Global Market Wrap: Asian Stocks Rise as Oil Prices Slide; SpaceX Plans $100 Billion Spaceport

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

Asian stocks advanced on Wednesday tracking a jump in US benchmark indices after oil prices softened considerably.

South Korea’s Kospi index jumped 1.9% on Wednesday to 6,869. China’s Shanghai Composite index rose 0.7% to 3,917, while Hong Kong’s Hang Seng Index gained 0.7% to 25,685. Japan’s Nikkei index was also trading higher by 0.8% at 66,385.

However, Singapore’s Straits Times was trading marginally lower by 0.1% to 5,730, while Australia’s S&P/ASX 200 slipped 0.2% to 9,147.

US stock futures were trading flat on Wednesday ahead of the release of key inflation data and an earnings announcement from Nvidia Corp. later in the day. S&P 500 futures, Dow futures, and Nasdaq-100 futures were all trading almost unchanged from their previous close.

On Tuesday, the S&P 500 rose 0.3%, the Nasdaq Composite jumped 0.7%, while the Dow Jones Industrial Average climbed 0.3%.

Oil prices slid on Wednesday as the focus in the US-Iran conflict shifted from military action to economic sanctions.

The US crude oil futures for October delivery shed 2.5% to $80.33 per barrel by 0107 EDT, while Brent futures for November delivery were down 2.1% to $85.46 per barrel.

Gold prices were trading steady on Wednesday as investors awaited key US inflation numbers to assess rate-hike prospects.

US gold futures for ​December delivery were trading flat at $4,696 per ounce, while spot gold slipped 0.4% to $4,640 per ounce by 0507 GMT.

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

Huawei, HP sign multi-year Wi-fi patent cross-licensing deal

Personal computing firm Hewlett-Packard (HP) on Tuesday announced that it has signed a multi-year global agreement with Chinese telecoms giant Huawei for cross-licensing of certain WiFi patents.

This development grants HP the right to use certain Huawei Wi-fi patents on its PCs for a fee.

Notably, the US blacklisted Huawei in 2019, restricting it from working with American suppliers such as Google.

SpaceX plans to build a $100 billion spaceport in Louisiana

Elon Musk-led SpaceX has announced plans for a $100 billion launch facility in Louisiana. The company, in a joint statement with the Louisiana Economic Development office, said that it will establish its Starbase in Vermilion Parish, Louisiana, to “support thousands of launches annually.”

Musk said in a video post that the company would bring “probably 10,000 really exciting jobs” to Louisiana with the spaceport. After the announcement, SpaceX stock rose, closing 2% higher.

Anthropic expected to tell investors it sees over $30 trillion in potential revenue

According to a report, Claude creator Anthropic is likely to tell investors that it sees its total addressable market (TAM) exceeding $30 trillion.

This is significant as it exceeds even SpaceX’s TAM of $28.5 trillion, the report said.

Earlier reports said that the company is projecting 2028 revenue of roughly $190 billion to $200 billion, with ⁠its IPO valuation hinging on those forecasts.

Apple unveils new Mac mini, Mac Studio

Apple Inc. on Tuesday announced upgraded Mac mini and Mac Studio desktop computers. The Mac mini, now starting at $899, will be powered by Apple’s new M6 chip or an M5 Pro, while the Studio comes with either the M5 Max for $2,499 or new M5 Ultra for $5,499.

Both machines are available to preorder beginning Tuesday and will be in stores on September 22, the company said.

Alibaba rises after top executive buys additional shares

Alibaba Group Holding shares jumped 3% on Wednesday after its chairman Joe Tsai purchased 720,000 Hong Kong-listed shares of the company. The purchase came two days after Alibaba launched an HK$80 billion ($10.2 billion) share sale to fund its artificial intelligence projects.

Tsai bought the shares at an average price of HK$113.47 ($14.48) for a total value of approximately HK$82 million. Together with CEO Eddie Wu, Tsai has purchased more than HK$200 million in shares over the past two days.

Australia’s July consumer inflation tops forecast

Data from the Australian Bureau of Statistics (ABS) on Wednesday showed that inflation topped expectations in July, raising the prospects of further interest rate hikes by the Reserve Bank of Australia.

The consumer price index (CPI) rose 3.5% year-on-year in July, down from 3.8% in June but above expectations for 3.3%. On a monthly basis, CPI increased 1% in July, also exceeding expectations for a 0.8% rise. Fuel prices added the most to the monthly inflation pressure, with automotive fuel rising 7.5% in July.