Market UpdatesMay 11, 20262 Min

Global Market Wrap: Oil Surges as Trump Rejects Iran Deal, While Alphabet and Cerebras Signal Where AI Capital Is Flowing

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

Asia-Pacific markets started the week mixed, with the Strait of Hormuz standoff casting a long shadow. US President Donald Trump’s rejection of Iran’s counteroffer, calling it “Totally Unacceptable”, came as Israeli Prime Minister Benjamin Netanyahu said the conflict with Iran was “not over.” The comments weighed on sentiment across the region, even as Trump’s trip to China later this week, where he is expected to meet President Xi Jinping, offered a potential geopolitical counterweight.

South Korea’s Kospi opened at a fresh record and ended today’s trading session 4.32% higher at 7,822. Singapore’s Straits Times Index saw an upward movement 0.3% to 4,938. While Japan’s Nikkei 225 was down 0.4% to 62,479. Australia’s S&P/ASX 200 was 0.5% lower at 8,701. Hong Kong’s Hang Seng Index traded flat.

Oil prices jumped sharply on Monday after US President Donald Trump rejected Iran’s latest proposal to end the 10-week conflict blocking the Strait of Hormuz. WTI futures advanced 4.8% to $100 per barrel, while Brent crude rose 4.2% to $105.5 with both benchmarks now up around 40% since the U.S.-Israeli war against Iran began.

Gold fell in step with stalled peace diplomacy. Spot gold declined 0.8% to $4,678 per ounce as the stronger dollar and inflation concerns tied to elevated oil prices weighed on bullion. With the U.S. Federal Reserve now seen holding rates higher for longer, analysts see gold holding in a $4,400–$4,800 range as long as the ceasefire-without-a-deal stalemate persists. Silver edged up 0.7% to $80.88 per ounce.

United States

Alphabet’s 160% Rally Signals Full-Stack AI Now Commands a Premium

Alphabet briefly surpassed Nvidia in market capitalisation during after-hours trading this week — a symbolic milestone for a company that was widely labelled an AI laggard just 18 months ago. Its stock is up around 160% in last one year from its 52-week low zone, driven by a Wall Street re-rating of what an AI winner actually looks like. The answer, increasingly, is vertical integration: owning chips, models, cloud infrastructure, and consumer distribution simultaneously.

Cerebras IPO Oversubscribed 20x Ahead of May 13 Pricing

AI chipmaker Cerebras Systems is set to raise its IPO price range to $150–$160 per share, up from an initial $115–$125, as demand from investors continues to surge. The company is also increasing the number of shares marketed to 30 million from 28 million, which would bring total proceeds to roughly $4.8 billion at the top of the new range — up from $3.5 billion under the original terms. The order book has reportedly attracted more than 20 times the available shares, with total orders exceeding $10 billion.

Starmer Bets on Europe to Steady a Wobbling Government

British Prime Minister Keir Starmer launched what his office is calling a political fightback on Monday, declaring that rebuilding relations with Europe will be the defining mission of his government. The speech comes after Labour suffered its worst local election results for a governing party in more than three decades, with more than 30 MPs calling for Starmer to resign or set a departure timetable.

Singapore Doubles Tourism War Chest in Push Toward 2040 Ambitions

Singapore’s government announced a S$740 million injection into its Tourism Development Fund over the next five years, more than doubling the S$300 million allocated in 2024. The fresh capital will support the Tourism 2040 strategy, which targets between S$47 billion and S$50 billion in annual tourism receipts by 2040 — a significant step up from the record S$32.8 billion achieved in 2025, a figure that exceeded the Singapore Tourism Board’s own forecasts by some margin.

The funding will focus on three pillars: fortifying Singapore’s position as a global hub for people, capital, and trade; renewing key tourism precincts, including Sentosa and Orchard Road; and supporting businesses through digitalisation, new market access grants, and human capital development.