Market UpdatesMay 28, 20265 Min

Global Market Wrap: Asia-Pacific Stocks Closed Lower While Wall Street Was Flat Amid Rising Oil Prices

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

South Korea’s Kospi was down by 0.5% at 8,185, while Japan’s Nikkei 225 closed lower (-0.4%) at 65,693. Australia’s S&P/ASX 200 declined 1.4% to 8,593. Hong Kong’s Hang Seng index declined 1.2% to 25,006 and Singapore’s Straits Times Index was 0.7% lower at 4,989.

On Wall Street, during Wednesday’s session, the S&P 500 closed flat (+0.02%) at 7,520, another record close. The Dow Jones Industrial Average gained 0.36% to close at a record 50,644. The Nasdaq Composite edged up 0.07% to end at 26,674.

Oil futures rose, with Brent crude gaining 1.7% to $96 per barrel and West Texas Intermediate also rising 1.6% to $90 per barrel.

Gold prices dropped on Thursday. Spot gold was down 1.4% at $4,392 per ounce, and US gold futures for June delivery slipped 1% to $4,392. Spot silver also declined, falling 1.8% to $73 per ounce.

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

Meta To Test Paid AI Subscription Plans Starting Next Month

Meta will begin testing two paid subscription plans for its AI services. The offerings include Meta One Plus at $7.99 per month and Meta One Premium at $19.99 per month. The company said the test will start next month in Singapore, Guatemala and Bolivia.

Pentagon Awards Microsoft $9.7-Billion Deal

The Pentagon announced a five-year, $9.69 billion deal aimed at consolidating enterprise software licenses across the US military, intelligence agencies and the Coast Guard. The deal brings Microsoft and other software services under a single contract structure to reduce fragmented procurement and cut costs tied to overlapping licenses.

JPMorgan Could Spend Up to $20 Billion on Deal, Says Jamie Dimon

JPMorgan Chase CEO Jamie Dimon said the bank could spend up to $20 billion on an acquisition over the next couple of years. Dimon added that any potential target would need to integrate smoothly into JPMorgan’s operations, align with its culture and strengthen its core businesses.

Canada’s Ksi Lisims LNG in Talks With European Utilities for Supply Deals

Ksi Lisims LNG, a proposed gas export facility in Canada, is in discussions with many European utilities interested in purchasing liquefied natural gas. Interest from European buyers has picked up as countries look to diversify energy supplies amid geopolitical tensions linked to the conflicts in Ukraine and the Middle East.

Hong Kong Overtakes Switzerland as Top Global Wealth Booking Hub

Hong Kong has overtaken Switzerland as the leading global booking centre for cross-border wealth for the first time. The shift is being driven by faster growth in Asian financial hubs, with Hong Kong benefiting from increased Chinese assets and a recovery in initial public offerings.

Uber Raises Stake In Delivery Hero To Nearly 25%

Uber has increased its stake in Germany’s Delivery Hero to 24.99%, up from 19.5%, according to a regulatory filing. A separate filing showed that Delivery Hero shareholder Aspex has reduced its holding to 7.56%, down from 14.55%.

London Reclaims Top Spot As Europe’s Leading Tech Hub

London has reclaimed its position as Europe’s leading technology hub, overtaking Paris. The shift was reportedly driven by rising investment in artificial intelligence and deep-tech innovation. London-based tech firms raised $17.7 billion last year.