Daily News 11th Aug 26
Daily News
S&P 500 Little Changed as Iran Uncertainty Lingers; Gold Tops $4,400, Oil Holds Above $82 on Hormuz Standoff; Trump Claims Total Strait Control as Intel Slides on $15B Stock Offering
11 August 2026
Today in Brief
In Asia, Hong Kong's Hang Seng index futures edged higher against the index's last close of 25,937.49, futures for Australia's S&P/ASX 200 were little changed, and Japan markets were closed for a holiday, following a muted U.S. session. The S&P 500 ended Monday little changed, slipping 0.06% to 7,753.11, while the Nasdaq Composite declined 0.32% to 26,605.36 and the Dow fell 60.95 points, or 0.11%, to 53,975.98, with Intel down 4% after unveiling a $15 billion common stock offering and Nvidia and Apple off 2.9% and 1.5%, respectively, as doubts grew over a near-term U.S.-Iran resolution. Gold climbed above $4,400 an ounce on Tuesday, its highest level in two months, on strong investment demand and continued Chinese central bank gold buying, while crude oil held above $82 per barrel after rising for a third consecutive session on heightened uncertainty over a potential deal to reopen the Strait of Hormuz.
In other news: President Trump claimed the U.S. Navy now holds "100%" control of the Strait of Hormuz and issued sweeping new demands on Iran including reparations, deepening the standoff; Singapore sharply lifted its 2026 GDP growth forecast to 4.5%-5.5% on an AI-related boost; a U.S. judge dismissed the bribery case against Indian billionaire Gautam Adani; Australia's central bank held rates steady at 4.35% while warning of further hikes amid high inflation; Intel announced a $15 billion stock offering to fund AI-driven demand; Nvidia lined up $500 billion in financing with six major asset managers to treat its chips as an "investable asset"; Eli Lilly's weight-loss pill Foundayo secured its first European regulatory nod in Britain; and a U.S. appeals court allowed thousands of lawsuits against Meta, Google, TikTok and other social media firms over youth addiction claims to proceed.
In Asia, Hong Kong's Hang Seng index futures edged higher
In Asia, Hong Kong's Hang Seng index futures edged higher, compared to the index's last close of 25,937.49. Futures for Australia's benchmark S&P/ASX 200 were little changed. Japan markets are closed for a holiday. The moves come after the S&P 500 finished Monday little changed as uncertainty over the Middle East conflict continued to hang over markets. Iran has said it is closing in on a deal with Oman to reopen the Strait of Hormuz, but Tehran has continued to resist direct negotiations with the U.S. until several conditions are met.
S&P 500 closes little changed as oil rises on Iran uncertainty, Intel leads chips lower
The S&P 500 ended Monday just below the flatline amid growing doubts that the U.S. and Iran will come to a lasting resolution to the conflict in the near term. The broad index slipped 0.06% to end at 7,753.11, while the Nasdaq Composite declined 0.32% to 26,605.36. The Dow Jones Industrial Average was down 60.95 points, or 0.11%, closing at 53,975.98. Intel was a key laggard of the session, falling 4% after the company said it's going to be offering $15 billion in common stock. Other laggards include Nvidia and Apple, which dropped 2.9% and 1.5%, respectively. Iran has said it is closing in on a deal with Oman to reopen the Strait of Hormuz, but Tehran has continued to resist direct negotiations with the U.S until several conditions are met.
Gold climbed above $4,400 an ounce on Tuesday, reaching its highest level in two months
Gold climbed above $4,400 an ounce on Tuesday, reaching its highest level in two months as investment demand for precious metals improved despite rising inflationary risks and expectations for interest rate hikes fuelled by surging oil prices. Chinese institutional investors continued to increase their bullion holdings as a hedge against volatility in other markets, with gold-backed exchange traded funds in China recording their longest streak of inflows in months. China's central bank also accelerated its gold purchases last month, with reserves rising by about 20 tons in July following an increase of around 15 tons in June, marking the largest monthly addition since October 2023. Meanwhile, uncertainty persisted over a potential deal between the US and Iran to end the war and reopen the Strait of Hormuz.
Crude oil held above $82 per barrel on Tuesday after rising for three consecutive sessions
Crude oil held above $82 per barrel on Tuesday after rising for three consecutive sessions, supported by heightened uncertainty over a potential deal between the US and Iran to end the war and reopen the Strait of Hormuz. President Donald Trump issued sweeping new demands on Iran, including compensation for people the Islamic Republic has killed in conflicts, after Tehran reiterated calls for reparations as part of negotiations to wind down the conflict. The demands have clouded prospects for a near-term agreement, keeping markets wary of prolonged supply disruptions. Trump also indicated that he was prepared to allow economic pressure on Iran to intensify rather than launch new military strikes to force the reopening of Hormuz. Meanwhile, Iran and Oman have yet to reach an agreement to reopen the waterway, as Tehran is making the move contingent on securing an accord with the US.
