Global market wrap: Asian stocks extend declines as Brent crude continues to rise; Shein plunges 12%

We are back with quick updates on global developments around stock markets, commodities and companies that are creating buzz today.

Asian stocks extended declines on Tuesday as higher oil prices weighed on investors’ risk appetite and dragged down indices worldwide.

Japan’s Nikkei index dropped 1.4% to 64,949 on Tuesday, while South Korea’s Kospi index was down 1% to 6,820.

China’s Shanghai index was trading almost unchanged at 3,826. Hong Kong’s Hang Seng Index, meanwhile, dropped 0.6% to 24,506.

Singapore’s Straits Times also slipped 0.4% to 5,705, while Australia’s S&P/ASX 200 inched down 0.2% to 8,665.

US stock futures were also trading in the red after all three benchmark indices saw a rough trading session on Monday. S&P 500 futures were down 0.4%, futures tied to the Dow slipped 0.3% each, while Nasdaq 100 futures dropped 0.6%.

In the regular trading session on Monday, the S&P 500 lost 0.8%, Nasdaq Composite slipped 0.9%, while the Dow Jones Industrial Average shed 0.7%.

Oil prices extended gains on Tuesday as no progress was seen in the US-Iran diplomatic relations. The US crude oil futures for November delivery rose 1.7% to $94.17 per barrel at 0150 EDT, while Brent futures for November delivery gained 1.9% to $99.69 per barrel.

Gold prices were trading steady on Tuesday after tumbling 4% in the previous session. US gold futures for ​December delivery were trading flat at $4,169 per ounce, while spot gold inched up 0.6% to $4,139 by 0550 GMT.

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

Anthropic's IPO prospectus shows $42 billion loss in 2025

According to a report, Claude creator Anthropic in its IPO prospectus has revealed a massive net loss of around $42 billion in 2025. The report added that the company plans to spend $518 billion on cloud, computing and infrastructure obligations in coming years, as it is making a massive bet that AI will ​transform the global economy more profoundly than industrialization, electricity and the internet.

The prospectus also reveals that Anthropic’s revenue grew 12-fold in 2025 to nearly $4.6 billion, even as the company lost more than $8 billion on an operating basis, excluding writedowns of various liabilities mostly tied to previous fundraising, according to the IPO documents.

OpenAI scraps release of new AI model GPT-6.1 Astra over safety concerns

OpenAI announced on Monday that it has scrapped the release of its next-generation AI model GPT-6.1 Astra that was planned for an October debut after an internal testing found the system did not meet the company’s safety and alignment standards.

OpenAI has earlier warned that Astra can at times evade human oversight. Recently, the company along with rivals such as Anthropic have faced scrutiny over experimental AI systems that breached safeguards, including an OpenAI model that accessed Australia’s health system database.

Samsung Electronics, affiliates to invest $1 bn in Helix Digital Infrastructure

Samsung Electronics and its affiliates will invest a combined $1 billion in Nvidia-backed AI infrastructure company Helix Digital Infrastructure, a firm launched by global investment firm KKR.

Samsung Electronics said on Tuesday that it will invest $500 million, with Samsung C&T, Samsung SDS, Samsung SDI, Samsung Life Insurance and Samsung Fire and Marine Insurance contributing the remainder.

The investment will help Helix address growing competition in the AI infrastructure market by targeting both data center deployment and the underlying power infrastructure needed to support it.

Blockchain.com planning to float $500 million IPO this year

Crypto services company Blockchain.com Group Holdings Inc. is targeting to float its initial public offering (IPO) this year, according to a report.

The company is seeking to raise about $500 million through the offering at a valuation of $4 billion to $6 billion, the report added.

The final terms, though, remain fluid and executives would consider a smaller offering size if necessary, according to the report.

Nvidia announces $150 billion boost to buyback programme; shares rise 2%

Shares of chipmaker Nvidia jumped 2% on Monday, defying a broader tech sector slump, after the company announced a mammoth $150 billion increase to its share buyback programme.

The move brings the company’s total available buyback pipeline to $235 billion, which management expects to execute through fiscal year 2028. Nvidia had last announced an $80 billion share buyback in May.

Reserve Bank of Australia hikes interest rates to 15-year high

The Reserve Bank of Australia hiked interest rates to a 15-year high on Tuesday due to growing inflationary risks.

The RBA raised its cash rate target by 25 basis points to 4.6%, its highest level since October 2011. This was RBA’s fourth rate hike in 2026, after it kicked off a tightening cycle earlier in the year.

The decision was unanimous, with all members of the RBA’s rate-setting board expressing concern over increasingly sticky inflation.

Shein plunges over 12% to record low after company announces earnings

Shares of Shein Global Holdings Ltd dropped as much as 12.1% to a record low in Hong Kong, after the online fashion retailer reported a 53% drop in the first-half operating income in its inaugural earnings as a public company.

The drop was Shein’s biggest since its Hong Kong debut on September 1 and cut its market value to about $16.8 billion as of Tuesday morning, from roughly $26 billion at the time of its listing.