Global Market Wrap: Asian Stocks Mixed As Oil Rises Amid Stalled US-Iran Talks, Gold Gains

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

Japan’s Nikkei 225 added 0.2% to 60,209 and hit a record high, while South Korea’s Kospi jumped 2.1% to 6,615, also scaling a new peak. However, Hong Kong Hang Seng index slid 0.2% to 25,925, while Singapore’s Straits Times Index declined 0.5% to 4,895. In Australia, the S&P/ASX 200 was down 0.2% to 8,766.

On Friday in the US, the S&P 500 and Nasdaq Composite closed at record highs. The S&P 500 rose 0.8% to 7,165, while the Nasdaq jumped 1.6% to 24,837. Both also touched new intraday highs. However, the Dow Jones Industrial Average slipped 0.2%, to end at 49,231.

European stocks opened lower at the start of the week, as investors monitor stalled US-Iran talks and await key central bank meetings.

Oil prices rose after plans for a second round of US-Iran peace talks didn’t materialise. International benchmark Brent crude for June delivery was up 3% to $108 a barrel. Similarly, US West Texas Intermediate futures for May delivery rose 2.7% to $96, as concerns over disrupted Middle East supply persisted.

Gold traded flat at $4,711 per ounce. The metal had dropped 2.5% last week, ending a four-week winning streak. US gold futures for June delivery were mostly unchanged (0.03%) at $4,742. Spot silver also surrendered early gains and tradedg flat to $75 per ounce.

Gold prices in the UAE rose slightly on Monday after a decline last week. The 24K variant was trading at Dh569.50 per gram, while 22K, 21K, 18K and 14K gold were priced at Dh527.25, Dh505.50, Dh433.25 and Dh338.00 per gram, respectively.

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

Nvidia hits record high, market cap crosses $5 trillion

Nvidia shares closed at a record high on Friday, April 24, lifting the company’s market value past $5 trillion for the first time since October 2025. The stock rose 4.3% to $208.27. It has gained more than 14 times since the end of 2022, driven by strong demand for artificial intelligence chips. Nvidia’s processors are widely used by companies including Google, Microsoft, Meta and Amazon, as well as AI firms such as OpenAI and Anthropic. The latest rally followed stronger-than-expected results from Intel, which helped lift chip stocks more broadly.

US budget airlines seek $2.5 billion aid amid fuel cost surge

A group of US budget airlines, including Frontier Airlines and Avelo Airlines, has reportedly sought $2.5 billion in government aid in exchange for equity-linked warrants. Airline executives met Transportation Secretary Sean Duffy and Federal Aviation Administration chief Bryan Bedford in Washington. Discussions are expected to continue. The proposed amount is based on estimates of higher jet fuel costs this year, with prices seen averaging above $4 a gallon. Rising fuel costs, linked to geopolitical tensions, have increased pressure on smaller carriers, squeezing margins and raising concerns over their financial stability.

London-based activist Palliser takes stake in SMC, pushes for $3.8 billion buyback

London-based Palliser Capital has taken a significant stake in Japanese factory automation company SMC Corporation and proposed a share buyback of up to 600 billion yen ($3.8 billion). Palliser said SMC is undervalued despite its investments in production capacity and urged the company to improve utilisation and margins. It also said SMC could maintain a dividend payout ratio of at least 40%. The fund did not disclose the size of its holding. SMC said it had received the letter and will report earnings on May 14. Rising investment in artificial intelligence has drawn investor attention to Japanese firms involved in the semiconductor supply chain.

Kia signals price cuts in Europe as Chinese rivals gain ground

Kia Corporation is narrowing price gaps with Chinese rivals in Europe, signalling potential price cuts as competition intensifies in the region. CEO Song Ho-sung said the company has reduced the price difference with Chinese models to 15%-20% this year from 20%-25% earlier, depending on the market. The strategy has supported growth, helping Kia and affiliate Hyundai Motor increase global revenue despite a broader slowdown. Europe has emerged as a key battleground, with Chinese electric vehicle makers such as BYD expanding rapidly. Rising competition has led automakers to offer discounts and launch more affordable models.

South Korea’s SK Hynix jumps 7% to record high, outpaces Samsung

Shares of Nvidia’s chip supplier SK Hynix shares jumped more than 7% to a record high on Monday, supported by renewed optimism around artificial intelligence demand after strong results from Intel. The stock outperformed Samsung Electronics, which rose 2.5%. Samsung shares were also weighed by concerns over a potential strike by unionised workers in South Korea next month.

Organon to be acquired by Indian drugmaker Sun Pharma in $11.75 billion all-cash deal

Sun Pharmaceutical Industries, India’s largest drugmaker, will acquire New Jersey-based Organon & Co. in an all-cash deal valued at $11.75 billion, including debt. Sun Pharma will buy all outstanding shares of Organon at $14 per share. Organon, which was spun off from Merck & Co. in 2021, focuses on women’s health and biosimilars, with a portfolio of more than 70 products sold in over 140 countries. Organon’s main markets include the US, Europe, China, Canada and Brazil, along with six manufacturing facilities across the European Union and emerging markets. The acquisition is expected to take Sun Pharma’s revenue to about $12.4 billion, placing it among the top 25 pharmaceutical companies globally.