Market UpdatesMay 14, 20262 Min

Global Market Wrap: Asia-Pacific Stocks Mixed as Trump-Xi Meets, Wall Street Hits Fresh Record Highs

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

Markets across the Asia-Pacific region traded mixed on Thursday ahead of an important meeting between US President Donald Trump and China’s Xi Jinping, which investors are watching for trade-related cues.

Japan’s Nikkei 225 was down 0.9% to 62,654, while South Korea’s Kospi gained 1.7% to 7,981. Hong Kong’s Hang Seng Index was flat at 26,389, and Singapore’s Straits Times Index was down 0.3% at 4,988. In Australia, the S&P/ASX 200 slipped 0.2% to 8,613.

Overnight on Wall Street, the S&P 500 rose to a fresh record high as gains in technology stocks outweighed concerns over another higher-than-expected inflation reading. The benchmark index gained 0.58% to close at 7,444.25, while the Nasdaq climbed 1.2% to 26,402. Both indexes hit record intraday and closing highs. The Dow Jones Industrial Average declined 0.14% to end at 49,693.

Oil prices rose on Thursday after the International Energy Agency warned of higher market volatility, even as OPEC lowered its 2026 oil demand growth forecast. Brent crude futures rallied flat at $105 a barrel, while US West Texas Intermediate crude witnessed a similar scene and stood at $101 per barrel. OPEC cut its 2026 demand growth estimate to 1.2 million barrels per day from 1.4 million bpd earlier. The group also said production fell by 1.7 million bpd in April and is down 9.7 million bpd since the Iran war began in late February.

Gold prices were steady on Thursday. Spot gold gained 0.1% to $4,694 per ounce, while US gold futures for June delivery slipped 0.2% to $4,699. Spot silver was down 0.4% to $87 per ounce.

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

Microsoft Looks Beyond OpenAI Partnership As AI Deal Race Intensifies

Microsoft is exploring acquisitions and deals with artificial intelligence startups as it looks to diversify beyond its partnership with OpenAI. Competition for AI talent and technology has intensified, with companies including SpaceX also pursuing similar deals.

Cisco Shares Surge 17% After Earnings, Revenue Beat Wall Street Estimates

Cisco shares jumped 17% in extended trading on Wednesday after the company reported quarterly results and guidance that came in above Wall Street estimates. For the quarter, Cisco reported adjusted earnings of $1.06 per share on revenue of $15.84 billion, compared with analyst estimates of $1.04 per share and revenue of $15.56 billion.

Cerebras Prices IPO Above Range, Raises $5.55 Billion Amid AI boom

Cerebras Systems priced its IPO at $185 per share, above its expected range, as investor interest in AI companies continues to grow. The AI chipmaker raised $5.55 billion through the offering.

Nvidia To Partner With UK Startup Ineffable Intelligence On New AI Systems

Nvidia will partner with British startup Ineffable Intelligence to develop new AI systems. Unlike many AI models trained on human-generated data, Ineffable Intelligence is focused on reinforcement learning, a method in which AI systems learn through experience.

South Korea’s SK Hynix Nears $1-Trillion Valuation Amid AI-Driven Chip Demand

SK Hynix is nearing a $1-trillion market valuation, as rising demand for artificial intelligence chips fuels South Korea’s role in Asia’s AI boom. SK Hynix shares have gained more than 200% this year, after surging 274% in 2025.

UK To Spend £1 Billion On 72 RCH 155 Artillery Systems

The UK government will spend £1 billion ($1.35 billion) to procure 72 remotely operated RCH 155 howitzers as part of its military modernisation plan. The artillery systems, mounted on armoured vehicles, are expected to support more than 500 jobs, with first deliveries scheduled for 2028.

Singapore's CapitaLand Eyes More Mandates After S$2.4-Billion Income Insurance Deal

CapitaLand Investment expects to secure more large institutional mandates after winning a $2.4 billion ($1.9 billion) real estate portfolio mandate from Income Insurance last month. CapitaLand Investment will manage Income Insurance’s property portfolio, pursue new investments and refresh the assets through acquisitions and divestments.

Canada’s Manulife’s Q1 Profit Rises On Strong Asia Business Performance

Manulife Financial reported higher first-quarter profit, supported by strong performance in its Asia business. Core earnings from the company’s Asia unit rose 22% to $598 million during the quarter.