Daily News – 10th June ’26
Daily News
Asian Markets Open Lower as U.S. Strikes Iran, Chip Rebound Fades and Gold Drops Below $4,200
10 June 2026
Today in Brief
Asian markets opened lower Wednesday, with South Korea's Kospi down over 2% and Japan's Nikkei 225 falling 0.71%, after U.S. forces launched strikes against Iran following the downing of a U.S. Army Apache helicopter over the Strait of Hormuz. The S&P 500 fell 0.26% to 7,386.65 and the Nasdaq dropped 0.97% to 25,678.82 as a one-day chip rebound lost momentum. Gold dropped below $4,200 an ounce — its lowest since March 23 — while crude oil climbed back toward $89 per barrel on renewed escalation fears.
Iran targeted Bahrain, Kuwait and Jordan after the U.S. strikes, while Trump maintained a deal with Tehran was only days away. China's wholesale inflation hit a near four-year high in May. India's growth story faces mounting foreign investor outflows. Rajesh Exports hit a 5% lower circuit for a fifth straight session. Meta partnered with Reliance for its first AI data center in India. Musk's xAI and SpaceX faced a class action over data center noise. Apple unveiled a long-delayed Siri overhaul at its annual developers conference.
Asian markets open lower Wednesday, with South Korea's Kospi leading the declines
Asian markets opened lower Wednesday, with South Korea's Kospi leading the declines, down over 2%. Japan's Nikkei 225 dropped 0.71%, while Australia's benchmark S&P/ASX 200 was marginally lower. Tensions in the Middle East ramped up again on Tuesday evening, after U.S. forces launched strikes against Iran "in response to yesterday's downing of a U.S. Army Apache helicopter," U.S. Central Command said. President Donald Trump had earlier accused Iran of shooting down the helicopter, which he said was patrolling over the Strait of Hormuz.
S&P 500 and Nasdaq close lower as chip stock rebound fails
The S&P 500 and Nasdaq Composite dropped on Tuesday, even as oil prices pulled back, as a surge in chip stocks lost momentum after a one-day rally. The broad market index fell 0.26% to close at 7,386.65, while the Nasdaq Composite moved down 0.97% to 25,678.82. The Dow Jones Industrial Average gained 86.10 points, or 0.17%, to end at 50,872.11. The iShares Semiconductor ETF (SMH) shed 1% following a 6% rebound on Monday. The ETF had tumbled 10% on Friday for its worst day in six years as investors feared the AI-driven run in chips had risen too far, too fast.
Gold dropped below $4,200 an ounce on Wednesday, falling to its lowest level since March 23
Gold dropped below $4,200 an ounce on Wednesday, falling to its lowest level since March 23 after the US launched new strikes against Iran following the downing of an American helicopter, driving oil prices higher and fuelling inflation concerns. The latest escalation has cast doubt on the durability of a fragile ceasefire and the prospects for a broader peace agreement, while extending the near-complete closure of the Strait of Hormuz. Rising energy costs linked to the conflict have heightened fears of persistent inflation and the possibility of further central bank tightening, weighing on non-yielding assets such as gold. Meanwhile, investors looked ahead to the release of US inflation figures for fresh clues on the Federal Reserve's policy path.
Crude oil climbed toward $89 per barrel on Wednesday, recovering part of the previous session's losses
Crude oil climbed toward $89 per barrel on Wednesday, recovering part of the previous session's losses after the US launched new strikes against Iran following the downing of an American helicopter, raising concerns over the durability of a fragile ceasefire and the outlook for a longer-term peace agreement. The US military said President Donald Trump ordered the "self-defense strikes" in response to an Apache helicopter being shot down. Iranian Foreign Minister Abbas Araghchi responded that Iran's armed forces would not leave any attack or threat unanswered. Oil prices had tumbled as much as 5.9% on Tuesday after Israel and Iran agreed to suspend hostilities following a renewed flare-up in the conflict.
Tehran targets Bahrain, Kuwait and Jordan after U.S. strikes Iranian assets
Iran targeted several Gulf countries after the U.S. launched attacks on the Middle Eastern nation earlier on Tuesday stateside. Jordan's military said Wednesday local time that it had intercepted five Iranian missiles, according to state media, while Bahrain sounded alarms and Kuwait activated its air defenses to intercept "hostile aerial targets." U.S. forces on Tuesday evening launched strikes against Iran "in response to yesterday's downing of a U.S. Army Apache helicopter," U.S. Central Command said. The "self-defense strikes" are "a proportional response to unjustified Iranian aggression," Centcom said in an X post.
