Market UpdatesJul 23, 20262 Min
Global market wrap: Asian stocks trade higher; oil prices hit 6-week high
We are back with quick updates on global developments around stock markets, commodities and companies that you shouldn’t miss today.
Asian markets rallied for a third straight session on Thursday despite a jump in crude oil prices as investors kept a tab on corporate earnings.
South Korea’s benchmark Kospi climbed 3.6% to 7,045 on Thursday. Japan’s Nikkei 225 index also rose 0.7% to 66,569.
Hong Kong’s Hang Seng Index jumped 1.3% to 25,224, while Australia’s S&P/ASX 200 gained 0.6% to 8,879.
China’s Shanghai Composite index was marginally down 0.2% to 3,860. Singapore’s Straits Times slipped 0.6% to 5,560.
US stock futures fell on Thursday as excessive spending on artificial intelligence (AI) infrastructure, as reported by Alphabet Inc. during its earnings announcement, weighed on investor sentiment.
S&P 500 futures were trading lower by 0.2%, Nasdaq 100 futures dropped 0.3%, while futures tied to the Dow were down by just 0.14%.
In the regular session on Wednesday, the S&P 500 inched down 0.14%, the Nasdaq 100 lost 0.57%, while the Dow Jones Industrial Average closed 0.01% lower.
Oil prices hit a six-week high on Thursday as US President Donald Trump threatened to bomb Iranian infrastructure in case of any attacks on ships transiting the Strait of Hormuz. The US crude oil futures for July delivery rose 1.8% to $88.30 per barrel by 0018 ET, while Brent futures for August delivery jumped 2.2% to $96.10 per barrel.
Gold prices were largely stable on Thursday. Spot gold was trading almost unchanged at $4,128.50 per ounce by 0418 GMT, while US gold futures for August delivery dropped 0.5% to $4,131.25 per ounce.
Here’s a look at the key developments of the day:
Alphabet’s AI spending spooks markets
Google parent Alphabet on Wednesday reported better-than-expected revenue for the second quarter, but the stock still declined 3% in extended trading hours after the company raised its forecast for capital expenditure.
Google said it expected capex for the year of $195 billion to $205 billion, up from the $180 billion to $190 billion forecast provided last quarter. This money will be poured into the artificial intelligence infrastructure to keep pace with demand.
Tesla shares slide 4% on missing earnings estimates
Tesla shares slid over 4% in extended trading on Thursday after the company reported a weak set of numbers for the second quarter.
Revenue rose 26% year-on-year to $28.24 billion in the June quarter compared with $22.5 billion, beating estimates. However, net income fell 5% to $1.11 billion from $1.17 billion a year earlier as operating expenses climbed much faster than revenue due to increase in investments in the artificial intelligence and other research and development projects.
US signs nuclear power agreement with Saudi Arabia
The US on Wednesday signed an agreement with Saudi Arabia to develop a civilian nuclear programme in the kingdom.
The US Department of Energy said that the agreement will lay the legal foundation for a decades-long, multibillion-dollar partnership. It will also provide US companies with access to Saudi Arabia’s nuclear energy programme, boosting exports of American technology in the sector.
IBM posts weak earnings, lowers 2026 forecast
IBM delivered weaker-than-expected earnings on Wednesday, while also lowering its 2026 forecast. The company’s revenue grew 1% year-over-year in the quarter to $17.16 billion, while net income decreased to $2.17 billion from $2.19 billion a year ago. Earnings per share stood at $2.30 per share during the quarter.
IBM’s management called for 4% to 5% revenue growth in constant currency terms for 2026. Till April, IBM had been looking for over 5% growth at constant currency.
Intel, AMD sign long-term server CPU deals with Chinese clients
According to a Reuters report, US chip makers Intel and Advanced Micro Devices (AMD) are signing longer-term purchase commitments with Chinese server customers for data-centre processors as prices increase.
The report highlighted that demand has spread beyond AI accelerators to memory, networking gear and server processors, giving suppliers greater leverage to seek long-term purchase deals.
Samsung launches new foldable smartphones with higher prices
Samsung on Wednesday launched its Galaxy Z8 Series at an event in London. The three devices in the series are more expensive than their predecessors due to rising component costs, in particular memory chips.
The Galaxy Z Fold8 Ultra has been priced at $2,099, the Galaxy Z Fold8 at $1,899 and the Galaxy Z Flip8 at $1,199. Markets noted that the Z Fold8 Ultra is $100 more than its equivalent predecessor, the Z Fold7, while the Galaxy Z Flip8 is also $100 more than the Z Flip7.
