Market UpdatesAug 06, 20262 Min
Global market wrap: Asian stocks decline amid selloff in tech stocks; gold at 7-week high
We are back with quick updates on developments around global stock markets, commodities and companies that you shouldn’t miss today.
Most Asian stock market indices declined on Thursday amid a broader selloff seen in technology stocks worldwide even as earnings growth is broadly meeting estimates.
South Korea’s benchmark Kospi plunged 4.6% to 6,295, while Japan’s Nikkei 225 index dropped 1.2% to 65,533.
China’s Shanghai Composite index was almost unchanged at 3,879, while Hong Kong’s Hang Seng Index slid 1.8% to 25,464.
However, Australia’s S&P/ASX 200 rose 0.45% to 9,270, while Singapore’s Straits Times jumped 1% to 5,639.
US stock futures were trading almost flat after the Dow closed at a record high on Wednesday. S&P 500 futures were marginally up by 0.2%, Nasdaq 100 futures inched down 0.1%, while futures tied to the Dow rose 0.2%.
In the regular trading session on Wednesday, the Dow Jones Industrial Average rose for fifth straight session, closing up 0.49%. The S&P 500 slipped 0.17%, while the Nasdaq Composite index also dropped 0.8%.
Oil prices fell further on Thursday amid easing tensions in the Middle East. The US crude oil futures for July delivery fell 0.6% to $74.75 per barrel by 0031 EDT, while Brent futures for August delivery were down 0.5% to $79.08 per barrel.
Gold prices jumped for a fourth day on Thursday, hitting a seven-week high, as lower oil prices weakens the prospects of a rate hike. Spot gold rose 0.3% to $4,259 per ounce by 0431 GMT on Friday, while US gold futures for August delivery gained 0.3% to $4,318 per ounce.
Here’s a look at the key developments of the day:
Singapore’s DBS Group posts record profit in second quarter
Singapore’s DBS Group reported a record second-quarter profit on Thursday on the back of strong growth in the wealth management business. Southeast Asia’s largest lender posted net profit of S$3.08 billion ($2.4 billion), up 9% from a year ago.
Total income also rose 6% to a record S$6.09 billion, marking the first time quarterly income exceeded S$6 billion.
For the June quarter, the bank’s wealth management fees grew 42% year-on-year to a record S$919 million, with wealth assets under management surpassing S$500 billion for the first time.
Siemens raises full-year profit outlook after orders hit record highs
German industrial group Siemens raised its full-year profit outlook on Thursday after orders hit record highs in the third quarter due to a wave of demand for US data centers.
The company said that third-quarter orders on a comparable basis grew by more than 8.5% on year. Revenue also rose 8% on a comparable basis to €20.8 billion, beating the consensus average of €20.64 billion.
Meanwhile, net income rose 15% to €2.6 billion, topping the consensus average of €2.13 billion.
Bain Capital to acquire global bubble tea chain Gong cha
Bain Capital announced on Thursday announced that it has agreed to buy global bubble tea chain Gong cha from US-based private equity firm TA Associates.
Bain said it will continue expanding Gong cha in Japan and South Korea, where the brand has a strong footprint, while accelerating growth in the US.
MBK Partners, one of the largest private equity firms in Asia, was among the other bidders for the chain and had been seeking a Korean private equity partner for a joint bid, according to a report. But MBK’s bid weakened as the private equity firm faced mounting regulatory scrutiny in South Korea following the collapse of its portfolio company Homeplus, the report added.
Deutsche Telekom’s Q2 earnings beat estimates
Europe’s largest telecoms operator Deutsche Telekom on Thursday reported second quarter earnings that beat estimates, driven by robust growth at its US business. The company also raised its 2026 outlook.
Deutsche Telekom said second-quarter revenue rose 4.4% to 29.93 billion euros ($34.56 billion), while adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) after leases increased 7.5% to 11.82 billion euros.
Google shuffles its AI leadership
Google has announced that it is making some significant AI leadership changes. Google DeepMind leader Demis Hassabis is set to become the chair of Google DeepMind and the chief scientist at Alphabet. Hassabis will continue to lead Alphabet’s Isomorphic Labs, which aims to use AI to develop drugs.
Meanwhile, chief scientist Jeff Dean, a 27-year employee, and Google Senior Fellow Sanjay Ghemawat will be leaving to launch an AI startup called Discovery Loop. Google will invest in the startup.
South Korea expects growth to rise to 3% in 2026 for first time in five years
South Korea’s finance ministry said on Thursday that the possibility has increased greatly of economic growth rising to the 3% level for the first time in five years.
Last month, the finance ministry raised economic growth forecast for 2026 to 3% from 2% earlier. The economy grew 1.1% in 2025.
