Asian stocks take a hit as US-Iran tensions deepen; Brent crude back above $91 per barrel

We are back with quick updates on global developments around stock markets, commodities and companies that you shouldn’t miss today.

Asian stock markets declined on Tuesday as the US-Iran tensions flared up after the ceasefire expired on Monday.

South Korea’s Kospi index traded 0.9% lower on Tuesday at 6,912. Japan’s Nikkei index tumbled 2% to 67,788.

China’s Shanghai Composite index lost 0.4% to 3,967, while Hong Kong’s Hang Seng Index dropped 0.65% to 25,287.

Singapore’s Straits Times dropped 1.2% to 5,699 on Tuesday, while Australia’s S&P/ASX 200 was trading flat at 9,077.

US stock futures were trading lower on Tuesday after the markets started on a weak note on Monday. S&P 500 futures shed 0.36%, Nasdaq 100 futures dropped 0.6%, while futures tied to the Dow were down around 0.15%.

On Monday, the S&P 500 index and the Dow Jones Industrial Average slipped 0.5% each, while the Nasdaq Composite closed 0.3% lower.

Oil prices climbed on Tuesday after US President Donald Trump threatened Oman with military strikes and communicated that he was in no rush to end the Iran war.

The US crude oil futures for September delivery were down marginally by 0.8% to $84.40 per barrel by 0109 EDT, while Brent futures for October delivery were up 0.7% to $91.47 per barrel.

Gold prices dropped on Tuesday on renewed inflation fears after a jump in oil prices. Spot gold declined 0.57% to $4,391.50 per ounce by 0509 GMT, while US gold futures for December delivery slipped 0.6% to $4,447 per ounce.

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

Nvidia backing $105 billion in financing for OpenAI data center in Ohio

A securities filing has revealed that Nvidia will provide up to $105 billion in financing for a new artificial intelligence (AI) data center for OpenAI in Ohio.

The credit will support an initial 4.25 gigawatts of computing capacity with the option for an additional 3.75 gigawatts. The capacity is expected to come online in phases in 2028.

SoftBank’s subsidiary SB Energy will build and manage the datacenter at the PORTS-Pike Technology Campus in Pike County, Ohio, through a 20-year lease to OpenAI.

Anthropic’s annualised revenue tops $65 billion ahead of IPO

According to a report, Claude creator Anthropic is on track to generate annualized revenue of more than $65 billion based on its current performance, which is sevenfold higher from its pace at the end of last year.

The company’s run rate had hit $65 billion by the end of July, the report said, adding that Anthropic shared the figures as part of a regular update with investors.

BHP’s profit tops estimates on record copper prices

World’s biggest listed mining company BHP Group on Tuesday reported full-year earnings that beat estimates and declared its highest annual dividend in four years on the back of record copper prices.

Australia-based BHP reported a 30% rise in full-year underlying attributable profit of $13.20 billion for the year ended June. It announced a final dividend of 99 cents per share, bringing the full-year distribution to $1.72 apiece. Shares rallied as much as 4.2% to a two-month high of A$64.79.

CSL’s annual profit falls 2%; company announces $780 million buyback

Australian biopharmaceutical giant CSL Ltd on Tuesday posted a 2% drop in its annual underlying profit as revenue at its core plasma unit slipped. The company’s profit also took a hit of steep restructuring costs during the year.

However, in a positive news, CSL announced that it will buy back A$1.1 billion ($780 million) shares in fiscal 2027. Shares opened up 13% higher after the announcement.

L3Harris ousts CEO Christopher Kubasik over conduct breach

Australia-based defence contractor L3Harris Technologies on Monday said that Chairman and CEO Christopher Kubasik had left the company after a board investigation found he had engaged in conduct inconsistent with the company’s code of conduct. The company named executive Sam Mehta as chief executive, effective immediately.

L3Harris said Kubasik’s exit was unrelated to its financial reporting, internal controls, customer relationships or operational performance, and stemmed from ⁠conduct inconsistent with the company’s values, as outlined in its code of conduct.

Shein cuts company valuation to around $25 billion in Hong Kong IPO

Online fast-fashion retailer Shein is eyeing ‌a company valuation of just a quarter of the nearly $100 billion number seen in a share sale four years ago in its upcoming Hong Kong initial public offering (IPO).

According to a report, Shein’s value was likely to be around $25 billion in the IPO due to slowing growth. That’s even down from the $30 billion to $40 billion range Shein was reportedly ⁠aiming for at the start of this month, soon after it began investor meetings on the issue.

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