Market UpdatesMay 26, 20262 Min

Global Market Wrap: South Korea’s Kospi Hits Record High; Other Asia-Pacific Markets, Oil And Gold Trade Mixed

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

On Tuesday, South Korea’s Kospi hit a fresh record high after trading resumed following a public holiday, rising 3.3% to 8,105. Japan’s Nikkei 225 slipped 0.2% to 64,996, while Singapore’s Straits Times Index was down 0.5% to 5,041. Australia’s S&P/ASX 200 slipped 0.4% to 8,657. Meanwhile, Hong Kong’s Hang Seng gained 0.10% to 25,630.

The US stock markets remained closed on Monday for the Memorial Day holiday.

Oil prices traded mixed as investors monitored signs of progress in the US-Iran talks that could lead to the reopening of the Strait of Hormuz. While Brent crude futures gained 2%, to $98 a barrel, US West Texas Intermediate was down 4.3% to $92.

Gold prices too were mixed, with spot gold slipping 0.9% to $4,527 per ounce, while US gold futures for June delivery gained 0.2% to $4,534. Spot silver dropped 2% to $76 per ounce.

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

Delivery Hero Confirms Takeover Offer From Uber

Shares of Delivery Hero rose more than 10% on May 25 after a report suggested that Uber was considering an improved takeover bid for the German food delivery company. Delivery Hero said that it had received an offer from Uber worth €33 ($38.29) per share, valuing the company at more than €10 billion. The company added that it remains focused on its strategic review process and will provide updates when appropriate.

Ferrari’s First EV To Cost €550,000, Deliveries Start In Q4

Ferrari launched its first fully electric car, marking a major shift for the luxury sports car maker as rivals such as Porsche and Lamborghini slow their EV plans due to weak demand. The new four-door EV, called Luce, was developed with former Apple design chief Jony Ive and his design collective LoveFrom. It is also Ferrari’s first five-seater. The EV will cost €550,000 ($640,000), have a top speed of over 310 km/h and a driving range of more than 500 km. Deliveries are expected to begin in the fourth quarter.

BOJ To Weigh Middle East Risks While Deciding Rate Hikes

Bank of Japan Deputy Governor Ryozo Himino said that the central bank will consider the timing and pace of interest rate hikes while monitoring the impact of the Middle East conflict on the economy and inflation. He said the conflict could significantly affect the BOJ’s economic and price forecasts.

Australia’s ASX Flags Higher Spending In 2027

Australian stock ‌exchange operator ASX expects higher spending in 2027 as it invests in technology upgrades and new products. The company said total expenses could rise by up to 21% in 2027 from a year earlier. It also raised its 2027 capital expenditure forecast to A$180 million-A$200 million from A$160 million-A$180 million. ASX expects 2028 capital expenditure to be between A$170 million and A$190 million.

Singapore Core Inflation At 1.4% On Year In April

Singapore’s core inflation rose 1.4% in April from a year earlier, below economists’ expectations. The core inflation rate, which excludes private transport and accommodation costs, was lower than the Reuters poll estimates of 1.7%. Headline inflation rose 1.8% year-on-year in April, also below expectations of 2.0%.