Market UpdatesApr 21, 20262 Min
Asia Stocks Mixed As Kospi Hits Record High Amid US-Iran Ceasefire Hopes, Oil Slips
We are back with quick updates about global stock markets and major developments across some of the top companies worldwide.
Asia-Pacific markets were mixed on Tuesday, even as South Korea’s Kospi hit a record high, with investors weighing hopes for a Middle East resolution against lingering tensions between the US and Iran.
Kospi rose 2.5% to 6,372 and hit a fresh record high for the first time since the Iran war began. It was followed by Japan’s Nikkei 225, which gained 1.2% to 59,545. Hong Kong’s Hang Seng index was 0.7% higher at 26,547, and Singapore’s Straits Times Index added 0.2% to 5,016. Australia’s S&P/ASX 200 bucked the trend, slipping 0.2% to 8,939.
On Wall Street, the S&P 500 slipped 0.2% overnight to close at 7,109, and the Nasdaq Composite dropped 0.3% to 24,404, ending a 13-day winning streak, its longest since 1992. The Dow Jones Industrial Average was nearly flat, and settled at 49,443.
European stocks are likely to open higher on Tuesday, as investors track developments ahead of the deadline for the two-week ceasefire between the US and Iran.
Oil prices dropped reversing the previous session’s gains, as expectations of US-Iran peace talks this week raised hopes of more supply from the key Middle East producing region. West Texas Intermediate (WTI) crude for May delivery fell 1.5% to $88 a barrel, while global benchmark Brent crude for June delivery slipped 0.7% to $95. This comes after both contracts saw strong gains on Monday, with WTI rising 7% and Brent climbing 5%.
Gold slipped as investors awaited clarity on whether the U.S. and Iran would move forward with peace talks, with a slightly stronger dollar adding to the pressure. Spot gold declined 0.6% to $4,790 per ounce, while US gold futures for June delivery dropped 0.4% to $4,811. Among other metals, spot silver fell 1.1% to $79 per ounce.
Gold prices eased in Dubai on Tuesday. The 24K gold rate opened at Dh577.00 per gram, down from Dh580.50 at Monday’s close. Lower-karat variants also declined, with 22K at Dh534.25, 21K at Dh512.25, 18K at Dh439.00, and 14K at Dh342.50 per gram.
Here’s a look at some of the important developments across the global markets:
SpaceX opens its doors to Wall Street as it prepares for $75-billion IPO
SpaceX is reportedly hosting Wall Street analysts this week as it steps up preparations for a potential initial public offering (IPO) that could be among the largest on record. Elon Musk’s company is holding three days of closed-door meetings with top aerospace and technology analysts as it seeks to raise about $75 billion, with a possible market debut targeted for late June.
The sheer scale of the IPO is already prompting index provider Morningstar to rethink how it revamps its market indexes. The investment research and analysis firm said it’s considering revising its approach in light of SpaceX's pending listing, raising fresh questions for investors about how and whether to add it to their portfolios.
Jeff Bezos’ AI startup nears $38-billion valuation in $10-billion funding round
Jeff Bezos is reportedly close to securing $10 billion in fresh funding for his artificial intelligence startup, at a valuation of $38 billion. The company, known internally as Project Prometheus, focuses on AI that can understand the physical world, with applications in engineering and manufacturing. The funding round, which includes an initial $6.2-billion raised in November 2025, has been extended due to strong investor demand. If completed, the deal would make Project Prometheus one of the best-funded early-stage startups in the world.
Amazon to invest up to $25 billion in Anthropic in AI cloud deal
Amazon is deepening its ties with Anthropic, committing up to $25 billion in fresh investment as the AI startup pledges to spend more than $100 billion on Amazon's cloud infrastructure over the next decade. Amazon will invest $5 billion immediately, with a further $20 billion tied to commercial milestones. This is on top of the $8 billion it has already invested in Anthropic, the maker of the Claude AI assistant. Amazon also announced earlier this year it would invest up to $50 billion in OpenAI, the maker of ChatGPT.
Canadian dollar hits five-week high as Mideast hopes lift sentiment
The Canadian dollar rose to a five-week high against the US dollar on April 20, supported by hopes of a diplomatic resolution in the Middle East, even as domestic inflation data came in below expectations. The currency was up 0.4% at 1.3640 per US dollar, after touching an intraday high of 1.3636, its strongest level since March 13.
Meanwhile, data showed Canada’s annual inflation rate increased to 2.4% in March from 1.8% in February, driven by higher gasoline prices linked to rising crude oil costs. Economists had expected inflation to reach 2.6%.
Nvidia supplier Victory Giant’s shares soar on debut after $2.57-billion Hong Kong listing
Shares of Victory Giant Technology jumped 60% on Tuesday after the Chinese printed circuit board maker completed Hong Kong's biggest IPO this year. The company, which supplies circuit boards to Nvidia, priced its shares at HK$209.88, raising HK$20.1 billion ($2.57 billion) in the city's largest listing in about seven months. Shares were last trading 46% higher at HK$306.80.
Australia’s Lynas Rare Earths posts strongest revenue in three years as buyers seek alternatives to China
Australia’s Lynas Rare Earths reported a more than twofold jump in third-quarter revenue, as higher prices and strong demand from customers looking to cut reliance on Chinese supply drove its best result in nearly three years. The world’s largest rare earths producer outside China posted gross sales revenue of A$265 million for the quarter ended March 31, up from A$123 million a year earlier. Lynas said customers had shown a renewed urgency to secure supply chains outside China amid ongoing disruptions. The company is the only commercial producer of both light and heavy rare earth oxides outside the country.
