Global Market Wrap: Asia Stocks Fall As Oil Hits Multi-Year Highs On Iran Tensions, Gold Sees Mild Gains

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

Asia-Pacific markets mostly slid on Thursday, tracking a muted close on Wall Street, as oil prices surged to wartime highs after reports that the US military is preparing to brief US President Donald Trump on possible action against Iran.

In Australia, the S&P/ASX 200 lost 0.24% to 8,666. Japanese markets declined as trading resumed after a holiday. The Nikkei 225 benchmark index started the session on a weak note, but recovered the majority of its initial losses. The index jumped 1.3% to 59,393. Meanwhile, South Korea’s Kospi declined 1.3% to 6,599, while Hong Kong’s Hang Seng index was down 1.1% at 25,822. Singapore’s Straits Times Index, however, gained 0.8% to 4,897.

Overnight in the US, markets were mixed. The Dow Jones Industrial Average was down 0.57% to end at 48,862, marking its fifth straight day of losses. The S&P 500 edged down 0.04% to 7,136, while the Nasdaq gained 0.04% to close at 24,673.

European stocks were expected to open lower as investors weigh developments in the Iran war, alongside a fresh batch of corporate earnings and upcoming central bank decisions.

Brent crude rose sharply on Thursday to a four-year high, amid concerns of renewed Middle East tensions and tighter supply following the US blockade of Iranian exports. Early during the trading session, Brent crude for June delivery climbed 6.84% to $126 a barrel, while US West Texas Intermediate gained 3.14% to $110.24. Prices were at their highest levels since early 2022, according to LSEG data. During the day, prices eased slightly with Brent crude trading 3.3% higher at $122 a barrel, while WTI crude was 1.2% higher at $108.

Gold edged higher on dip buying, but was still set for a second straight monthly decline. Spot gold rose 1% to $4,589 an ounce, while US gold futures for June delivery was 0.9% higher at $4,600. Spot silver climbed 2.1% to $73 per ounce.

Gold prices in Dubai slipped on Thursday after a volatile April that saw rates hit record highs before easing in the final week. In early trade, 24K gold was priced at Dh547.25 per gram, down from Dh548.25 on Wednesday, while 22K gold fell to Dh506.75 from Dh507.75. The decline leaves 24K gold more than Dh40 below its April 17 peak of Dh588, while 22K is nearly Dh38 lower than its high of Dh544.50.

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

Fed holds rates steady amid rare split among policymakers

The US Federal Reserve kept its key interest rate unchanged, but the decision exposed a rare level of disagreement among policymakers, the highest seen since 1992. Officials remain divided as they try to balance persistent inflation with signs of a cooling labour market. The split highlights growing uncertainty over the direction of monetary policy in the coming months.

The meeting is likely to be the last chaired by Jerome Powell before he steps down in mid-May. But his term as a member of the Board of Governors runs until January 2028. Speaking at a press conference, Powell said he intends to remain on the Board until an ongoing investigation into the Federal Reserve is completed with transparency and finality.

Anthropic eyes $900-billion valuation in fresh funding talks

Anthropic is reportedly in talks with investors to raise fresh funds at a valuation of about $900 billion. If completed, the deal would value the company above OpenAI. OpenAI was last valued at around $852 billion in late March, following a $122-billion funding round. Anthropic was valued at about $380 billion in February. The company said earlier this month that it has reached $30 billion in annualised revenue. Founded five years ago by former OpenAI executives, Anthropic has been competing closely with its rival. It is best known for its Claude family of artificial intelligence models.

Alphabet beats Q1 estimates as cloud growth lifts revenue

Alphabet reported first-quarter results, with revenue beating expectations, driven by strong growth in its cloud business. Revenue grew 20% from a year earlier, marking the company’s fastest quarterly growth since 2022. Google Cloud revenue came in above estimates and crossed the $20 billion mark, growing 63% year-on-year. The company also raised its capital expenditure guidance for 2026 to between $180 billion and $190 billion, up from its earlier forecast of $175 billion to $185 billion. YouTube advertising revenue came in at $9.88 billion.

Microsoft reports strong quarter, flags $190-billion capex as costs rise

Microsoft reported better-than-expected quarterly results, but said capital expenditure for 2026 will rise to about $190 billion, driven by higher memory costs. The company beat Wall Street estimates on both revenue and earnings, with strong growth in its Azure cloud business. Revenue for the quarter ended March 31 rose 18% year-on-year to $82.89 billion, ahead of estimates of $81.39 billion, according to LSEG. Microsoft said it now has more than 20 million paid seats for its Microsoft 365 Copilot AI add-on, with further growth expected. However, its revenue and operating margin guidance came in below Wall Street projections. The higher-than-expected capital spending outlook also stood out.

Amazon sees fastest cloud growth in over three years

Amazon reported first-quarter results that beat Wall Street expectations, supported by strong growth in its cloud business. Revenue came in at $181.52 billion, ahead of estimates of $177.30 billion, according to LSEG. Amazon Web Services posted revenue of $37.59 billion, above estimates of $36.64 billion. Revenue in its cloud computing segment expanded 28% year over year to $37.59 billion, marking its fastest growth in more than three years, and topping analysts’ estimates.

Samsung profit jumps over eightfold on AI-driven chip demand

Samsung Electronics reported a sharp rise in first-quarter profit, beating expectations as demand for AI-related memory chips pushed up prices. Operating profit rose more than eightfold from a year earlier to 57.2 trillion won, ahead of estimates of 55.28 trillion won, according to LSEG SmartEstimate. Revenue came in at 133.9 trillion won, above expectations of 132.69 trillion won. Sales rose about 70% year-on-year to a record level. The surge was driven by strong demand for memory chips used in artificial intelligence, which has tightened supply and lifted prices.

Canada draws fresh interest from global oil firms amid Middle East tensions

Global oil majors are showing renewed interest in Canada’s energy sector as tensions in the Middle East push companies to reassess supply risks. Shell’s $16.4 billion deal to acquire ARC Resources is seen as a clear sign of the shift. Other companies, including TotalEnergies and ConocoPhillips, are also taking a fresh look at Canadian producers, along with Equinor and BP. The renewed focus marks a reversal of a decade-long trend, when several foreign firms reduced or exited their exposure to Canada’s oil and gas sector.

Singapore’s DBS Q1 profit tops forecasts, wealth growth supports outlook

DBS Group reported first-quarter profit above expectations and maintained a steady outlook, supported by growth in its wealth business and deposits. Net profit rose to S$2.93 billion, compared with estimates of S$2.83 billion. Wealth management fees hit a record S$907 million. The bank said its exposure to the Middle East remains limited, though it is monitoring potential second-order effects from the Iran conflict. DBS struck a more positive tone on its outlook, saying stronger wealth inflows and deposit growth could help offset global uncertainties.