Market UpdatesApr 01, 20262 Min

Global market wrap: Asia stocks surge as Trump hints to end Iran war, oil trims gains, gold holds steady

Asian stocks rose on Wednesday, taking cues from a strong overnight rally on Wall Street after US President Donald Trump signalled that the Iran war could come to an end in the coming weeks. Meanwhile, oil prices extended gains following a strong rally in the previous month.

We are back with quick updates about global stock markets and major developments across some of the top companies worldwide.

Asia-Pacific stocks rose on Wednesday on hopes of de-escalation in the Iran war, with stronger-than-expected March economic data supporting gains in South Korean and Japanese markets. Donald Trump said the US could exit Iran in “two or three weeks,” adding there was no reason to continue the conflict.

South Korea’s Kospi led gains in the region, surging 8% to 5,478, after data reportedly showed March exports rose 48.3% year-on-year, beating Reuters estimates of 44.9%. Japan’s Nikkei 225 climbed 5.2% to 53,739, while Hong Kong’s Hang Seng Index gained 1.8% to 25,250, supported by strength in basic materials stocks. Singapore’s Straits Times Index rose 1.7% to 4,970, and Australia’s S&P/ASX 200 advanced 2.2% to 8,671, helped by gains in educational services stocks.

Overnight in the US, all three major indexes posted their strongest session since May. The Dow Jones Industrial Average rose 2.4% to 46,341, while the S&P 500 gained 2.9%, ending the session at 6,528. The Nasdaq Composite, meanwhile, advanced 3.8% to 21,590.

US stock futures edged higher, with S&P 500 rising 0.4% to 6,597, and Nasdaq 100 futures gaining 0.6% to 24,063. Futures tied to the Dow Jones Industrial Average were up 0.3% to 46,748.

Oil prices extended gains early on Wednesday. But later they trimmed the gains during the day. US crude, West Texas Intermediate for May delivery, was 3.2% down at $99.4 a barrel. Prices surged about 51% in March, marking West Texas Intermediate’s strongest monthly performance since May 2020. Similarly, Brent contract for June delivery declined 2.3% to $101. The global oil benchmark surged more than 60% in March, marking its strongest monthly rally since 1988.

Gold held steady on Wednesday after hitting a two-week high. Spot gold rose 0.8% to $4,709 per ounce, after touching its highest level since March 20 at $4,723. The metal had fallen more than 11% in March, its steepest monthly decline since October 2008. US gold futures for April delivery rose 0.9% to $4,690. Spot silver, meanwhile, declined 0.1% to $75.01 per ounce.

In Dubai, gold prices were largely steady after a sharp rise in the previous session. Data from the Dubai Jewellery Group showed 24K gold at Dh563.50 per gram, slightly higher than Dh563.25 at Tuesday’s close. Other variants were also steady, with 22K at Dh521.75, 21K at Dh500.25, 18K at Dh428.75 and 14K at Dh334.50 per gram.

Here’s a look at some of the important developments across the global markets:

OpenAI closes $122-billion funding round, ChatGPT maker valued at $852 billion now

OpenAI has completed a $122-billion funding round at a valuation of $852 billion, marking its largest raise to date and strengthening its push to invest in chips, data centres and talent. The funding, which had been in the works for months, was led by three major tech companies. Amazon agreed to invest $50 billion, while Nvidia and SoftBank Group each committed $30 billion. A significant portion of Amazon’s investment, around $35 billion, is tied to conditions including a potential IPO or the company reaching artificial general intelligence.

OpenAI sparked the artificial intelligence boom with the launch of ChatGPT in 2022 and has since become one of the fastest-growing companies globally. As of March, ChatGPT has over 900 million weekly active users, including more than 50 million subscribers.

SpaceX lines up 21 banks for IPO, eyes $1.75-trillion valuation

Elon Musk’s SpaceX is reportedly working with at least 21 banks on its planned initial public offering, in what is set to be one of the largest underwriting syndicates in recent years, according to reports. The listing, internally called Project Apex, is expected to take place in June and could value the company at around $1.75 trillion. Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup are acting as lead bookrunners, with another 16 banks participating in smaller roles. The offering is expected to be one of the most closely watched listings on Wall Street. The banks are expected to take on roles across institutional, high-net-worth and retail investor channels, as well as across different geographic regions.

