Global market wrap: Asian markets jump on strong gains in tech stocks; LG Electronics up 8%

We are back with quick updates on global developments around stock markets, commodities and companies that are creating buzz today.

Asian stocks mostly jumped on Monday, led by gains in tech stocks, as investors hoped that a new model from OpenAI could drive stronger demand for memory chips.

South Korea’s Kospi index climbed 3.7% to 6,935 on Monday, while Japan’s Nikkei index jumped 1.9% to 66,231.

China’s Shanghai Composite index slipped marginally by 0.2% to 3,921. Hong Kong’s Hang Seng Index also lost 1% to 25,403.

Australia’s S&P/ASX 200 was trading almost unchanged at 9,007 on Monday, while Singapore’s Straits Times inched down 0.1% to 5,796.

The US stock markets will be closed on Monday in observance of Labour Day. On Friday, the S&P 500 had fallen 0.4%, the Nasdaq Composite had closed down 0.3%, while the Dow Jones Industrial Average had dropped 0.5%.

Oil prices extended gains on Monday after rallying sharply last week amid renewed tensions around the Strait of Hormuz. Iran said it had targeted three oil tankers in the area, along with several ships linked to the US, in retaliation for American attacks on vessels over the weekend.

The US crude oil futures for October delivery rose 1.1% to $92.47 per barrel on Monday by 0012 EDT, while Brent futures for December delivery gained 1.1% to $97.35 per barrel.

Gold prices fell on Monday as strong US payrolls data raised expectations for a Federal Reserve rate hike in the upcoming policy meeting. US gold futures for ​December delivery lost 0.8% to $4,442 per ounce, while spot gold dropped 0.77% to $4,396 per ounce by 0419 GMT.

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

Nvidia CEO says ‘AGI has arrived’ after OpenAI launches its latest model Astra

Nvidia CEO Jensen Huang said artificial general intelligence (AGI) has arrived, pointing to the launch of OpenAI’s latest model GPT-6 Astra.

“AGI has arrived,” Huang said in a post on X on Sunday. Huang said Astra was trained using more than 100,000 Nvidia Grace Blackwell NVLink72 systems, underscoring the vast computing resources required to develop frontier AI models.

Foxconn optimistic about Q3 performance on strong AI demand

Taiwanese contract electronics ‌maker Foxconn said over the weekend that its third-quarter performance is expected to beat market expectations ​given strong AI-related demand.

“In the third quarter, as ​AI demand continues to grow, and ICT (information and communication technology) products also enter ​the peak season of the second half of the year, operations are expected to gradually gain momentum,” the company said in a statement.

Foxconn last month reported a 35% rise in second-quarter profit ⁠that beat analyst forecasts. The company also informed that its revenue last ​month rose 52% from a year ago ​to $29.15 billion, the highest amount ever for August.

Anthropic IPO launch may shift towards mid-October

According to a report, Anthropic is expected to begin marketing its initial public offering (IPO) in mid-October at ​the earliest and complete the listing days before the US midterm elections in November.

The Claude creator had been expected to make its IPO prospectus public as early as next week, the report said. As part of the IPO process, Anthropic is also looking to ​finalize a $15 billion revolving credit facility, after which analysts are ⁠expected to meet with the company, it added.

LG Electronics jumps 8% on subsidiary Bear Robotics reported pre-IPO, humanoid robot push

Shares of LG Electronics jumped more than 8% on Monday after media reports said that the company’s subsidiary Bear Robotics was eyeing up to $300 million in pre-IPO funding.

LG Electronics reportedly holds a 56.9% stake in U.S.-based Bear Robotics. Reportedly, the startup is sounding out private equity firms for pre-IPO funding as it prepares for a potential Nasdaq listing.

Bear Robotics has already tapped Bank of America to lead the pre-IPO funding round, the reports added.

Ingenia shares climb 19% after rejecting takeover proposal by Warburg Pincus

Australia’s Ingenia Communities Group has rejected an unsolicited takeover proposal from private equity firm Warburg Pincus valuing the company at about A$1.9 billion ($1.4 billion). Ingenia said that the offer substantially undervalued the property group.

Warburg Pincus and its affiliates had proposed acquiring all of Ingenia’s issued securities for A$4.75 each in cash through a scheme of arrangement, Ingenia informed on Monday.

Sydney-listed Ingenia shares shot up around 19% on Monday after the announcement.

Australian builder Bathla Group secures stopgap funding

Australian builder Bathla Group on Monday secured stopgap funding to stay afloat for a couple of weeks. The company’s representative agreed to the emergency funding with five lenders, it said in a statement on Monday, without specifying the amount or identifying the creditors.

According to a report, the financing is about A$4 million. The insolvent builder is rushing to make headway in repaying creditors owed A$3.4 billion ($2.5 billion).