basis, CPI rose 0.4% in original terms and 0.7% on a seasonally adjusted basis for the month of August.