Market UpdatesMay 21, 20262 Min

Global Market Wrap: Asian Stocks Surge, Oil Falls as Trump says negotiations with Iran in final stage

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

Asia-Pacific stocks surged on Thursday as some vessels resumed transit through the Strait of Hormuz and US President Donald Trump said Washington was in the “final stages” of negotiations with Iran.

Japan’s Nikkei 225 was 3.1% higher at 61,83, while South Korea’s Kospi advanced 8.4% to 7,815. Singapore’s Straits Times Index traded flat at 5,043 and Australia’s S&P/ASX 200 advanced 1.4% to 8,621. The Hang Seng Index was the only major index in negative territory, slipping over 1% to 25,357.

On Wall Street, the Dow Jones Industrial Average gained 1.3% to close at 50,009. The S&P 500 rose 1.% to 7,432, while the Nasdaq Composite added 1.5% to end Thursday’s session at 26,270.

U.S. crude oil prices also slipped, with West Texas Intermediate futures slipping 0.94% to $99 per barrel, and international benchmark Brent Crude declining 0.75% to $106 per barrel.

Gold prices were mixed, with spot gold down 0.1% at $4,538 per ounce, while US gold futures for June delivery gained 0.05% to $4,537. Spot silver slipped 0.3% to $76 per ounce.

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

SpaceX IPO Filing Reveals Heavy AI Spending And Musk’s Big Future Bet

SpaceX unveiled its IPO filing, which showed that much of the company’s recent spending and first-quarter losses were tied to the February acquisition of xAI. The documents also highlighted Elon Musk’s control over the company, with shareholders expected to have limited influence over decisions.

Nvidia Beats First-Quarter Estimates As AI Demand Stays Strong

Nvidia reported fiscal first-quarter results after the bell, beating Wall Street expectations on both earnings and revenue as demand for artificial intelligence infrastructure remained strong. The chipmaker posted adjusted earnings of $1.87 per share, above analyst estimates of $1.76 per share. Revenue came in at $81.62 billion, topping expectations of $78.86 billion.

Anthropic To Pay SpaceX $1.25 Billion Monthly For AI Compute

Anthropic expects Q2 operating profit of $559 million as demand for its Claude AI models surges, according to SpaceX’s IPO filing. The filing also showed Anthropic will pay SpaceX $1.25 billion per month for AI compute capacity.

OpenAI Reportedly Preparing Confidential IPO Filing

OpenAI is reportedly preparing to confidentially file a draft IPO prospectus as soon as May 22. The AI company, valued at more than $850 billion by private investors, is working with Goldman Sachs and Morgan Stanley as it prepares for its public listing.

Singapore’s Singtel To Raise Capex To $3 Billion On AI, Data Centre Push

Telecom operator Singtel expects capital expenditure to rise to about S$3 billion in the current fiscal year, up from S$2.5 billion a year earlier, driven largely by AI and data centre expansion. Around S$1.2 billion of the planned spending will go towards AI data centre growth.

SoftBank Group Shares Jump Nearly 20% After Nvidia Earnings

Shares of SoftBank Group surged 19.8%, adding about $35 billion to its market value, after strong earnings from Nvidia boosted optimism around artificial intelligence. The rally came after five straight sessions of losses. While the company no longer owns Nvidia shares, investors closely link SoftBank to the AI trade because of its majority stake in Arm Holdings, the chip design firm whose technology is central to smartphones, servers, and increasingly AI-related computing.

Japan Exports Jump 14.8% In April, Beating Expectations

Japan’s exports rose 14.8% in April from a year earlier, marking the fastest growth since January and beating Reuters estimates of 9.3%. The increase was driven by strong semiconductor demand, with chip-related shipments surging 41.6% year over year.

UK Signs ‘Historic’ Trade Deal With Gulf Cooperation Council

The United Kingdom announced a “historic” trade deal with the Gulf Cooperation Council, becoming the first G7 nation to secure such a pact with the bloc. The UK said the deal could add £3.7 billion ($4.9 billion) annually to its economy over the long term.

Germany To Take 40% Stake In Defence Group KNDS Ahead Of IPO

Germany will acquire a 40% stake in KNDS when the Franco-German defence group lists on the stock market, matching France’s holding in the company. KNDS, the maker of the Leopard tank, is expected to list in Frankfurt with a valuation of about €20 billion.

Australia’s Arafura Approves $1.6-Billion Rare Earth Project

Arafura Rare Earths said it has approved the development of its $1.6-billion Nolans project in Australia’s Northern Territory, which is expected to become the country’s third-largest rare earths operation by the end of the decade.