McCormick to acquire Unilever’s food business in nearly $45-billion deal

Spice maker McCormick & Company said it will acquire the food business of Unilever in a deal valuing the unit at nearly $45 billion. As part of the deal, McCormick will pay $15.7 billion in cash to acquire most of Unilever’s foods portfolio, including brands such as Hellmann’s and Marmite. Unilever shareholders will own 55.1% of the combined entity, while Unilever itself will retain a 9.9% stake.

The deal is expected to boost McCormick’s annual sales and expand its presence in spreads and condiments. The company already owns brands such as Frank’s RedHot, Cholula and French’s. Around 70% of Unilever’s food division revenue comes from Hellmann’s and Knorr.

For Unilever, the move aligns with its strategy to focus on faster-growing segments such as personal care. The company had earlier spun off its ice cream business in December 2025, now operating separately as Magnum Ice Cream Co.

Microsoft eyes $7-billion energy project with Chevron, Engine No. 1 to power AI data centres: Report

Microsoft is reportedly in exclusive talks with Chevron and investment firm Engine No. 1 over a long-term agreement to support a large energy project in West Texas, US, aimed at powering a data centre campus. The proposed natural gas-fired plant is expected to cost about $7 billion and initially generate 2,500 megawatts of electricity. Once completed, it would be among the largest facilities of its kind in the US. The companies confirmed they have entered into an exclusivity agreement tied to a potential power generation and electricity offtake deal, but said no final terms have been agreed and there is no definitive agreement yet.

The talks come as Microsoft expands its data centre footprint to support artificial intelligence, competing with rivals such as Alphabet and Amazon. Access to stable power supply is becoming a challenge, which the proposed partnership aims to address using natural gas resources in West Texas.

Anthropic signs AI deal with Australia, plans data centre investment

Global artificial intelligence giant Anthropic said it is signing an agreement with the Australian government to share its economic index data. This is part of the company’s efforts to track the adoption of artificial intelligence and its impact on jobs and workers. Under the agreement, the maker of Claude will share insights on emerging AI capabilities and risks, take part in joint safety evaluations and collaborate on research with Australian universities. The company also said it plans to support investments in data centre infrastructure and energy in Australia.

The agreement is similar to partnerships Anthropic has with safety institutes in the United States, Britain and Japan. Australia does not yet have dedicated AI legislation, with the government relying on existing laws and voluntary guidelines to address privacy and safety concerns.

TSMC plans 3-nanometre chip production in Japan by 2028

TSMC may reportedly begin installing equipment and start mass production of 3-nanometre wafers in 2028 at its second factory in Japan, according to a Taiwanese government filing. The update follows comments made in February by TSMC CEO CC Wei, who said the company plans to manufacture advanced 3-nanometre chips at its second plant in Japan. Under the revised plan, the facility is expected to have a monthly production capacity of 15,000 12-inch wafers using the advanced 3-nanometre process.

Canada posts modest economic growth in January, beats estimates

Canada’s economy grew slightly in January, supported by gains in mining, oil and gas, according to data released by Statistics Canada. Gross domestic product rose 0.1% for the month, above analyst expectations, following a 0.2% increase in December 2025. Growth in goods-producing sectors helped offset a slowdown in manufacturing. Mining, oil and gas extraction, and quarrying rose 1.2% in January, reversing declines seen in the previous month. The construction sector also expanded 1.1%, marking a third straight month of growth.

Oracle to cut thousands of jobs amid AI spending push

Oracle has reportedly started informing employees about job cuts running into the thousands, as the company increases spending on artificial intelligence and faces a sharp decline in its stock. The layoffs come as Oracle deals with investor concerns over rising debt linked to AI investments and weakening cash flow. The company’s shares have fallen about 25% this year, underperforming other large technology firms. Oracle had around 162,000 employees as of May 2025. Like rivals such as Amazon, the company has significantly increased capital spending in recent years to build data centre capacity for AI workloads.