Daily News 2nd June 26
Daily News
Asia-Pacific Stocks Mostly Lower on Iran War Uncertainty; S&P 500 Kicks Off June at Record High; Gold Below $4,500 as Iran Vows to Block Strait of Hormuz
02 June 2026
Today in Brief
Asia-Pacific markets traded mostly lower Tuesday as investors weighed renewed uncertainty over U.S.-Iran peace negotiations. Japan's Nikkei 225 fell 1.32%, South Korea's Kospi dropped 1.92%, and Australia's S&P/ASX 200 lost 0.71%, while Hong Kong's Hang Seng edged up 0.13% and mainland China's CSI 300 gained 0.1%. On Monday, the S&P 500 rose 0.26% to a record 7,599.96, with Nvidia climbing more than 6% after unveiling a new PC processor; the Nasdaq added 0.42% to 27,086.81 and the Dow gained 46.42 points to 51,078.88. Gold traded below $4,500 per ounce, pressured by stalled U.S.-Iran negotiations and rising rate hike expectations. WTI crude fell below $92 per barrel as Iran suspended communications with Washington and threatened to fully close the Strait of Hormuz and the Bab el-Mandeb Strait. Trump told CNBC he "couldn't care less" if Iran talks collapsed. The U.S. proposed a 25% tariff on Brazilian goods under Section 301. India's Q1 2026 GDP growth likely eased to 7.2%. CEPI allocated $60 million to Moderna and others for an Ebola vaccine. J&J's prostate cancer drug Erleada cut the risk of disease spread or death by 20% in a late-stage trial. Tesla May registrations surged 655% in France. Nvidia CEO Jensen Huang said the company can meet AI chip demand despite supply constraints.
Asia-Pacific stocks mostly lower as Iran war uncertainty keeps investors on edge
Asia-Pacific markets traded mostly lower Tuesday, as investors weighed renewed uncertainty over U.S.-Iran peace negotiations, while Wall Street benchmark indexes climbed to fresh highs overnight on tech optimism. Japan's Nikkei 225 was 1.32% lower, while the Topix declined 1.14%. South Korea's Kospi fell 1.92% and the small-cap Kosdaq was down 3.13%. In Australia, the S&P/ASX 200 lost 0.71%. Hong Kong's Hang Seng index added 0.13%, while mainland China's CSI 300 was up 0.1%. U.S. President Donald Trump on Monday shrugged off the possibility that peace talks with Iran could fall apart, telling CNBC, "I don't care if they're over, honestly."
S&P 500 closes at a record to kick off June trading as tech rally overpowers oil spike
The S&P 500 rose on Monday, even as oil prices advanced, with Nvidia leading technology higher following the launch of a new chip for PCs. The broad market index advanced 0.26% to close at 7,599.96, while the Nasdaq Composite gained 0.42% to close at 27,086.81. The Dow Jones Industrial Average added 46.42 points, or 0.09%, and ended at 51,078.88. All three indexes reached new all-time intraday highs and closed at records. Nvidia shares offered support to the broader market, climbing more than 6% after the company unveiled a new processor for personal computers. Dell Technologies and HP Inc followed Nvidia higher, rising more than 10% and 8%, respectively. Intel, which for years dominated the PC chip market, fell over 4%.
Gold traded below $4,500 per ounce on Tuesday after declining in the previous session
Gold traded below $4,500 per ounce on Tuesday after declining in the previous session, pressured by stalled peace negotiations between the US and Iran that kept inflation risks and interest rate expectations at the forefront. On Monday, Iranian media reported that Tehran had suspended communications with Washington in response to Israeli attacks in Lebanon. Meanwhile, President Donald Trump said discussions are still ongoing and suggested that a memorandum of understanding with Iran to reopen the Strait of Hormuz could be reached as early as next week. Markets are currently factoring in a Federal Reserve rate hike before year-end after US inflation accelerated, driven in large part by the Middle East conflict.
WTI crude futures fell below $92 per barrel on Tuesday, paring gains from the previous session
WTI crude futures fell below $92 per barrel on Tuesday, paring gains from the previous session as ongoing peace talks between the US and Iran showed little progress, keeping markets cautious about supply disruptions. On Monday, Iranian media reported that Tehran had suspended communications with Washington in response to Israeli strikes in Lebanon. The report also indicated that Iran and its regional allies are considering the full closure of the Strait of Hormuz and the Bab el-Mandeb Strait, a key alternative route for global oil shipments. Meanwhile, President Donald Trump said negotiations remain ongoing and noted that a memorandum of understanding with Iran to reopen the Strait of Hormuz could be reached within the next week.
Trump tells CNBC: 'I don't care' if Iran negotiations are over
President Donald Trump on Monday shrugged off the possible collapse of peace negotiations with Iran, telling CNBC, "I don't care if they're over, honestly." "I really don't care. I couldn't care less," Trump told CNBC's Eamon Javers in a phone interview midday Monday, saying he thought the protracted discussions "started to get very boring." Trump had been asked about the prospect of Iran ending talks with the U.S. in light of reporting earlier Monday that Iranian negotiators would take that step — and also move to "completely block" the Strait of Hormuz — due to Israel's military operations in Lebanon against the Iran-backed militia Hezbollah. Asked if the Iranians told him that they are not going to negotiate further, Trump said, "No, they haven't."
