Daily News
Asian Markets Mixed as Nikkei Slips 0.1% and Hang Seng Gains 0.66%; Dow Tumbles Over 600 Points as Oil Tops $100 on Iran Fears; Gold Holds Near $4,000; Brent Eases to $114.52
26 October 2026
Today in Brief
Asian markets were mixed, with Japan’s Nikkei 225 losing 0.1% while the broader Topix gained 0.54%, South Korea’s Kospi declining 0.21% and the small-cap Kosdaq dropping 1.67%, Hong Kong’s Hang Seng Index gaining 0.66% and mainland China’s CSI 300 down 0.54%. U.S. stocks fell Friday as the prior session’s tech sell-off spread to other areas of the market — the Dow dropped 652.82 points, or 1.23%, to 52,215.16, the S&P 500 slipped 0.52% to 7,623.68, and the Nasdaq Composite lost 0.21% to 25,955.34 — with defensive sectors including consumer staples, utilities and healthcare also lower. Gold traded around $4,000 an ounce on Monday, hovering near its lowest level in more than three months, while crude oil eased in Asia, with Brent futures falling 2.20% to $114.52 a barrel and U.S. West Texas Intermediate sliding 2.24% to $101.03, retreating from recent highs despite fears that strikes against Iran could resume after the midterm elections.
In other news: Saudi Arabia said it intercepted drones and missiles fired by Iran-backed Houthis at several cities including Riyadh; President Trump said it is “getting to be decision time” on whether to make a deal with Tehran or resume attacks; White House adviser Kevin Hassett said the U.S. and Canada are “very close” to a trade deal; Trump signed an executive order aimed at reducing single-family housing costs; Elon Musk said SpaceX closed $40 billion in debt financing for GPUs; Amazon CEO Andy Jassy said AWS capacity is largely sold out through 2027; Mukesh Ambani’s Jio Platforms became India’s most subscribed IPO with more than $77 billion in bids; and SK Hynix put a planned U.S. IPO of its Solidigm chip unit on hold.
Asian markets were mixed. Japan’s benchmark Nikkei 225 lost 0.1%
Asian markets were mixed. Japan’s benchmark Nikkei 225 lost 0.1%, but the broad-based Topix was up 0.54%. South Korea’s Kospi declined 0.21%, while the the small-cap Kosdaq saw a larger loss, dropping 1.67%. Hong Kong’s Hang Seng Index gained 0.66%, and mainland China’s CSI 300 was down 0.54%. Oil prices were lower on Monday in Asia, with Brent futures falling 2.20% to trade at $114.52 a barrel while U.S. West Texas Intermediate slid 2.24% to $101.03 per barrel. Brent crude had hit its highest level since April last Friday amid news reports that the U.S. and Israel could be planning to launch strikes on Iran after the midterm elections.
Dow tumbles more than 600 points as oil prices rise and market sell-off hits most sectors
The Dow slid on Friday as a sell-off in tech in the prior session shifted to other areas of the market and U.S. oil prices topped $100 a barrel amid rising fears that the U.S.-Iran conflict would flare up again. The Dow Jones Industrial Average dropped 652.82 points, or 1.23%, to settle at 52,215.16, while the S&P 500 slipped 0.52% to 7,623.68. The Nasdaq Composite lost 0.21% to close at 25,955.34. More defensive stocks came under pressure on Friday, with the consumer staples, utilities and healthcare sectors all lower.
Gold traded around $4,000 an ounce on Monday
Gold traded around $4,000 an ounce on Monday, hovering near its lowest level in more than three months as investors weighed escalating geopolitical tensions in the Middle East and prepared for key central bank decisions this week. The Trump administration is weighing whether to pursue a deal with Iran or resume military strikes following next week’s midterm elections, amid growing threats to Americans across the region. Tehran is reportedly ready to retaliate, potentially targeting Israel and the UAE. The Middle East conflict has driven energy prices sharply higher this year, fuelling inflation concerns and strengthening expectations of higher interest rates, which tend to pressure non-yielding assets such as gold. Meanwhile, the Federal Reserve is widely expected to leave interest rates unchanged this week, before potentially raising them in December.
Crude oil fell to around $101 per barrel on Monday, retreating from recent highs
Crude oil fell to around $101 per barrel on Monday, retreating from recent highs despite fears that strikes against Iran could resume following this week’s Israeli elections and next week’s US midterm elections. President Donald Trump said on Sunday that he would soon decide whether to pursue a deal with Tehran or restart military operations, as threats from Iran and the Houthis against Americans in the Middle East continue to escalate. Iran is reportedly prepared to retaliate, potentially targeting Israel and the UAE. Meanwhile, clashes between Saudi Arabia and Iran-backed Houthi rebels intensified over the weekend, with the rebel group claiming to have targeted King Khalid International Airport in Riyadh in response to Saudi strikes on Sanaa and other parts of Yemen on Saturday.
Saudi Arabia says it intercepted missiles and drones from Iran-backed Houthis
Saudi Arabia intercepted drones and missiles headed for several cities, including the capital Riyadh, fired by Iran-aligned Houthis on Sunday, the Saudi-led coalition in Yemen said. The ongoing fighting between Saudi Arabia and the Yemen-based Houthis, combined with remarks by President Donald Trump last week suggesting that the U.S. and Israel are planning fresh strikes on Iran after the Nov. 3 midterm elections, drove oil prices to a six-month high Friday. The official Saudi Press Agency quoted the spokesperson of the Saudi-led Coalition to Restore Legitimacy in Yemen, Turki Al-Maliki, as saying two drones and a ballistic missile were “intercepted and destroyed” as they headed toward Riyadh.