China May wholesale inflation hits near 4-year high on Iran war-led higher input costs, AI boom
China's wholesale prices rose at the fastest pace in nearly four years in May, driven by surging raw material costs due to the Iran war and an artificial intelligence investment boom, while consumer inflation came in below estimates. The producer price index jumped 3.9% from a year ago, the highest since July 2022, topping economists' forecast of 3.8%, and outpacing 2.8% in April, according to data released by the National Bureau of Statistics on Wednesday. Wholesale prices returned to growth in March as the input cost surge stemming from the Middle East conflict lifted the economy out of its longest deflationary streak in decades. The Iran war has throttled traffic through the Strait of Hormuz, disrupting energy and raw material flows. Factories' purchasing prices for fuel and power climbed 10% year on year in May, widening from 4.4% in April. Costs for non-ferrous metal materials and wires surged 22%.
Trump repeats claims that Iran deal is only 'days' away, despite recent strikes
U.S. President Donald Trump repeated the claim that a deal to end the war in Iran could be reached in "two or three days," and that the critical Strait of Hormuz would reopen "immediately" after such a deal. Speaking to reporters after attending Monday's NBA Finals in New York, Trump said that the two parties are in the final stages of a "very, very good deal that will not in any way allow nuclear weapons." Sky News Arabia reported Monday that a draft agreement had been sent to the U.S. for review and that it is "preliminarily acceptable" to the White House. "He is not going to be rushed into making a bad deal," the official continued. The fragile ceasefire in the Middle East frayed over the weekend, as Iran and Israel traded strikes for the first time since it came into effect in mid-April.
India's growth story faces its toughest test yet in Modi's third term
In his 12th year as Prime Minister, Narendra Modi continues to be popular in India — but the world's fastest-growing major economy is no longer so popular among global investors. India's growing reputation as an anti-artificial intelligence trade, combined with the economic strain of the prolonged conflict in the Middle East on the Indian economy, is leading to a record exodus of foreign investors from the country, experts said. Foreign portfolio investors have sold Indian equities worth $29.5 billion so far this year, after selling $18.9 billion last year. On the foreign direct investment front, India has attracted gross capital of over $90 billion on a 12-month trailing basis ending January 2026, up 13% year on year. But this was eclipsed by higher repatriation of capital by foreign firms and a rise in overseas investment by Indian companies, taking net FDI to a "near all-time low."
Scandal-hit Rajesh Exports shares hit 5% lower circuit for fifth straight session
Shares of Rajesh Exports remained under intense selling pressure on Wednesday, June 10, with the stock hitting its 5% lower circuit for the fifth consecutive trading session after the Securities and Exchange Board of India (SEBI) levelled serious allegations against the company. The stock was locked at ₹85.35 apiece and has witnessed a sharp erosion in investor wealth since the regulator's interim order. Following the allegations, Rajesh Exports shares have fallen 22.6% in the last one week, 30% over the past month, 55% in six months and 58% over the last year. The pressure on the stock intensified further after reports suggested that the Ministry of Heavy Industries (MHI) could soon decide whether to remove Rajesh Exports from the list of beneficiaries under the government's production-linked incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage.
Meta ties up with Ambani's Reliance for AI data center in India
Facebook-parent Meta said on Wednesday that it has tied up with Indian billionaire Mukesh Ambani's Reliance Industries for the U.S. company's first AI-enabled data center in India. Reliance will build a data center with 168 MW capacity in Jamnagar in the western Indian state of Gujarat, which Meta will lease, with options to scale, according to the statement. Meta said India's massive user base and fast-growing digital economy make it an ideal place to invest. India's data center market is projected to nearly double to $13.11 billion by 2034, fuelled by digital transformation, cloud adoption and rising AI workloads, according to consulting firm IMARC Group.
Musk's xAI, SpaceX hit with class action over data center 'nuisance'
Elon Musk's xAI and SpaceX have been sued by Mississippi residents who say a power plant fuelling nearby data centers is blasting "omnipresent and inescapable" noise that has eroded their health and home values. The lawsuit, made public on Tuesday in federal court in Oxford, Mississippi, claims Musk's companies negligently failed to curb the disturbance and created a public nuisance through excessive and offensive noise. Three residents filed the case on behalf of a class estimated at more than 10,000 members. "The artificial intelligence (AI) boom is wreaking havoc on communities across the United States" by subjecting thousands of residents to near-constant noise and vibrations, the lawsuit said. The plaintiffs are seeking damages for alleged emotional distress, reduced property values and other harms, as well as disgorgement of an unspecified amount in profits.
Apple bets on overdue Siri fix to close AI gap
Apple on Monday rolled out a long-delayed overhaul of Siri, betting the upgraded assistant can help close the gap with Big Tech rivals and new-age startups in the crucial AI race. The revamp, unveiled at its annual Worldwide Developers Conference in Cupertino, California, introduces "Siri AI," a more conversational assistant with a standalone app and the ability to analyse what is on a user's screen and pull in information from the web. The update comes two years after Apple first promised major upgrades that were repeatedly delayed. Apple said users would be able to revisit past Siri conversations, while the assistant can locate details such as an address mentioned in a message even if it was never formally saved.
