Global market wrap: Asian stocks rise as Fed approves first rate hike fears in over 30 years; Boeing drops 6%

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

Asian stocks mostly edged higher on Thursday after the US Federal Reserve approved the first interest-rate hike in more than three years, in line with expectations. A drop in oil prices also provided some cushion to investors.

South Korea’s Kospi index rose 0.8% to 6,774 on Thursday, while Japan’s Nikkei index inched up 0.3% to 64,101.

Australia’s S&P/ASX 200 was trading up 0.4% at 8,728, while Singapore’s Straits Times gained 0.3% to 5,653.

However, China’s Shanghai Composite index fell 0.4% to 3,877, while Hong Kong’s Hang Seng Index lost 0.8% to 24,533.

US stock futures bounced back on Thursday after the sell-off on Wednesday. S&P 500 futures and futures tied to the Dow both jumped 0.6% each, while Nasdaq 100 futures gained 0.6%.

In the regular trading session on Wednesday, the S&P 500 shed 0.5%, the Dow Jones Industrial Average lost 1.2%, while the Nasdaq Composite ended flat.

Oil prices recorded marginal losses on Thursday after additional crude oil supplies from Saudi Arabia eased concerns over disruptions to the kingdom’s exports.

The US crude oil futures for October delivery was 0.2% to $102.19 per barrel at 0043 EDT, while Brent futures for November delivery was down 0.1% to $105.72 per barrel.

Gold prices showed a mixed trend as investors weighed the US rate hike along with lower oil prices. US gold futures for ​December delivery lost 1.4% to $4,328 per ounce, while spot gold gained 0.7% to $4,292 per ounce by 0443 GMT.

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

Boeing shares decline after CEO flags production concerns

Boeing shares declined as much as 6% in intra-day trading on Wednesday after President and Chief Executive Officer Kelly Ortberg outlined challenges facing the aerospace manufacturer. The stock later closed 3.7% lower and traded slightly in the green in extended hours.

Ortberg said the company was facing production constraints, while also revising cash flow expectations. The CEO stated that Boeing is not yet stable at its target rate of 47 aircraft per month on the 737 program, with wings production serving as a constraint to ramping up output.

SK Hynix in talks with Intel to make memory chips in US for the first time: report

According to a media report, South Korean chip giant SK Hynix is in talks with US-based Intel Corp. about a deal that would see ​the company manufacture memory chips on US soil for the first time.

The report said that SK Hynix may lease part of Intel’s ‌long-planned chipmaking facility in Ohio under one potential scenario. Under another scenario, it could form a venture with Intel and major cloud firms that are keen to lock in memory chip supplies, it added.

Intel shares closed 4% higher on Wednesday, while SK Hynix’s stock is trading 0.4% higher on Thursday after closing up over 4% on Wednesday in Seoul.

Amazon raises minimum hourly pay for US operations workers

E-commerce giant Amazon.com on Wednesday announced that it was raising the minimum hourly pay ​for its eligible full-time US operations workers by $1 to $20.

The company also unveiled a ​new benefit called “Day 1 Financial” that gives qualified ⁠employees and their families lifetime ​access to low-cost banking services through ​First Tech Federal Credit Union.

Beyond this, Amazon also offers benefits such as healthcare coverage for as ​little as $5 per week, a ​free Prime membership, and prepaid education programs.

After the hike in hourly pay, the ‌average ⁠total compensation for workers will now exceed $32 per hour including the value of its benefits package.

Anthropic to combine key Claude AI features into one interface

Anthropic announced on Wednesday that it was combining the chat and Cowork features of its Claude ​AI assistant into a single interface and ‌launching new document and presentation tools.

The company will also integrate its visual work tool, Claude Design, into the main interface. The changes were made after users said ​they were frustrated by having to choose the right ⁠tool for each task, it said.

Anthropic said users will no longer need to switch between different tools; Claude will automatically determine and deploy the capabilities required for a task, it added.

Apple working on enterprise AI server: report

Apple Inc. is working on an enterprise server using its own chips to capitalise on surging interest in its computers for AI, according to a report. The company has had discussions with Nvidia Corp. about using its networking equipment, the report added.

Apple would reportedly sell the server to AI developers, governments and other companies. The product likely wouldn’t hit the market until 2029, the report said, and would be offered in two versions: one with two of Apple’s forthcoming M8 Ultra chips and a more souped-up edition with four of the M8 Ultra chips.

Meta to launch camera-free smart glasses amid privacy concerns

According to a report, Meta is planning to release a camera-free pair ​of smart glasses this fall. The product, internally code-named ‌Luna, is being developed amidst growing scrutiny of smart glasses over their recording capabilities.

The new glasses model ​has six built-in microphones that allow ​users to speak with Meta’s AI chatbot and Muse, the company’s newly launched consumer ​AI agent, the report said.

Meta could unveil the glasses at its ​annual Connect developer conference next ​Wednesday ⁠and Thursday, and is targeting October for shipments, according to the ⁠report.

Singapore’s key exports jump 46.2% in August

Singapore’s non-oil domestic exports (NODX) jumped 46.2% in August, extending July’s 24.1% expansion, as electronics shipments continued to surge due to artificial intelligence-related demand. This far exceeded economists’ forecast of 35.1%.

Electronics shipments grew by a whopping 131.8%, up from 112% in July, while non-electronics shipments expanded 12%.

Also, NODX to the US, China and South Korea expanded in August, while exports to the European Union contracted.