Market UpdatesJun 12, 20262 Min

Global Market Wrap: SpaceX Prices Record IPO, Gold Set for Weekly Loss as Iran Tensions Ease

We are back with quick updates on global stock markets, commodities, and major corporate developments across the world.

Asian markets traded higher on Friday as easing US-Iran tensions offered some relief, though the AI-driven tech slump from earlier in the week continued to weigh on sentiment.

Japan’s Nikkei 225 was up 2.8% to 66,055, and Hong Kong’s Hang Seng surged 1.4% to 24,592. Shanghai Composite also edged higher at 1.1% to 4031, while South Korea’s Kospi was up 4.6% to 8,123. Moving marginally higher, Singapore’s Straits Times Index edged in the green at 0.3% to 5,005, while Australia’s S&P/ASX 200 was up 2% to 8,804.

Wall Street, meanwhile, staged a sharp turnaround on Thursday. The Dow Jones surged 929 points, or 1.8%, to close at 50,848, the S&P 500 climbed around 1.8% to close at 7,394, and the Nasdaq jumped 2.5% to close at 25,809.

Oil prices witnessed a fall after the de-escalation news. US crude futures for July delivery fell 1.6% to $86.30 per barrel, while Brent futures for August lost 1.8% to $88.80, after Trump said from the Oval Office that he expects an agreement with Iran to be signed "over the next few days”.

Gold prices dropped on Friday and were on ‌track for a weekly loss, pressured by concerns around inflation and potential US Federal Reserve interest rate hikes.

Spot gold was down 0.8% at $4,182.47 per ounce and US gold futures for August delivery rose 2.2% to $4,203.60.

Here are the other top stories of the day:

SpaceX Prices Record $75 Billion IPO Ahead of Nasdaq Debut

SpaceX is officially set for the largest IPO on record. The company is raising $75 billion by selling 555.6 million shares at $135 apiece, valuing it at $1.77 trillion.

Trading on Nasdaq under the ticker SPCX begins Friday. The IPO could enable Elon Musk to become the world’s first trillionaire. His stake in SpaceX is estimated to be worth around $866.5 billion, and he controls over 82% of voting power.

Elon Musk Pitches ASML on $55 Billion Chip Manufacturing Plan

Just ahead of SpaceX's listing, Elon Musk addressed ASML employees virtually at the company's annual technology conference, outlining SpaceX's push into chip manufacturing.

ASML's EUV lithography machines are essential for producing leading-edge chips for TSMC, Samsung, and Intel. And, it would be a necessity for Musk's planned Terafab facility, which could cost between $55 billion and $119 billion for a full buildout.

Adobe Delivers Strong Q2 Results, But Wall Street Has One Big AI Question

In its second quarter FY2026 results, Adobe beat estimates and raised guidance. However, shares still got punished amid growing concerns around the company’s long-term strategy in an AI-driven creative software market.

With the CFO also stepping down, the leadership question is adding fuel to an already nervous narrative around Adobe's AI moat.

Minor Food Eyes Singapore Listing Over Hong Kong

In a notable Southeast Asia dealmaking story, Thailand's Minor International is considering listing its restaurant business, Minor Food Group, in Singapore rather than Hong Kong. The food group is the operator of Burger King, Dairy Queen, and The Pizza Company across the region.