Market UpdatesMay 29, 20262 Min

Global Market Wrap: Asian Stocks Gain While Wall Street Closes At Record Highs, Oil Declines

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

South Korea’s Kospi rose 3.5% to 8,476, while Japan’s Nikkei 225 gained 2.5% to 66,329. In Australia, the S&P/ASX 200 rose 1.6% to 8,731. Hong Kong’s Hang Seng index was up 0.7% to 25,182 and Singapore’s Straits Times Index added 0.9% to 5,037.

On Wall Street, the S&P 500 and Nasdaq Composite closed at record highs on Thursday. The S&P 500 rose 0.5% to 7,563, while the Nasdaq Composite gained 0.9% to 26,917. The Dow Jones Industrial Average closed flat at 50,668.

Oil futures slid slightly, with Brent crude declining 1.2% to $92 per barrel and West Texas Intermediate falling 1.5% to $88 per barrel.

Gold prices were mixed ‌on Friday. Spot gold rose 0.1% to $4,497 per ounce, while US gold futures was marginally down by 0.1% at $4,528. Spot silver also declined, falling 0.2% to $75 per ounce.

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

Anthropic Raises $65B In New Round, Overtakes OpenAI In Valuation

Anthropic has become the most valuable artificial intelligence company in Silicon Valley after announcing a major funding milestone. The company said it raised $65 billion in a Series H financing round, valuing it at $965 billion. The new valuation puts Anthropic ahead of rival AI lab OpenAI.

Dell Raises Outlook On Strong AI Server Demand

Dell Technologies raised its annual revenue and profit outlook, citing strong demand for its AI-optimized servers as data centre expansion accelerates across major clients. The servers are powered by advanced chips from Nvidia. Shares of the company jumped around 39% in extended trading.

Samsung Ships Industry-First HBM4E Memory Chip Samples

Samsung Electronics said that it has begun shipping samples of its latest high-bandwidth memory chip, the 12-layer HBM4E, marking what it claims is an industry first. The South Korean tech giant said the new chip delivers more than 20% higher speed performance compared to its previous-generation HBM4 products.

Canada’s TD Bank Profit Rises On Strong Interest Income Growth

Toronto-Dominion Bank reported higher second-quarter profit. The bank’s personal and commercial banking unit posted net income of C$1.93 billion, up 15% year over year. Net interest income rose to C$8.86 billion, compared with C$8.13 billion a year earlier.

Japan’s Mitsui Expands Energy Push Across US, Middle East, Australia

Mitsui & Co. is reportedly planning to invest in liquefied natural gas (LNG) projects across the Middle East, US and Australia to meet rising electricity demand from data centres. Berkshire Hathaway holds a 10% stake in the Japanese trading house.

EU Plans Push To Buy Chips From Local Startups Under New Chips Act

The European Commission is reportedly planning measures that would push governments to buy chips made by EU startups. The move is aimed at reducing Europe’s reliance on US and East Asian chip suppliers.

LG Shares Surge 24% On Google Car Tech Pact

LG Electronics shares surged nearly 24% on Friday after debuting a new line of automotive technology built on Google’s Android operating system. LG’s new system uses a single chip to power multiple dashboard screens at once. The tech breakthrough triggered an immediate investor rally, sending the South Korean company's stock to its highest intraday jump in months.