Trump claims total control of Hormuz; demands Iran pay reparations as standoff deepens
President Donald Trump said Monday the U.S. Navy had swept the Strait of Hormuz clear of mines and now holds "100%" control of the waterway, with reparations emerging as the latest flashpoint between Washington and Tehran. Speaking to reporters in the Oval Office, Trump said the U.S. Navy now has full control of the waterway. "It's open now," he said, adding that the U.S. was "the only one that has control of the Strait of Hormuz right now." He described the U.S. posture as a "steel wall" and said sporadic Iranian mine-laying hasn't changed that. "They will, on occasion, drop a mine, and we find the mine," he said. The U.S. has maintained a naval blockade of Iranian ports since mid-April. Iranian officials have insisted that the Strait of Hormuz would remain closed until the U.S. agrees to its demands including lifting their naval blockade, while its discussions with Oman over a shipping arrangement would not lead to the waterway being fully reopened.
Singapore revises its annual growth forecast sharply higher on AI-related boost
Singapore on Tuesday sharply lifted its annual economic growth forecast, citing a stronger-than-expected performance in the first half and boost from AI-related sectors and exports. The Ministry of Trade and Industry said GDP growth for 2026 is now expected to come in at 4.5% to 5.5%, more than double the lower end of its previous forecast of 2%-4%. MTI added that that the economic impact of the U.S-Iran conflict has also been less severe than initially feared, pointing out that the drawdown of oil inventories and substitution to alternative energy sources have capped the rise in global energy prices. Singapore has upgraded its growth estimates for a second time this year. At the start of the year, MTI had estimated growth at 1%-3%.
U.S. judge ends graft case against Indian billionaire Gautam Adani
A US judge on Monday dismissed the bribery case against Indian billionaire Gautam Adani, while also rebuking a senior Department of Justice official's conduct related to the case as "concerning." Adani and seven others had been indicted in November 2024 in a New York federal court on criminal charges related to an alleged bribery and fraud scheme. Adani Group is one of the biggest Indian conglomerates, with a significant presence in crucial sectors of the country's economy—from ports to cement, from energy to media. The prosecutors had alleged that the defendants paid more than $250 million in bribes to Indian government officials to secure solar energy supply contracts, misled U.S. investors and banks to raise billions of dollars, and obstructed justice.
RBA leaves rates steady at 4.35%; warns of more hikes amid high inflation
The Reserve Bank of Australia left interest rates steady as expected on Tuesday amid some recent signs of cooling inflation, although the central bank warned that price pressures still remained high and that it could raise rates further. Still, the central bank cut its inflation forecasts for end-2026, especially following a softer-than-expected print for the second quarter. The RBA left its benchmark rate unchanged at 4.35% in a unanimous decision. The RBA raised interest rates by a cumulative 75 basis points so far this year. Markets had broadly expected a hold after Australian consumer price index inflation read softer than expected in the second quarter. Still, the RBA warned that headline and core inflation both remained high, and were likely to remain elevated in the near term.
Intel plans $15 billion stock offering as AI demand accelerates
Intel announced a $15 billion common stock offering on Monday to support skyrocketing customer demand for artificial intelligence computing power. Shares of Intel fell 4%. The chipmaker highlighted physical AI, purpose-built silicon and advance packaging among the major growth opportunities and said it will use the funding to support corporate needs, including capital expenditures and working capital, Technology giants have shelled out trillions in recent years to meet insatiable AI demand and the unrelenting infrastructure build-out to support new compute capacity. Several mega-cap tech companies boosted their capital expenditures on AI demand this earnings season, with spending on track to hit $765 billion this year and $1.2 trillion in 2027, according to estimates from Goldman Sachs. Amazon gave the highest guidance among the group this reporting period, citing the memory crunch.
Nvidia lines up $500 billion in financing as CEO Jensen Huang tells CNBC his chips are 'investable asset'
Nvidia is attempting to turn its artificial intelligence chips into Wall Street's newest asset class, partnering with six large asset managers on a $500 billion financing push designed to treat compute infrastructure much like commercial real estate, toll roads or other assets to borrow against. The chipmaker signed memorandums of understanding with Apollo Global Management, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs and KKR to establish financing platforms for Nvidia's customers, the company said Monday in a statement. Executives from the seven companies joined CNBC's Becky Quick in a rare, live joint interview to discuss the announcement.
Eli Lilly's weight-loss pill secures first European nod in Britain
Britain's medicines regulator on Monday authorised Eli Lilly's pill, Foundayo, for weight management and type 2 diabetes, making it the first country in Europe to green light the treatment for both conditions. "Whilst this tablet is approved for use in the UK, it is not available currently via the NHS," the Medicines and Healthcare products Regulatory Agency, or MHRA, said. The approval marks the second GLP-1 oral pill cleared in the UK after Novo secured its nod for the Wegovy pill in June, intensifying competition between the two pharma majors. A Lilly spokesperson told Reuters Foundayo will launch in the UK later this month via private prescription. He added the pill would carry a lower UK list price privately than Mounjaro, which is listed at £330 for a month's supply, but did not provide further details on pricing.
US appeals court allows thousands of lawsuits against social media companies over user addiction claims to proceed
A U.S. appeals court on Monday allowed thousands of lawsuits to move forward against Meta Platforms, Alphabet's Google, ByteDance's TikTok, and other social media companies over claims they designed their products to be addictive to young users. The San Francisco-based 9th U.S. Circuit Court of Appeals rejected the companies' bid to reverse a lower court's ruling forcing them to face some 2,400 lawsuits over the claims filed in federal court. The companies, which also include Snap Inc's Snapchat, had argued that Section 230 of the Communications Decency Act of 1996 - which shields them from lawsuits over content posted by their users - also shields them from allegations that they failed to warn the public about the addictive nature of their platforms.
