Market UpdatesAug 11, 20262 Min
Global market wrap: Asian stocks gain even as oil rises; OpenAI completes second share sale of $7 billion
We are back with quick updates on developments around global stock markets, commodities and companies that you shouldn’t miss today.
Asian stock markets mostly rose on Tuesday after US President Donald Trump claimed that the Strait of Hormuz was now open.
Trump told reporters in the Oval Office that the US Navy now has full control of the waterway. Meanwhile, Iranian officials have insisted that the Strait of Hormuz would remain closed until the US agrees to its demands including lifting their naval blockade.
South Korea’s benchmark Kospi jumped 1.5% to 6,395. China’s Shanghai Composite index traded flat at 3,965. Japanese markets were closed for a holiday.
Singapore’s Straits Times gained 0.8% to 5,745. Australia’s S&P/ASX 200 rose 0.5% to 9,274. However, Hong Kong’s Hang Seng Index dropped 0.6% to 25,774.
US stock futures were trading flat on Tuesday as investors awaited further clarity on the geopolitical situation. S&P 500 futures inched up 0.1%, Nasdaq 100 futures rose 0.3%, while futures tied to the Dow were trading unchanged from the previous closing levels.
On Monday, the S&P 500 index had closed little changed, the Dow Jones Industrial Average had also fallen marginally by 0.1%, while the Nasdaq Composite slipped 0.3%.
Oil prices gained for a third day on Tuesday as uncertainty over the US-Iran conflict persisted. The US crude oil futures for September delivery were up 0.3% to $82.37 per barrel by 2352 EDT, while Brent futures for October delivery rose 0.2% to $87.91 per barrel.
Gold prices gained on Tuesday . Spot gold was marginally up 0.2% to $4,399 per ounce by 0352 GMT on Friday, while US gold futures for December delivery jumped 0.9% to $4,458 per ounce.
Here’s a look at the key developments of the day:
OpenAI completes second share sale of $7 billion
OpenAI on Monday completed a secondary share sale totalling roughly $7 billion, allowing current and former employees to sell stock at the company’s $852 billion valuation, according to a report.
The deal will help address some near-term liquidity pressure for the company. It will also allow employees to cash in a portion of their holdings ahead the company’s potentially massive IPO.
Defence firm Lyntris targets $2.5 billion valuation in US IPO
US-based defence technology company Lyntris said on Monday it was targeting a valuation of up to $2.53 billion in its US initial public offering (IPO). The company makes battlefield sensors and software for the US and its allies.
Virginia-based Lyntris and selling stockholders are seeking up to $528 million by offering 24 million shares priced between $19 and $22 apiece.
Intel shares fall 4% on plans of $15 billion stock offering
US chipmaker Intel on Monday announced a $15 billion common stock offering to support robust customer demand for artificial intelligence computing power.
The company said it will use the funding to support corporate needs, including capital expenditures and working capital to support new compute capacity.
Shares of Intel fell 4% after the announcement.
Nvidia lines up $500 billion in financing for AI push
Nvidia has partnered with six large asset managers like Apollo Global Management, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs and KKR to establish financing platforms for Nvidia’s customers.
The effort aims to mobilise more than $500 billion in third-party capital for hyperscalers, frontier AI labs and enterprises to build out data centers and acquire Nvidia hardware.
Data center operator CyrusOne plans potential 2027 IPO
Data center operator CyrusOne owned by KKR and BlackRock’s Global Infrastructure Partners is preparing for an IPO as early as 2027, according to a report.
The company has not yet decided how much it plans to raise or what valuation it will seek, the report added. The private equity firms met investment banks including Goldman Sachs and Morgan Stanley last week and the banks pitched for roles on the IPO.
Singapore revises 2026 GDP growth target to 4.5-5.5%
Singapore on Tuesday raised its annual economic growth forecast for the second time on the back of stronger-than-expected performance in the first half and boost from AI-related sectors and exports.
Gross domestic product (GDP) growth for 2026 is now expected to come in at 4.5% to 5.5%, more than double the lower end of its previous forecast of 2-4%.
Singapore said that the economic impact of the US-Iran conflict has been less severe than initially feared. The country has upgraded its growth estimates for a second time this year. At the start of the year, growth was estimated at 1-3%.
South Korea to launch $3.5 billion chip fund
The South Korean government on Monday said that it will launch a new $3.52-billion semiconductor fund targeting promising chip materials, parts, equipment and fabless companies as Seoul seeks to accelerate plans for new chip manufacturing hubs across the country.
The government will also provide a further 5 trillion won in trade finance for suppliers, Presidential Chief of Staff Kang Hoon-sik told a press briefing after a meeting chaired by President Lee Jae Myung on Monday.
