Market UpdatesMay 08, 20262 Min

Global Market Wrap: Asia-Pacific Stocks Fall, Oil Rallies And Gold Gains As US-Iran Tensions Flare Again

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

Asia-Pacific markets traded lower on Friday as fresh hostilities between the US and Iran added to concerns over the stability of an already fragile ceasefire. The two countries exchanged fire near the Strait of Hormuz, with both sides accusing the other of triggering the latest escalation.

South Korea’s Kospi was little changed at 7,498, registering a weekly gain of more than 13%, its biggest since 2008. Singapore’s Straits Times Index fell 0.4% to 4,920, while Japan’s Nikkei 225 was down 0.1% to 62,713 after touching a record high a day earlier. Australia’s S&P/ASX 200 dropped 1.5% to 8,744, and Hong Kong’s Hang Seng Index declined 0.8% to 26,397.

On Wall Street, the S&P 500 fell 0.3% to close at 7,337 on Thursday, weighed down by losses in Amazon and chip stocks including Broadcom and Micron Technology. The Nasdaq Composite slipped 0.1% to 25,806 after touching a fresh record high during the session, while the Dow Jones Industrial Average was down by 0.6% to end at 49,601.

Oil prices rebounded on Friday after the US and Iran exchanged fire in the Strait of Hormuz, raising fears of fresh disruptions. International benchmark Brent Crude rose 1.2% to $101 a barrel, while West Texas Intermediate gained 1% to $96 per barrel.

Gold prices rose and were on track for a weekly gain as easing concerns over inflation and interest rates supported sentiment, even as investors remained hopeful about a potential US-Iran peace deal despite renewed tensions. Spot gold rose 0.4% to $4,707 per ounce, while US gold futures for June delivery added 0.5% to $4,734 per ounce. Spot silver climbed 2.7% to $80 per ounce.

In Dubai, gold prices opened higher on Friday. The price of 24K gold rose to Dh567.5 per gram, up Dh2.5 from Thursday’s close. Other variants also moved higher, with 22K gold at Dh525.5 per gram, 21K at Dh504.0, 18K at Dh432.0 and 14K at Dh337.0 per gram.

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

Space analytics firm HawkEye jumps 30% on NYSE debut, valued at $3.15 billion

HawkEye 360 shares jumped about 30% in their debut on the New York Stock Exchange on Thursday, giving the space analytics company a valuation of around $3.15 billion. The stock opened at $33.80, compared with the IPO price of $26 per share. The Virginia-based firm had raised $416 million in its IPO on Wednesday by selling 16 million shares at the top end of its expected range of $24 to $26. The strong listing points to continued investor interest in defence and space technology companies.

OpenAI launches model for cybersecurity teams after Anthropic’s Mythos debut

OpenAI is rolling out GPT-5.5-Cyber, a version of its latest AI model designed for cybersecurity teams, in a limited preview for vetted users. The company said the model is not meant to represent a major leap in cyber capabilities. Instead, GPT-5.5-Cyber has been trained to be more permissive when handling security-related tasks and research. The launch comes about a month after rival Anthropic introduced Claude Mythos Preview, a model that drew attention from investors and government officials amid growing interest in AI tools built for cybersecurity and defence applications.

SK Hynix sees rare funding offers from tech giants amid AI chip shortage

South Korean chipmaker SK Hynix is reportedly receiving unusually aggressive offers from major global tech companies looking to secure supplies of memory chips amid booming AI demand. Customers have proposed investing in dedicated production lines and even helping finance costly chipmaking equipment, including ASML’s advanced EUV machines. The proposals highlight growing concerns over tight memory chip availability as demand continues to surge for AI-related infrastructure. SK Hynix, however, is reportedly cautious about such deals, fearing long-term commitments could limit pricing flexibility and tie it to specific buyers.

Nvidia to invest up to $2.1 billion in IREN for AI infrastructure push

Nvidia will invest up to $2.1 billion in data centre operator IREN under a broader agreement aimed at building up to 5 gigawatts of AI infrastructure. As part of the deal, IREN has granted Nvidia a five-year right to buy up to 30 million shares at an exercise price of $70 each. The companies said the partnership will combine Nvidia’s AI factory architecture with IREN’s infrastructure operations to speed up large-scale AI data centre deployment. Future expansion is expected to centre on IREN’s 2-gigawatt Sweetwater campus in Texas.

Shell raises dividend by 5% after $6.9-billion quarterly profit beat

Shell reported first-quarter profit of $6.9 billion, its highest in two years and above analyst estimates, helped by gains linked to the Middle East conflict. The energy major also raised its dividend by 5%, but reduced its quarterly share buyback programme to $3 billion from $3.5 billion to conserve cash after war-related supply disruptions and increased debt levels.

Biotech company Odyssey Therapeutics raises $279 million in US IPO

Biopharmaceutical company Odyssey Therapeutics has raised $279 million in its upsized US IPO. The Boston-based company sold 15.5 million shares at $18 each, the top end of its marketed range of $16 to $18 per share. Odyssey Therapeutics develops treatments for autoimmune and inflammatory diseases. Its lead drug candidate, OD-001, is currently in a mid-stage trial for ulcerative colitis. Founded in 2021, the company has raised about $726.5 million from more than 30 investors.

Singapore’s OCBC beats Q1 profit estimates

Singapore’s OCBC reported first-quarter profit above market estimates, while setting aside larger precautionary buffers due to risks linked to the Middle East conflict and energy market disruptions. Net profit for the quarter came in at S$1.97 billion, above analysts’ estimate of S$1.89 billion. OCBC, Singapore’s second-largest bank, increased allowances for non-impaired assets to S$191 million, compared with S$118 million a year earlier. The bank had recorded a S$36 million write-back in the previous quarter. The lender was the only one among Singapore’s three major listed banks to flag additional provisioning tied to the Middle East war.

Australia’s Macquarie shares hit record high after profit jumps 30%

Australian investment bank Macquarie reported its highest annual profit in three years on Friday, beating market expectations as volatility in global markets boosted activity in its commodities business. Net profit after tax rose 30% to A$4.85 billion, above a Visible Alpha consensus estimate of A$4.39 billion. Macquarie’s Commodities and Global Markets was the biggest profit contributor. Earnings jumped nearly 50% to A$4.22 billion. The gains came as the Middle East conflict drove oil prices above $100 a barrel and increased client hedging activity. The bank declared a final dividend of A$4.20 per share, up from A$3.90 last year. Macquarie shares rose about 3% in early trading to a record high of A$249.49.

Hong Kong exchange plans gold futures relaunch amid global bullion volatility

Hong Kong Exchanges and Clearing is planning to relaunch gold futures as the city pushes to strengthen its position as an international gold trading and storage hub amid heightened volatility in bullion prices. The exchange had previously launched gold futures in 2017, after an earlier version introduced in 2008 was suspended in 2015. Both products struggled due to weak liquidity and competition from larger global markets.