Global Market Wrap: Asia Stocks Extend Losing Streak, Nvidia Earnings In Focus

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

Asia-Pacific stocks slipped for a fourth straight session on Wednesday amid geopolitical tensions. Investors are now focused on Nvidia earnings for clues on whether strong AI demand can help support markets amid higher borrowing costs.

Japan’s Nikkei 225 slid 1.2% to 59,804, while South Korea’s Kospi dropped 0.8% to 7,208. Hong Kong’s Hang Seng Index slipped 0.6% to 25,631, and Singapore’s Straits Times Index declined 0.8% to 5,030. In Australia, S&P/ASX 200 lost 1.2% to 8,496.

Wall Street ended lower on Tuesday, led by losses in the Nasdaq Composite, which fell 0.84% to end at 25,870.71. The S&P 500 declined 0.67% to 7,353.61, while the Dow Jones Industrial Average lost 0.65% to close at 49,363.88.

Oil prices eased, with Brent crude futures falling by around 1% to $110 a barrel, while US West Texas Intermediate crude slipped 1.05% to $103.

Gold prices edged lower, with spot gold down 0.4% at $4,465 per ounce, while US gold futures for June delivery fell 0.9% to $4,472. Spot silver, meanwhile, rose 1.1% to $74 per ounce.

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

SpaceX Picks Goldman Sachs To Lead IPO Filing: Report

SpaceX has reportedly chosen Goldman Sachs for the lead-left position on its IPO prospectus. Morgan Stanley is expected to serve alongside the offering, followed by Bank of America, Citigroup and JPMorgan Chase. The company could publicly file its prospectus as early as May 20.

Google Debuts Gemini 3.5 Flash As AI Competition Heats Up

Google unveiled Gemini 3.5 Flash, a lighter and faster addition to its AI model lineup to deliver advanced capabilities with more efficiency. The company also introduced a new world model called Omni as it pushes deeper into next-generation AI development. Google is accelerating its AI rollout efforts as competition intensifies with OpenAI and Anthropic.

Nvidia Options Signal $355-Billion Market Value Swing Ahead Of Earnings

Options traders are pricing in a $355-billion move in NVIDIA’s market value ahead of its earnings report on May 20, signalling continued bullishness around the AI chip giant. The options market implies the stock could swing about 6.5% after results, as investors watch for updates on AI demand, margins and guidance.

Singapore Signs AI Deals With Google, OpenAI

Singapore has signed AI partnerships with Google and OpenAI as it looks to strengthen its position as a global AI hub. OpenAI will invest more than 300 million Singapore dollars ($234 million) to support the country’s AI ecosystem. Google said its partnership will focus on workforce development, enterprise innovation, solving societal challenges and building a secure AI ecosystem.

Hong Kong IPO Boom Draws Global Firms From Asia

Around 10 companies from countries including Indonesia, South Korea and Singapore have filed for listings in Hong Kong this year, with more firms exploring IPO plans, as strong market momentum attracts global companies. Listings by 10 international companies would mark Hong Kong’s strongest year for foreign IPOs since at least 2020. The overseas firms span sectors including technology, consumer and financial services.

Stellantis, Dongfeng Near EV Joint Venture Deal: Report

Stellantis is reportedly set to announce a joint venture with Chinese carmaker Dongfeng to build at least one fully electric Voyah brand vehicle at its Rennes factory in France. Stellantis is expected to hold a 51% stake in the venture, with an announcement possible as early as May 20.

Britain Receives Japanese Antiviral Amid Hantavirus Outbreak

Britain has received supplies of the antiviral drug Favipiravir from Japan as part of its response to a deadly hantavirus outbreak linked to the Hondius cruise liner. The World Health Organization said the outbreak involves the Andes virus and there are no signs of increased transmissibility or pandemic risk.