Market UpdatesJun 24, 20262 Min
Global market wrap: Asian Stocks wobble, Oil Prices Slide; Samsung Plans Massive $59 Billion Buyback
We are back with quick updates on global stock markets, commodities and major corporate developments across the world.
Asian markets saw the spillover effect of Tuesday’s selloff and remained volatile on Wednesday as risk-off sentiment prevailed among investors.
Japan’s Nikkei 225 dropped 0.6% on Wednesday to 69,315. But South Korea’s Kospi rebounded 3.1% to 8,471 after sliding 10% in the previous session.
China’s Shanghai Composite index rose marginally by 0.1% to 4,110, while Hong Kong’s Hang Seng rose 0.5% to 23,474.
Singapore’s Straits Times too rose 0.2% to 5,217. Australia’s S&P/ASX 200 was up by around 0.2% to 8,808.
US stock futures were trading with little change on Wednesday as investors awaited the release of Micron Technology’s earnings after market hours. S&P 500 futures were trading up 0.1%, Nasdaq 100 futures rose 0.4%, while futures tied to the Dow were down 0.1%.
During the regular session on Tuesday, tech-heavy Nasdaq 100 had tumbled 2%, the S&P 500 had declined 1.4%, while Dow Jones Industrial Average had closed down 0.09%.
Oil prices declined further on Wednesday to trade near four-month lows after the US issued a sweeping rollback of sanctions on Iranian oil, allowing dollar-denominated trade for the first time in more than four decades.
The US crude oil futures for August delivery were down 1.6% to $72.04 per barrel. Brent futures, the international benchmark, for August delivery fell 1.4% to $75.66 per barrel.
Gold prices fell again on Wednesday on fears of higher interest rates after a hawkish Fed meeting last week. Spot gold declined 1.4% to $4,052 per ounce by 0324 GMT, while US gold futures for August delivery were trading 1.8% lower at $4,073 per ounce.
Here's a look at some major developments across global markets:
Samsung Plans Massive $59 Billion Buyback As AI Chip Boom Fuels Investor Optimism
Samsung Electronics is reportedly preparing a 90 trillion won (~$59 billion) share buyback programme after agreeing to offer stock-based bonuses to employees following wage negotiations.
The move sparked a strong market reaction, with shares of the South Korean chip giant jumping over 6% as investors welcomed the potential boost to shareholder returns.
GameStop CEO forgoes $35 bn bonus to strengthen eBay acquisition plan
GameStop chief executive officer (CEO) Ryan Cohen refused a bonus package that could have paid him as much as $35 billion so that the company can fully focus on the proposed eBay acquisition.
The video-game retailer said it will release additional materials regarding its proposed buyout of eBay this week, including a detailed presentation of the strategic rationale and an operational plan for the combined companies, according to a statement released on Tuesday.
Singapore-based Foundation Healthcare launches IPO
Foundation Healthcare Holdings, a Singapore-based private healthcare provider, is seeking to raise up to S$242 million (around $187 million) through an IPO on the Singapore Exchange.
The company plans to offer shares priced between S$0.76 and S$0.92, which could value the company at S$1.01-1.2 billion. The stock is expected to begin trading on July 8 this year.
Foundation Healthcare will use the IPO proceeds to support its expansion strategy, including acquisitions and investments in clinical practices and medical centres across Singapore and other markets.
Car marketplace Carro may launch US IPO this month
Singapore-based used-car marketplace Carro is considering filing confidentially for an IPO in the US as soon as this month, according to a report.
Deliberations are ongoing and details such as the size and timing of the IPO are not yet fixed, but Carro is working with advisers to potentially raise as much as $500 million, the report added.
