Market UpdatesApr 16, 20262 Min

Global Market Wrap: Asian Stocks Mixed Even As S&P 500, Nasdaq Hit fresh all-time high , Oil Steady

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

Asian markets were mixed on Thursday amid rising hopes of a US-Iran deal to end the war. On Wednesday, US President Donald Trump said the Iran war was “very close to being over,” adding that Tehran was keen to reach a deal.

South Korea’s Kospi rose 1.9% to 6,208, while Japan’s Nikkei 225 rose 2.4% to 59,578. Australia’s S&P/ASX 200 also declined 0.3% to 8,946. Hong Kong’s Hang Seng index gained 1.6% to 26,386, while Singapore’s Straits Times Index traded flat 0.1% to 5,011.

Overnight on Wall Street, the S&P 500 and Nasdaq hit fresh record highs as easing tensions and hopes of a resolution in the Iran conflict boosted investor sentiment. Additionally, the U.S. SEC scrapped the $25,000 Pattern Day Trader rule, removing a key barrier for retail participation and shifting to a real-time, risk-based margin system.

The S&P 500 rose 0.8% to close at 7,022, while the Nasdaq Composite gained 1.5% to extend its winning streak to 11 consecutive sessions, ending at 24,016. In contrast, the Dow Jones Industrial Average slipped 0.1% to settle at 48,463.

European stocks are expected to open mixed as investors weigh uncertain signals around the direction of the Iran war and ongoing peace talks.

Oil prices were mixed on Thursday as scepticism persisted over whether US-Iran peace talks will result in a deal to end the war, which has disrupted supply from the Middle East producing region. West Texas Intermediate (WTI) crude for May delivery gained 0.3% to $91.47 per barrel, while International benchmark Brent for June delivery declined 0.2% to $94.69 per barrel.

Gold prices rose on Thursday, supported by a weaker dollar and lower US Treasury yields, as growing optimism over an end to the Middle East war eased concerns about inflation. Spot gold gained 0.64% to $4,820 per ounce, while US gold futures for June delivery rose 0.4% to $4,847. Spot silver also gained 1.7% to $80.84 per ounce.

In Dubai, gold prices rebounded on Thursday morning after a dip on Wednesday, as renewed caution over the ongoing US-Israel-Iran war pushed investors back towards safe-haven assets. While the price 24K gold rose to Dh582.50 per gram, up Dh4.50 from Wednesday’s Dh578.00, 22K climbed to Dh539.25, gaining Dh4.00 from Dh535.25 a day earlier.

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

SpaceX plans site visits for large investors ahead of mega IPO

SpaceX is preparing to host potential anchor investors on visits to its marquee facilities across the US, as Elon Musk’s company moves ahead with plans for a record-breaking initial public offering. The rocket, satellite and artificial intelligence firm is expected to showcase facilities in California and Texas to investors who could take large stakes in the IPO, such as sovereign wealth funds. A charter flight from New York is being planned for the visits, which may also include a stop in Mississippi, where xAI is building a large data centre campus. SpaceX has filed confidentially for an IPO and is aiming to raise up to $75 billion at a valuation exceeding $2 trillion, which would be the largest IPO of all time.

Elon Musk’s team approaches chipmakers for Terafab AI project

Elon Musk’s team has approached major chip equipment makers, including Applied Materials, Tokyo Electron and Lam Research, to support the Terafab AI chip project backed by SpaceX and Tesla. Staff working on the project have sought price quotes and delivery timelines for a range of chipmaking equipment, including photomasks, substrates, etching and deposition tools, cleaning systems and testing gear, according to people familiar with the matter. The outreach points to early-stage planning for a large-scale semiconductor manufacturing effort tied to Musk’s artificial intelligence ambitions.

Daikin shares jump 14% as Elliott takes stake and pushes for reforms

Activist investor Elliott Investment Management has taken a stake in Daikin Industries and is pushing the company to improve margins, boost shareholder returns and review non-core assets. The US investment firm did not disclose the size of its holding, but Japanese financial newspaper Nikkei reported it has acquired about a 3% stake. Elliott said it plans to work with Daikin as it prepares its next medium-term management plan. Daikin has the capacity to allocate around one trillion yen ($6.3 billion) towards share buybacks over the medium term. Its shares rose as much as 13.9% on Thursday following news of Elliott’s involvement.

Cadence, Nvidia partner to advance AI for robotics

Cadence Design Systems and Nvidia are working together to develop artificial intelligence tools for robotics. Cadence is integrating its physics engines, which simulate how materials behave in the real world, with Nvidia’s AI models used to train robots in virtual environments. This aims to address the limited availability of real-world training data by generating it through simulations. The companies said the collaboration is focused on reducing the time required for robots to perform practical tasks.

EV battery giant CATL reports strong quarter, shares surge

Shares of Contemporary Amperex Technology (CATL) rose to a record high on Thursday after the electric vehicle (EV) battery maker reported strong first-quarter results. Revenue increased 52.5% year-on-year to 129.1 billion yuan ($18.93 billion), while net profit attributable to shareholders rose 48.5% to 20.7 billion yuan. The company’s Hong Kong-listed shares climbed more than 10% to a record HK$724.50. The world’s largest EV battery supplier, which counts Tesla among its customers, said growth was driven by expansion in its core business and steady global demand for electrification.

Arxis raises $1.13 billion in US IPO

Aerospace parts maker Arxis has raised $1.13 billion in its US initial public offering after pricing shares at $28 each, the top of its indicated range. The Bloomfield, Connecticut-based company sold 40.5 million shares in an upsized offering, above the previously marketed range of $25 to $28 per share. The listing comes as aerospace suppliers turn to equity markets to fund expansion and meet growing demand from commercial aviation and defence customers. Arxis manufactures electronic and mechanical components, including seals, gaskets and metallised fabrics, for aerospace, medical technology and specialised industrial applications.

TSMC profit jumps 58% on strong AI chip demand, beats estimates

Taiwan Semiconductor Manufacturing Company (TSMC) reported a 58% jump in first-quarter profit, beating market expectations and reaching a record high. Benefiting from rising demand for advanced chips used in artificial intelligence applications, TSMC’s net profit for January-March rose to T$572.5 billion ($18.2 billion). It marked the company’s eighth consecutive quarter of double-digit growth. The chipmaker, a major supplier to Nvidia and Apple, said demand for advanced AI chips continues to exceed its production capacity, particularly for its 3-nanometre and advanced packaging technologies.