Trump administration proposes 25% tariff on Brazilian goods over unfair trade practices
The Office of the United States Trade Representative has proposed 25% tariffs on Brazilian goods under Section 301, determining that the South American nation had engaged in practices that "are unreasonable and burden or restrict U.S. commerce." Some of these practices also include anti-corruption enforcement, intellectual property protection, ethanol market access, and illegal deforestation, according to the release from the U.S. Trade Representative. U.S. Trade Representative Jamieson Greer said that the investigation under Section 301 was launched at the direction of U.S. President Donald Trump.
Iran stops negotiations with U.S., vows to 'completely' block Strait of Hormuz: State media
Iranian negotiators will stop exchanging messages with the U.S. through intermediaries, and Tehran will move to fully close the Strait of Hormuz, in retaliation for ongoing ceasefire violations, Iran's state-affiliated news outlet Tasnim said Monday. The report, in a translated post on the social media site Telegram, homed in on Israel's military operations in Lebanon against the Iran-backed militia Hezbollah. "No dialogue will take place" until Israel fully withdraws from occupied areas in Lebanon and stops all attacks in both Lebanon and Gaza, per Tasnim. "Also, the resistance front and Iran have resolved to completely block the Strait of Hormuz and activate other fronts including the Bab al-Mandeb Strait, in order to punish the Zionists and their supporters," the report said.
India GDP growth likely eased in January-March quarter on softer external demand: Reuters poll
India's economic growth likely eased to 7.2% in the first quarter of 2026, according to a Reuters poll of economists, as weakening external demand and softer industrial activity offset strong government spending and resilient agricultural growth. A series of external shocks, from higher U.S. tariffs on Indian goods to the U.S.-Israeli war with Iran that drove crude oil prices sharply higher, have failed to derail India's position as the world's fastest-growing major economy. However, global uncertainty adds to already moribund private investment, which economists say is critical for generating well-paying jobs for the millions entering India's workforce each year, leaving government capital expenditure to shoulder a larger share of the growth burden. India's gross domestic product likely grew 7.2% year-on-year in the January-March quarter, down from a better-than-expected 7.8% expansion in the previous quarter, based on the median forecast of 45 economists. Estimates ranged from 6.1% to 7.7%.
Moderna and other groups get $60 million to develop Ebola vaccine
Global health organisation CEPI will give roughly $60 million to Moderna and two other groups to accelerate the development of shots against Ebola Bundibugyo, the deadly virus that has swept through eastern Democratic Republic of Congo. The Coalition for Epidemic Preparedness Innovations was one of the early investors that helped to develop a vaccine at the height of the COVID-19 pandemic. Richard Hatchett, head of CEPI, told Reuters on Monday it was possible to get Ebola Bundibugyo (BDBV) vaccines ready for trials within a couple of months. There are currently no approved BDBV vaccines or treatments. But he cautioned that vaccine development can be unpredictable and the challenging security situation in eastern Congo would make trials complex.
J&J prostate cancer drug reduces risk of cancer spread and death in late-stage study
Johnson & Johnson's prostate cancer drug Erleada used with hormone-blocking therapy six months before and after prostate surgery improved the chances of eliminating the cancer and reduced the risk of disease progression or death, according to data from a late-stage trial presented on Sunday. The study, which followed patients for over five years, found that those who received the regimen were nine times more likely to have little to no detectable cancer in the prostate at the time of surgery compared with those given testosterone-blocking therapy alone. The addition of Erleada also reduced the risk of the cancer spreading or death by 20%, the company said. The data, presented at the American Society of Clinical Oncology meeting in Chicago, is likely to change how doctors approach treatment of men with high-risk localized or locally advanced prostate cancer.
Tesla May registrations jump in several European markets as recovery continues
New registrations of Tesla cars rose across several European markets in May, continuing a recovery in the U.S. electric vehicle maker's European sales. Tesla registrations, a proxy for sales, increased year over year by 655% to 5,446 vehicles in France and 29% in Norway, to 3,345 vehicles, figures from Norwegian compiler OFV and French car body PFA showed on Monday. Growth came also from smaller markets with a 136% rise from last year to 1,750 vehicles in Denmark, 113% to 1,690 vehicles in Spain, 349% to 1,463 vehicles in Portugal and 71% to 858 vehicles in Sweden. Tesla's sales in Italy fell by 23.5% from last year to 654 vehicles but rose more than 15% in the first five months of the year from 2025.
Nvidia CEO says company can meet AI chip demand despite ongoing supply constraints
Nvidia has secured sufficient supply to support strong growth in central processing units and graphics processing units as demand for artificial intelligence continues to expand, Reuters reported on Tuesday, citing comments from CEO Jensen Huang. Huang acknowledged that supply constraints remain an issue for the company, which produces semiconductors used in data centers worldwide, Reuters reported, citing comments from Huang at a press conference during Computex week in Taipei. The comments came one day after the $5 trillion chip company introduced a new chip designed to bring AI capabilities directly to personal computers. The chip is scheduled to launch in the fall and will compete with products from AMD, Intel, and Apple.
