Wall Street Slips, Asia Stocks Fall, Gold Rebounds As Iran Ceasefire Extension Prolongs Uncertainty

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

Most Asia-Pacific markets were broadly lower amid concerns that the Middle East conflict could drag on, even as US President Donald Trump extended a ceasefire with Iran.

Japan’s Nikkei 225 rose to a record high of 59,691 in early trade after the release of the country’s latest trade data. The index later pared some gains and was trading at 59,526, up 0.3%.

South Korea’s Kospi gained 0.5% to 6,458. The index had hit a record high on Tuesday.

Hong Kong’s Hang Seng index declined 1% to 26,214, while Singapore’s Straits Times Index was down 0.4% at 4,995. Australia’s S&P/ASX 200 slipped 1.2% to 8,844.

On Wall Street, the S&P 500 fell 0.6% to close at 7,064 on Tuesday, while the Nasdaq Composite declined 0.6% to 24,260. The Dow Jones Industrial Average also dropped 0.6% to end at 49,149.

European stocks are expected to open lower on Wednesday as investors assess the extension of the Iran ceasefire and ongoing uncertainty around potential peace talks.

Oil prices edged lower as uncertainty persisted over the US-Iran war. International benchmark Brent crude for June delivery fell 0.8% to $98 per barrel, while US West Texas Intermediate futures for May delivery declined 1.1% to $89 per barrel.

Gold prices rose on Wednesday as the US extension of the Iran ceasefire eased concerns over an inflation spike and prolonged high interest rates. Spot gold climbed 1.2% to $4,767 per ounce, rebounding after hitting its lowest level since April 13 in the previous session. US gold futures for June delivery gained 1.4% to $4,784, while spot silver rose 2.4% to $79 per ounce.

Gold prices in Dubai rose at the open on Wednesday but remained more than Dh9 per gram lower for the week so far. The 24K gold price was at Dh573.0 per gram, up from Dh568.5 at Tuesday’s close, though still down Dh9.25 for the week. Other variants were also higher, with 22K at Dh530.5, 21K at Dh508.75, 18K at Dh436.0 and 14K at Dh340.0 per gram.

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

SpaceX secures option to buy AI coding startup Cursor in $60-billion deal

SpaceX said it has secured an option to acquire code-generation startup Cursor for $60 billion later this year, or pay $10 billion to expand their partnership, as it pushes further into AI developer tools. The deal could strengthen the position of xAI, the maker of the Grok chatbot that SpaceX merged with in February 2026, in the AI coding market where it has trailed rivals.

Meta starts work on $1-billion data centre in Oklahoma

Meta Platforms said it has begun construction on a data centre in Tulsa, Oklahoma, with an investment of more than $1 billion, as it expands its artificial intelligence infrastructure. The move comes as Meta and other large technology companies continue to invest heavily in data centres to support growing demand for computing power, even as concerns rise over the environmental impact of such projects.

Deutsche Telekom explores T-Mobile tie-up that would dwarf China Mobile

Deutsche Telekom is reportedly considering a full merger with T-Mobile US, a move that could become the largest public M&A deal on record. The combined entity could emerge as the world’s biggest wireless operator by market capitalisation, overtaking China Mobile Ltd, which is valued at about $234.67 billion. Deutsche Telekom, which currently holds nearly a 53% stake in T-Mobile, has a market valuation of around $166.46 billion, according to LSEG data. In February, the company said it had no plans to sell any T-Mobile shares in 2026.

Adobe launches $25-billion buyback amid AI competition

Adobe said it will repurchase up to $25 billion worth of shares through April 30, 2030, as it looks to reassure investors amid growing competition from AI-driven tools. The company’s stock has fallen about 30% this year as investors assess the impact of agentic AI models on demand for its design and software products. Concerns intensified after Anthropic introduced Claude Design, a chatbot-based tool for creating designs and presentations.

OpenAI eyes $1.5-billion commitment to new private equity-backed venture

OpenAI is in talks to commit up to $1.5 billion to a new joint venture with private equity firms, as it expands its push into enterprise markets. The company is expected to initially invest $500 million into the venture, known internally as DeployCo, which could be valued at around $10 billion in a funding round set to close in early May. Structured as a Delaware-based entity, DeployCo is aimed at accelerating adoption of OpenAI’s workplace tools. OpenAI is set to hold super-voting shares in the venture, while private equity partners are expected to invest over five years, with a guaranteed annual return of 17.5%.

Japan exports rise 11.7% in March amid strong global demand

Japan’s exports rose 11.7% year-on-year in March, marking a seventh straight month of growth, supported by strong global demand and higher prices, according to data released on Wednesday. Exports to the US increased 3.4%, while shipments to China jumped 17.7%. Imports rose 10.9% during the month, exceeding market expectations. Japan recorded a trade surplus of 667 billion yen ($4.18 billion) in March, lower than the forecast surplus of 1.1 trillion yen.

Moderna begins late-stage trial for mRNA bird flu vaccine

Moderna said it has started a late-stage trial of its experimental bird flu vaccine in the US and the UK, marking the first such study for an mRNA-based pandemic influenza shot. The vaccine, mRNA-1018, will be tested on around 4,000 adults, as the company looks to strengthen preparedness against potential outbreaks. Moderna said any future regulatory filing would also be supported by data from its seasonal flu vaccine candidate, mRNA-1010, currently under review in multiple markets.

AI chipmaker Forge Nano to go public through $1.6-billion SPAC deal

Forge Nano said it plans to go public through a $1.6 billion SPAC deal with Archimedes Tech SPAC Partners II, as demand for AI-related chips continues to grow. The transaction is expected to generate up to $342 million in gross proceeds, including $242 million held in the SPAC’s trust account. The move comes amid rising investment in data centres and high-performance computing to support generative AI, driving demand for advanced chips and manufacturing tools despite supply concerns.

UK inflation rises to 3.3% in March on fuel price surge

United Kingdom inflation rose to 3.3% in March, driven by a surge in fuel prices amid the Iran conflict, according to preliminary data from the Office for National Statistics. The reading matched economists’ expectations and was up from 3% in the 12 months to February, marking the first clear indication of the conflict’s impact on consumer prices. The increase was largely led by fuel costs, which recorded their biggest rise in more than three years.