Market UpdatesJul 02, 20262 Min
Global market wrap: Asian stocks decline as tech selloff continues; gold recovers; Meta surges 9% on plans to build new cloud business
We are back with quick updates on stock markets, commodities and companies that are creating buzz across the world today.
Asian markets were trading in the red on Thursday as investor sentiment remained weak after another round of tech selloff pulled down the US markets on Wednesday.
Japan’s Nikkei 225 declined 1.3% on Thursday to 69,592, while South Korea’s benchmark Kospi tumbled 4.1% to 7,962.
In South Korea, shares of Samsung Electronics plunged over 7%, while those of SK Hynix sank over 9% in the opening trade. The correction was triggered by a sharp fall in shares of some tech companies on Wall Street on Wednesday like Micron Technology that tumbled around 11% and Sandisk that dropped 10.6%.
China’s Shanghai Composite index also dropped 0.9% to 4,074 on Thursday. Australia’s S&P/ASX 200 inched down 0.1% to 8,714.
However, Hong Kong’s Hang Seng Index bucked the trend by rising 0.7% to 23,051. Singapore’s Straits Times also gained marginally by 0.2% to 5,173.
US stock futures recorded mild gains on Thursday after seeing losses in the previous session. S&P 500 futures gained 0.16%, Nasdaq 100 futures rose 0.27%, while futures tied to the Dow were up 0.1%.
The S&P 500 had fallen 0.2% during the previous session, while the Nasdaq 100 and the Dow Jones Industrial Average had closed lower by 0.7% and 0.03%, respectively.
Oil prices resumed their decline on Thursday after US President Donald Trump announced that the peace talks between the US and Iran in Qatar were progressing well.
The US crude oil futures for July delivery fell 1.2% to $67.73 per barrel by 2353 ET. Brent futures, the international benchmark, for August delivery dropped 1.1% to $70.80 per barrel.
Gold prices recovered on Thursday as markets awaited the release of the US payrolls report later in the day. Spot gold rose 1% to $4,071 per ounce by 0353 GMT, while US gold futures for August delivery were almost unchanged at $4,083 per ounce.
Here’s a look at some major developments across global markets:
OpenAI proposes handing 5% stake to US govt
OpenAI has proposed handing the US government a 5% stake in the company to defuse some political pressure by the Donald Trump administration, according to a report.
The report said that CEO Sam Altman has argued that giving the public a financial interest in the company is the best way to share the upside of AI.
A 5% holding would be worth roughly $42.6 billion. Open AI had recently closed a record-breaking funding round in March at a post-money valuation of $852 billion.
Meta surges 9% on plans to build new cloud business
Shares of Meta closed up nearly 9% on Wednesday after reports emerged that the company was building out a new cloud business.
Meta will reportedly be selling its excess computing power to outside customers. This will help it recover some of the billions of dollars it’s poured into the artificial intelligence infrastructure.
SoftBank reopens talks for $10 billion loan against OpenAI stake
According to reports, SoftBank Group has restarted talks with a consortium of lenders for a $10 billion loan backed by its stake in OpenAI. The group is reportedly offering to guarantee repayment of the loan, giving banks recourse to SoftBank if the OpenAI shares pledged as collateral lose value.
The development is significant as it comes after earlier attempts by SoftBank to secure a loan that were stalled over concerns about the difficulty of valuing private companies.
Kevin Warsh to stick firmly to 2% inflation target
Federal Reserve Chairman Kevin Warsh announced on Wednesday that he would stick firmly to the US central bank’s 2% inflation target and “disappoint” anyone who expects loose monetary policy.
“If people thought this central bank was going to be comfortable with an inflation objective above 2%, they would be disappointed,” Warsh told a European Central Bank panel in Sintra, Portugal.
BYD, Xiaomi gain on strong June delivery numbers
Hong Kong-listed shares of Chinese electric vehicle (EV) manufacturers BYD and Xiaomi shot up on Thursday after June delivery figures boosted investor sentiment.
Shares of BYD surged around 9% after the company posted a vehicle sales volume of 403,472 units in June, up 5.46% from 382,585 units in the same period a year ago. Xiaomi shares climbed about 5% after the company reported its third consecutive month of having over 30,000 deliveries in June.
Singapore sees solid net institutional inflows in June
Singapore stocks attracted $611 million in net institutional inflows in June 2026, reversing more than 40% of the cumulative outflows recorded over the previous five months, according to SGX Research.
Financial services led the institutional buying, with $683 million in net inflows. UOB recorded the largest individual inflow at about $420 million, followed by Singapore Airlines at $344 million, SATS at $147 million, OCBC at $119 million and DBS at $102 million.
