Global market wrap: Asian stocks trade mixed as US imposes sanctions on Iran; Nvidia in focus ahead of results

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

Asian stocks were trading mixed on Tuesday amid weak global cues after the US rolled out global sanctions focused on Iran. The tech space was also in focus as investors awaited chip giant Nvidia’s earnings announcement due later in the day.

South Korea’s Kospi index slipped 0.6% on Tuesday to 6,657. China’s Shanghai Composite index inched down 0.1% to 3,876, while Hong Kong’s Hang Seng Index dropped 0.2% to 25,453.

However, Japan’s Nikkei index traded higher by 0.5% to 65,862 on Tuesday. Singapore’s Straits Times was also trading marginally higher by 0.25% to 5,701, while Australia’s S&P/ASX 200 rose 0.6% to 9,161.

US stock futures opened flat on Tuesday after key indices closed in the red in the previous session. S&P 500 futures inched up 0.09%, futures tied to the Dow were trading lower by 0.03%, while Nasdaq 100 futures rose 0.3%.

On Monday, the S&P 500 lost 0.28%, while the Nasdaq Composite shed 0.76%. However, the Dow Jones Industrial Average gained 0.26%.

Oil prices were steady on Tuesday after US Treasury Secretary Scott Bessent launched a campaign to isolate Iran from the global economy, warning that any country conducting business with Iran risks facing US sanctions.

The US crude oil futures for October delivery rose 0.15% to $85.14 per barrel by 0107 EDT, while Brent futures for November delivery were almost unchanged at $90.53 per barrel.

Gold prices on Tuesday were trading almost flat near their 3-month high levels on the back of a weaker US dollar and steady Treasury yields.

US gold futures for ​December delivery were trading lower by 0.1% to $4,690 per ounce, while spot gold slipped 0.3% to $4,636 per ounce by 0507 GMT.

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

Donald Trump bought shares in Elon Musk’s SpaceX in June

US President Donald Trump invested as much as $50,000 in Elon Musk’s SpaceX in June, ​according to a public financial disclosure.

Trump bought between $15,001 and $50,000 in shares on June 23, according to a financial disclosure signed by him on August 12 and made public on August 22. The ​purchase was part of more than 1,000 stock trades the president made in June.

White House spokesman Davis Ingle said that ​third-party financial institutions independently manage the president’s portfolio and replicate “recognized indexes”.

Bitcoin surges past $80,000 on renewed inflows

Bitcoin surged past the $80,000 mark on Tuesday on renewed inflows into spot bitcoin exchange-traded funds (ETFs) and improving risk appetite. The cryptocurrency on Tuesday was trading higher by over 2% to $80,501.

The Bitcoin rally began last week when it surged more than 20% in three days, its biggest three-day gain since 2023.

AI cloud provider Lambda in talks for $3 billion pre-IPO round

According to a report, AI cloud-computing provider Lambda Inc. is in talks to raise as much as $3 billion in a round that could see it go public next year.

The company, which is backed by Nvidia Corp. and is part of a group of “neoclouds” that rent access to chips and other AI infrastructure, has discussed raising the money at a valuation of as much as $12 billion or more, the report mentioned. The fundraising talks are ongoing and deal terms haven’t been finalized.

SK Hynix union rejects preliminary wage hike deal

After two months of negotiations, South Korea-based SK Hynix Inc.’s union rejected an agreement that would have raised salaries and paid out a portion of bonuses in company shares, according to a news report.

Union members voted down a tentative collective bargaining agreement between union leaders and management, with 50.08% voting against the deal, the report said. The union is expected to resume negotiations with management and focus on the performance-based incentive payment scheme, which was a key sticking point, it added.

Singapore’s core inflation rises to 2% in July

Singapore’s core inflation rose in July due to a sharp surge in utility prices alongside rising service fees and food prices.

The Singapore Department of Statistics on Monday said that core inflation came in at 2% in July, up from 1.6% in June. This was the fastest pace since October 2024, but below the median estimate of 2.2% in a Bloomberg survey.

Xpeng shares sink over 9% in Hong Kong on weak sales forecast

Shares of Chinese electric vehicle maker Xpeng slid more than 9% in Hong Kong on Tuesday after the company issued weaker-than-expected forecast for third-quarter deliveries, despite its robotics business unit securing a valuation of over $6.3 billion in a funding round.

Notably, US-listed shares of the company also tumbled 8.5% on Monday after the company reported a higher net loss of 1.34 billion yuan in the second quarter, even as revenue rose 8% compared with a year ago. The company forecast deliveries of between 115,000 and 121,000 vehicles in the third quarter.