Daily News
Kospi Slides 3% as Asia Trades Mixed; Dow Adds 423 Points to Cap a Winning Week; Gold Climbs Above $4,200 on Russian Diesel Hopes; Crude Falls Toward $90 After Trump’s “Energy Ceasefire” Claim
12 October 2026
Today in Brief
Asia-Pacific markets traded mixed, with South Korea’s Kospi falling 3.03%, Australia’s S&P/ASX 200 adding 0.74%, Hong Kong’s Hang Seng gaining 0.17% and mainland China’s CSI 300 slipping 0.15%, while Japan’s markets were closed for a holiday. U.S. stocks rose Friday to close out a winning week — the Nasdaq Composite added 0.64% to 27,366.17, the S&P 500 climbed 0.59% to 7,811.54, and the Dow gained 423.31 points, or 0.83%, to 51,654.95 — after President Trump said Russian President Vladimir Putin had agreed to supply diesel to the U.S. and global markets. Gold climbed above $4,200 an ounce on Monday for a third straight session as falling oil prices eased inflation concerns, while crude fell toward $90 per barrel, ending a two-session rally, after West Texas Intermediate closed near $92 and Brent above $104 on Friday.
In other news: President Trump said he is “going to look at” joining Saudi Arabia against Iran-backed Houthis after a deadly attack on Riyadh’s main airport; Trump also declared an “energy ceasefire” between Russia and Ukraine, with Zelenskyy awaiting details; the IMF’s Kristalina Georgieva said AI investment is keeping global growth around 3%; U.S. consumer sentiment slumped near a record low ahead of the November 3 midterm elections; TSMC is expected to report a sixth straight quarter of record profit; Amazon is in talks to buy AI startup Decart for around $7 billion; Elon Musk vowed affordable Starlink pricing in India days before Reliance Jio’s record IPO; and Nvidia is in talks to invest further in Reflection AI or acquire it.
In Asia, South Korea’s Kospi fell 3.03%, while Australia’s S&P/ASX 200 added 0.74%
In Asia, South Korea’s Kospi fell 3.03%, while Australia’s S&P/ASX 200 added 0.74%. Hong Kong’s Hang Seng index added 0.17% and mainland China’s CSI 300 slipped 0.15%. Japan markets were closed for a holiday. President Donald Trump told reporters over the weekend that he was considering joining Saudi Arabia in its fight against Tehran-backed Houthis in Yemen after another deadly attack on Riyadh’s international airport. The remarks raised the prospect of escalating tensions in the region. Oil prices, however, were lower in Asia trading Monday after Trump announced an ‘energy ceasefire’ between Russia and Ukraine over the weekend.
Dow rises 400 points on Friday as Wall Street scores winning week
Stocks rose on Friday, supported by the tech sector, as traders look to rebound from a volatile week of elevated Treasury yields and oil prices as well as declines in the artificial intelligence trade. The Nasdaq Composite added 0.64% to end at 27,366.17. The S&P 500 also climbed 0.59% to 7,811.54, while the Dow Jones Industrial Average added 423.31 points, or 0.83%, to close at 51,654.95. Stocks reached their highs of the day after President Donald Trump said that Russian President Vladimir Putin has agreed to supply diesel to both the U.S. and global markets. Oil prices, which closed marginally higher with West Texas Intermediate crude futures at nearly $92 per barrel and Brent crude futures above $104, were down slightly after the announcement post-settle.
Gold prices climbed above $4,200 an ounce on Monday
Gold prices climbed above $4,200 an ounce on Monday, extending gains for a third straight session as falling oil prices, driven by hopes that Russian diesel supplies could ease global fuel shortages, helped alleviate inflation concerns. On Friday, President Donald Trump said his administration had reached an agreement for Russia to supply hundreds of thousands of tons of diesel, signalling a partial lifting of Moscow’s ban on diesel exports. Trump also claimed that Russia and Ukraine had agreed to an “energy ceasefire” effective immediately. Meanwhile, Saudi Arabia’s main airport was targeted again on Sunday by Iran-backed Houthi militants, a day after a strike killed 12 people and injured more than 300.
Crude oil prices fell toward $90 per barrel on Monday, ending a two-session rally
Crude oil prices fell toward $90 per barrel on Monday, ending a two-session rally as expectations that Russian diesel supplies could help alleviate global fuel shortages weighed on prices. On Friday, President Donald Trump said his administration had reached an agreement for Russia to provide hundreds of thousands of tons of diesel fuel, signalling a partial easing of Moscow’s export ban. Trump also claimed that Russia and Ukraine had agreed to an “energy ceasefire” that would take effect immediately.
Trump says he is ‘going to look at’ joining Saudi Arabia in the fight against Iran-backed Houthis after deadly airport strike
President Donald Trump said he is considering joining Saudi Arabia in its retaliation against Tehran-backed Houthis in Yemen after a deadly attack on Riyadh’s main airport, a move that could draw the U.S. further into a second front in the Iran war. “We may. We’re going to look at it,” Trump told reporters outside the White House on Saturday when asked if the U.S. would back Saudi Arabian strikes. “We just found out about the recent attack. So, we’ll make a decision. We move very quickly.” Two Saudi Arabian government officials told MS NOW that the kingdom is requesting “urgent defense support” from the U.S. following the attacks.
