Market UpdatesMar 30, 20262 Min

Global market wrap: Asian stocks fall, oil rises, gold gains amid deepening Middle East conflict

Asian stocks fell on Monday as investor sentiment remained fragile amid escalating tensions in the Middle East. Oil prices rose after Yemen’s Iran-backed Houthis launched fresh missile attacks on Israel, raising concerns over supply disruptions. Market jitters were further amplified after US President Donald Trump said he wanted to take Iran’s oil, adding to fears of a deeper conflict and risks to regional energy flows.

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

Asia-Pacific markets fell on Monday as the Middle East war entered its fifth week, with the conflict escalating despite efforts aimed at finding a diplomatic solution.

Japan’s Nikkei 225 was among the worst performers in Asia, falling more than 2.7% in early trade to 51,885, as concerns over rising oil prices and the prospect of further rate hikes weighed on sentiment. Bank of Japan policymakers had discussed the need for additional tightening at their March meeting, citing inflation risks linked to the Middle East war.

South Korea’s Kospi also declined, dropping 2.9% to 5,277. In Hong Kong, the Hang Seng index slipped 0.8% to 24,750. Singapore’s Straits Times Index, meanwhile, bucked the trend, and was trading in the green, having risen 0.1% to 4,898.

Australia’s S&P/ASX 200 ended the session 0.6% lower at 8,461.

On Friday, US stocks closed lower, with the Dow Jones Industrial Average falling into correction territory. The 30-stock index dropped 1.7% to end at 45,166. The S&P 500 declined 1.6% to close at a seven-month low of 6,368, while the Nasdaq Composite fell 2.1% to settle at 20,948.

Oil prices rose on Monday, raising concerns about energy-driven inflation and potential economic disruption. May futures for Brent crude rose 2.0% to $114 per barrel, putting the global benchmark on track for a record monthly surge, according to LSEG data. US West Texas Intermediate futures also climbed 1% to $100 per barrel.

US President Donald Trump said in an interview with the Financial Times that he wants to take control of Iran’s oil and could seize Kharg Island, the country’s main export hub. He compared the idea to a US move in Venezuela earlier this year, where Washington claimed control over parts of the oil industry. Kharg Island handles about 90% of Iran’s oil exports, making it a key strategic target. Separately, a Wall Street Journal report said Trump is considering a plan to extract nearly 1,000 pounds of uranium from Iran. While he has not taken a final decision due to risks to US troops, he reportedly remains open to the idea.

Meanwhile, Australia will temporarily halve its fuel tax to cushion consumers from rising global oil prices driven by tensions in the Middle East. The levy on gasoline and diesel will be reduced by about 26 Australian cents per litre starting Wednesday. The government said the move will cut the cost of filling a 65-litre tank by nearly A$19.

The UAE will announce petrol prices for April 2026 on March 31, in line with its monthly revision policy. Fuel prices are expected to increase following a rise in global oil rates.

Gold prices rose marginally on Monday, as a softer dollar offset a surge in energy prices that stoked inflation concerns and reduced expectations of US Federal Reserve rate cuts this year. Spot gold was up 0.8% to $4,531 per ounce, while US gold futures for April delivery gained 0.5% to $4,518. Spot silver also rose 1.1% to $70 per ounce.

In Dubai, too, gold prices opened higher as expectations for US Federal Reserve rate cuts weakened. The price of 24K gold rose to Dh542.0 per gram, up from Dh541.25 over the weekend. Other variants also moved higher, with 22K at Dh501.75, 21K at Dh481.25, 18K at Dh412.50 and 14K at Dh321.75 per gram.

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

Eli Lilly signs $2.75 billion AI drug deal with Insilico Medicine

US pharmaceutical company Eli Lilly has signed a deal worth $2.75 billion with Hong Kong-based Insilico Medicine to develop and commercialise drugs created using artificial intelligence. Under the agreement, Insilico will receive $115 million upfront, with additional payments tied to regulatory and commercial milestones, along with royalties on future sales. Insilico has developed more than 28 drug candidates using generative AI, with nearly half already in clinical stages.

WTO talks end in deadlock as Brazil blocks e-commerce duty freeze

Talks at the World Trade Organization ended in a deadlock early on Monday after Brazil blocked a proposal led by the US and others to extend a moratorium on customs duties for electronic transmissions. WTO Director-General Ngozi Okonjo-Iweala said the moratorium has now expired, allowing countries to impose duties on digital goods such as downloads and streaming services. She added that efforts are ongoing, with Brazil and the US still trying to reach an agreement. The failure to extend the moratorium marks a setback for the WTO, which has been struggling to stay relevant as countries increasingly bypass the body.

SpaceX IPO buzz drives surge in ticker bets on prediction markets

Anticipation around SpaceX’s potential stock market debut is driving heavy activity on social media and prediction platforms. Traders are placing bets on various details, including the company’s valuation, listing exchange and stock ticker, even though the company has not yet filed for an IPO. On Polymarket, combined bets on these outcomes have crossed $15.2 million. Current odds suggest a 25% chance that SpaceX will use the ticker “X,” down from about 60% a month ago.

Sony raises PS5 prices by $100 as chip costs surge

Sony will raise prices of its PlayStation 5 consoles globally, including a $100 increase in the US, as rising component costs put pressure on margins. The new prices will take effect from April 2. The standard PS5 will cost $649.99, up from $549.99, while the digital edition will be priced at $599.99. The PS5 Pro will cost $899.99. The PlayStation Portal remote player will also see a price increase to $249.99 from $199.99. The hike comes as demand for memory chips from the artificial intelligence sector tightens supply for consumer electronics. Similar price increases are expected across Europe and other markets.

Fitbit Singapore to shut down as Google completes integration

Fitbit’s Singapore unit is being wound up, marking the end of the fitness tracker brand’s standalone presence in the country. A notice in the Government Gazette on March 13 said liquidators have been appointed to close the business. Fitbit Singapore was registered in February 2015. The move follows Google’s acquisition of Fitbit in a $2.1 billion deal announced in 2019 and completed in 2021, after which the brand has been gradually integrated into the tech giant’s operations.