President Donald Trump said it’s “getting to be decision time” on whether he will make a deal with Tehran or resume attacks
President Donald Trump said it’s “getting to be decision time” on whether he will make a deal with Tehran or resume attacks as Iranian and Houthi threats against Americans continue to grow. The US is reducing diplomatic and military staffing in parts of the Middle East amid growing threats from Iran and the Iran-backed Houthi militants in Yemen. Iran is preparing to retaliate across the Middle East, including against Israel and the United Arab Emirates, in the event of a fresh US bombing campaign.
U.S, Canada “very close” to trade deal, White House’s Hassett says
The United States and Canada are “very close to finally having a deal” on trade, White House economic adviser Kevin Hassett said on Sunday, as talks are “gathering steam.” Commerce Secretary Howard Lutnick has spoken with Canadian counterparts all week, Hassett said on Fox News. Canadian elections, including a vote on Alberta secession, had made negotiations “impossible,” he said. Hassett called the U.S. economy “about the best economy we’ve ever seen,” with growth of 3% or 4%. He said falling energy prices would lift growth higher, adding that U.S. President Donald Trump has said they will “drop like a rock.” Energy prices remain a pressure point amid the Iran war and Iran’s effective shutdown of the Strait of Hormuz, where roughly 20% of the world’s oil is exported. Annual consumer price inflation ticked up to 3.7% in September from 3.4% in August.
Trump signs order aimed at reducing single-family housing costs
US President Donald Trump on Thursday signed an executive order aimed at reducing expenses for homeowners by lowering insurance premiums, refinancing costs and interest rates on certain government-backed home loans, the White House said. High home prices and elevated mortgage rates have put pressure on the Trump administration to deliver meaningful relief as affordability has emerged as a political vulnerability for Republicans ahead of the November midterm elections. Trump’s order directs the Federal Housing Finance Agency to launch a pilot program to cancel borrowers’ mortgage insurance premiums once they meet equity requirements based on current market values. It also makes permanent an FHFA pilot program waiving title insurance requirements for mortgage refinancings.
Musk says SpaceX raised $40 billion in debt deal, predicts neocloud shakeout
Elon Musk said on Sunday that SpaceX had closed $40 billion in debt financing for graphics processing units, underscoring the soaring cost of building AI computing capacity. Musk, in a post on X, attributed the successful debt raise to the company’s investment-grade status and revenue from its Starlink satellite internet and launch businesses. It was not immediately clear from Musk’s post what he meant by the deal being “closed” or whether investors had agreed to pricing for the debt. “This is primarily callable debt for GPU purchases that will arrive in Q1 and Q2. Not a major factor this quarter,” Musk said in the post. For the fourth quarter, the company expects $35 billion to $40 billion in capital expenditure, according to Chief Financial Officer Bret Johnsen. Reuters reported earlier this month that SpaceX was in talks with banks and asset managers to raise $40 billion for the purchase of Nvidia artificial intelligence chips.
Amazon cloud capacity sold out through 2027, CEO Jassy says
Amazon CEO Andy Jassy said on Friday that Amazon Web Services’ cloud computing capacity is largely sold out through 2027, with significant commitments extending into 2028, on growing demand for AI infrastructure. In a video podcast with Andreessen Horowitz co-founder Ben Horowitz and general partner Erik Torenberg, Jassy said Amazon is struggling to keep pace with the insatiable demand from AI labs and enterprises. Earlier this year, Amazon had said it would spend about $220 billion in capital expenditure for 2026. Jassy said the company “could invest a lot more and it wouldn’t be a bad use of capital,” considering cloud-computing capacity for 2026 is already sold out “2027 is largely sold out. We always leave a certain amount for on demand and our inference service bedrock, or EC2, but largely sold out all the big chunks. A good chunk of 2028 is sold out,” he said
Ambani’s Jio becomes most subscribed Indian IPO with $77 billion in bids
Bids for billionaire Mukesh Ambani’s first IPO in 20 years topped $77 billion on Friday, making Jio Platforms India’s most subscribed stock offering as it surpassed the 2008 issue of Reliance Power, part of his brother Anil’s group. The IPO of Ambani’s telecoms and digital business is seen as a test of investor appetite for large listings at a time when AI-linked stocks are facing increased scrutiny. Jio Platforms, whose mobile network serves more than 500 million users in India, is launching its initial public offering during the Hindu festive season which is viewed as lucky. The IPO values Jio Platforms at up to $108.3 billion, potentially making it one of India’s biggest companies by market capitalisation when trading starts on Wednesday.
SK Hynix puts US IPO of chip unit Solidigm on hold after Seoul authorities raise concerns
SK Hynix on Friday put on hold a planned US listing for its Solidigm chip unit due to market volatility — a move which also comes after South Korean authorities raised concerns that the deal could undermine shareholder interests. A listing of Solidigm, a former Intel business that specialises in NAND flash memory and solid-state drives, had been under consideration to help fund a new US factory and meet surging demand for chips in AI data centres. It could also have funded share cancellations and buybacks, SK Hynix said in a statement. People familiar with the now-suspended IPO plans had said that the share sale could have raised $15 billion and valued the unit at $150 billion.