Trump declares ‘energy ceasefire’ between Russia and Ukraine; Zelenskyy is waiting for details
President Donald Trump claimed Russia and Ukraine had agreed to an “energy ceasefire” as the country’s trade blows on energy infrastructure, but it’s unclear whether either side has agreed to a truce. “Effective immediately, there is an ENERGY CEASEFIRE in the War between Russia and Ukraine. Both parties have agreed. Do not break it!” Trump said in a social media statement, without providing details about the alleged pact. The White House referred CNBC to the social media post when asked for more information on the ceasefire. Trump’s statement on Truth Social comes as energy costs soar globally during the U.S. war with Iran. An energy truce between Ukraine and Russia could help to alleviate the oil and gas crunch ahead of winter.
IMF says AI investment keeps global growth around 3%, with major Asia benefits
Strong investment in AI infrastructure is keeping global growth at around 3%, yielding major benefits for many Asian economies that supply the hardware, such as Thailand, said Kristalina Georgieva, managing director of the International Monetary Fund. The artificial intelligence investment boom was a “demand shock, an investment shock” that could boost growth in advanced regional economies by a half to one full percentage point, and emerging Asian economies by 0.2 to 0.8 percentage point, she said. “So that shift into higher gear is what is keeping the world economy growing at around 3%, despite the fact we are being dragged down by the energy supply shock,” Georgieva told IMF and World Bank annual meetings in the Thai capital.
US consumer sentiment near record low as frustration over economy mounts
US consumer sentiment slumped further in early October as the rising cost of living because of the Middle East conflict soured households’ views of the economy, more bad news for President Donald Trump ahead of the November 3 midterm elections. The University of Michigan’s Surveys of Consumers was the latest in a series of recent polls to capture the darkening mood among Americans, who are being squeezed by high inflation and borrowing costs. Trump’s approval rating is at the lowest of his political career amid angst over his handling of the economy. Next month’s elections will determine control of Congress. The US-Israeli war has raised energy prices, fanning inflation and prompting the Federal Reserve to raise interest rates in September for the first time in three years.
TSMC expected to report sixth straight quarter of record profit thanks to AI boom
TSMC, the world’s largest manufacturer of advanced AI chips, will likely report a sixth consecutive quarter of record earnings, driven by booming infrastructure spending in the tech sector. Analysts say demand for Taiwan Semiconductor Manufacturing Co’s (TSMC) AI chipmaking capacity, as well as its advanced chip packaging technology, CoWoS, remains strong. That has catapulted Asia’s most valuable company, a key supplier to Nvidia and Apple, to new heights. Its market capitalisation is almost double that of South Korean rival Samsung Electronics at around $2.1 trillion. On Thursday, TSMC is expected to report a 65% surge in third-quarter net profit to T$746.3 billion ($23.4 billion), according to an LSEG SmartEstimate compiled from 16 analysts. SmartEstimates place greater weight on forecasts from analysts who are more consistently accurate.
Amazon in talks to buy AI startup Decart for around $7 billion
Amazon is in talks to acquire AI startup Decart in a deal valued at around $7 billion, the Wall Street Journal reported on Sunday, citing people familiar with the matter. Here are some details: Decart’s Lucy model, backed by Nvidia, can edit live video in real time, according to the company’s website. It has also developed Oasis, a model that generates simulated environments to train and test robotics and autonomous-driving systems. The Journal reported that Decart was valued at nearly $4 billion in May, citing PitchBook data. Amazon declined to comment outside regular business hours, while Decart did not respond to requests for comment. Last month, Anthropic decided not to pursue an acquisition of Decart after conducting due diligence, Bloomberg News reported. It had explored a potential $6 billion deal in August, the report added.
Musk vows affordable Starlink in India days before Ambani’s record Jio IPO
Elon Musk said he would price Starlink’s satellite internet service affordably in India to take on Mukesh Ambani’s low-cost Reliance Jio, escalating his attacks on the rival billionaire days before Jio’s parent launches India’s largest-ever IPO. Jio Platforms, which owns the telecom arm, is targeting a valuation of $106 billion in the offering. Much like SpaceX-owned Starlink, Jio’s own satellite venture is also awaiting final security clearance to launch. Cheap data is the playbook that built Jio in India, and the one Musk has used in markets like Kenya to unsettle local telecom players. SpaceX now plans to enter the mobile carrier market itself, starting in the US. Musk did not specify prices for India, where mobile data costs about 8 cents per gigabyte, among the lowest in the world.
Nvidia in talks to invest further in Reflection AI or buy it
Nvidia is in talks to deepen its investment in open-source startup Reflection AI or acquire it, the Financial Times reported on Saturday, citing people with direct knowledge of the matter. Talks are at an early stage and a deal could take several forms, including a so-called acqui-hire arrangement where Nvidia would hire staff and license technology rather than pursue a full acquisition, potentially avoiding a lengthy regulatory review, the newspaper said. An agreement could be reached in the coming weeks, according to the report, which cited multiple people familiar with the matter, while adding that the discussions could still fall apart. Reuters could not immediately verify the report. Nvidia and Reflection did not immediately respond to requests for comment outside of regular business hours.