Market UpdatesAug 03, 20262 Min

Global market wrap: Oil tumbles on easing Iran tensions; Berkshire hits record high as dealmaking picks up

We are back with quick updates on global developments around stock markets, commodities and companies that are creating buzz today.

Asian markets traded cautiously on Monday as investors assessed easing geopolitical tensions in the Middle East after US President Donald Trump held off on fresh strikes against Iran.

Japan’s Nikkei 225 was down 1.2% to 63,602 on Monday. South Korea’s benchmark Kospi was trading lower at 5.5 % to 6,235.

China’s Shanghai Composite index dropped 0.7% to 3,807, while Hong Kong’s Hang Seng Index dropped 0.2% to 25,925.

Australia’s S&P/ASX 200 was trading lower by 0.7% to 8,726 on Thursday. Singapore’s Straits Times, however, gained 0.8% to 5,411.

US stock futures moved higher in overnight trade. S&P 500 futures inched up 0.6% to 7,563, Nasdaq was up 1% to 25,373, and Dow rose 0.5% to 52,992.

Oil prices slumped sharply on Monday after Trump delayed military action against Iran, raising hopes for a diplomatic resolution and reducing concerns over supply disruptions through the Strait of Hormuz. West Texas Intermediate was down 6% to $79.66 per barrel. Brent crude futures slid 5.16% to $83.39 a barrel.

Meanwhile, Gold prices rose in tandem with the oil slide. Spot gold was up 0.7% at $4,067.06 per ounce, while US gold futures rose 0.9% to $4,065.60.

Here's a look at the key developments of the day:

Berkshire Hathaway shares hit eight-month high

Shares of Warren Buffett-led Berkshire Hathaway climbed to their highest level in eight months on Friday, outperforming the broader market. Investors continued to back the conglomerate ahead of its quarterly earnings, with optimism surrounding its large cash reserves and defensive business portfolio.

AstraZeneca, Bristol Myers reportedly explore $400 billion deal

AstraZeneca and Bristol Myers Squibb are reportedly exploring a potential combination that could create one of the world's largest pharmaceutical companies, with the transaction estimated at around $400 billion. While discussions are said to be at an early stage, the report sparked strong interest across the healthcare sector.

Japan pledges coordination with US on weak yen

Japan reiterated that it will continue coordinating closely with the United States over currency markets after authorities intervened to support the yen. Officials stressed that excessive currency volatility is undesirable and reaffirmed their commitment to maintaining orderly market movements.

Australia's Steadfast jumps on reaffirmed takeover offer

Shares of Australian insurance broker Steadfast Group rose after a consortium reaffirmed its A$5.4 billion takeover proposal. The renewed offer revived investor optimism that the acquisition could move forward despite earlier uncertainty.

Prysmian in talks to acquire Atkore

Italian cable maker Prysmian is reportedly in advanced discussions to acquire US-based electrical products company Atkore. If completed, the deal would strengthen Prysmian's presence in the North American market and expand its portfolio of electrical infrastructure products.