Market UpdatesJul 24, 20262 Min
Global market wrap: Asian stocks bleed as Brent crude trades above $100/barrel; Intel’s stock jumps on fastest revenue growth
We are back with quick updates on global developments around stock markets, commodities and companies that are creating buzz today.
Asian markets saw massive selloff on Friday taking cues from overnight losses on Wall Street after the Brent Crude crossed the $100-per-barrel mark.
South Korea’s benchmark Kospi tumbled 5.5% to 6,708 on Friday. Japan’s Nikkei 225 index also declined 3.2% to 64,306.
China’s Shanghai Composite index fell 1.2% to 3,830, while Hong Kong’s Hang Seng Index dropped 1.3% to 24,892.
Australia’s S&P/ASX 200 was down 0.9% to 8,756 and Singapore’s Straits Times slipped 0.4% to 5,560.
After a tough session on Thursday, US stock futures fell again after President Donald Trump’s fresh tariffs as wells intensifying earnings pressure.
S&P 500 futures were trading lower by 0.1%, Nasdaq 100 futures dropped 0.5%, while futures tied to the Dow were trading almost unchanged.
In the regular session on Thursday, the S&P 500 declined 1.2%, while the Nasdaq 100 tumbled 2.2% in their worst one-day decline in a month. The Dow Jones Industrial Average also closed 1% lower.
Oil prices traded marginally lower on Friday after surging around 7% in the previous session following Houthi attacks on tankers in the Red Sea. The US crude oil futures for July delivery fell 0.6% to $91.66 per barrel by 0019 ET, while Brent futures for August delivery slipped 0.3% to $100.43 per barrel.
Gold prices traded lower on Friday on rate-hike bets after a sharp surge in crude oil prices. Spot gold was trading down 0.5% at $4,029 per ounce by 0419 GMT, while US gold futures for August delivery dropped 0.5% to $4,031.10 per ounce.
Here’s a look at the key developments of the day:
Allianz to buy HSBC’s Singapore insurance unit for $2.09 billion
German insurer Allianz Group announced on Friday it has agreed to acquire HSBC’s Singapore life insurance unit for $2.09 billion.
The transaction is expected to close in the first half of 2027. Allianz expects to generate a double-digit return on investment in the medium term. As part of the deal, Allianz will also enter a 15-year exclusive distribution partnership with HSBC Singapore to strengthen its ties in the region.
Intel’s stock jumps on fastest revenue growth in almost 15 years
Intel shares jumped about 4% in extended trading hours after the company reported its fastest revenue growth rate for any quarter since 2011 at 25%.
Intel’s gross margin also recovered to 42%, up from 2.5% in the year-ago period, which the company attributed to benefits of scale with more revenue.
Oracle signs 10-year contract with Pentagon worth $7 billion
Oracle shares rose about 3% in extended trading after the Pentagon on Thursday announced a contract with the company worth almost $7 billion spanning over a decade
The contract covers the use of Oracle software in on-premises data centers for branches of the military, the US intelligence community and the Coast Guard.
Bank of Japan likely to keep inflation warning next week
According to a report, the Bank of Japan (BOJ) in its quarterly outlook report due next week is likely to highlight lingering inflation risks on account of the Middle East conflict, robust global AI demand and rising import costs from a weak yen.
BOJ will likely maintain its warning over the risk of inflation overshooting its 2% target, but signal that those risks have not increased significantly from three months ago, the report added.
Chinese robot maker AgiBot pursues Hong Kong IPO
Fast-growing Chinese robot maker AgiBot is pursuing an initial public offering (IPO) in Hong Kong and has hired CITIC Securities as a sponsor, according to a report.
Additionally, China International Capital Corporation (CICC) and Morgan Stanley have also been tapped as joint sponsors, the report added.
It was earlier reported that AgiBot had been eyeing a Hong Kong listing this year, targeting a valuation of HK$40 billion to HK$50 billion.
