Daily News 29th June 26
Daily News
Asia Mixed as U.S.–Iran Attacks Escalate; Nasdaq Posts Fifth Losing Session; Gold Slips to $4,050; Crude Recovers to $70; China Widens Japan Export Curbs; Venezuela Quake Toll Hits 1,450
29 June 2026
Today in Brief
Asia-Pacific markets opened mixed on Monday as renewed U.S.–Iran military exchanges rattled sentiment: Japan's Nikkei 225 slipped 0.35%, South Korea's Kospi dropped 2.29%, while Australia's S&P/ASX 200 edged 0.41% higher. On Friday, the Nasdaq Composite extended its losing run to five consecutive sessions, falling 0.24% to close at 25,297.62, dragged down by chip stocks following reports OpenAI may delay its IPO; the S&P 500 lost 0.05% for the week (–2%) while the Dow outperformed, rising 0.6%.
Gold slipped to around $4,050 an ounce on Monday, snapping a two-day rebound as Hormuz tensions rekindled inflation fears, though both sides agreed to suspend further strikes ahead of Doha peace talks. Crude oil recovered to around $70 per barrel after hitting four-month lows, with U.S. and Iranian officials set to meet in Doha on Tuesday. China escalated its export-curb campaign against Japan, blacklisting four defence research institutes and targeting units of Mitsubishi Electric and Mitsubishi Heavy Industries. Saudi Aramco's Ras Tanura helicopter crash killed 14 nationals; Venezuela's earthquake death toll climbed to 1,450. On the tech front, Google limited Meta's access to Gemini AI capacity; SpaceX rose ahead of Russell index inclusion with Nasdaq 100 entry set for July 7; U.S. regulators closed a steering probe covering 376,000 Tesla EVs; and Australia doubled potential penalties for tech firms breaching its under-16 social media ban.
Asia mixed as renewed U.S.–Iran attacks push oil prices up
Asia-Pacific markets traded mixed early Monday following the latest developments in the Middle East. Japan's Nikkei 225 slipped 0.35% while the Topix rose 0.43%. The Kospi dropped 2.29% at open, while the small-cap Kosdaq added 0.97%. Australia's benchmark S&P/ASX 200 was 0.41% higher. The U.S. attacked Iranian military targets over the weekend in retaliation to Tehran carrying out strikes along the Strait of Hormuz.
Nasdaq Composite posts fifth losing session Friday as chip stocks tumble
The Nasdaq Composite posted its fifth consecutive losing session Friday as investors rotated out of key technology stocks and into more defensive areas of the market. The tech-heavy index dropped 0.24% to close at 25,297.62, while the S&P 500 ticked down 0.05% to 7,354.02. The Dow Jones Industrial Average shed 44.51 points, or 0.09%, to end at 51,876.11. The S&P 500 slid nearly 2% on the week, while the Nasdaq fell 4.6% in the period. The Dow outperformed, rising 0.6% week to date. Chip stocks were weaker after a New York Times report that OpenAI is considering delaying its IPO to next year because of SpaceX's poor performance following its debut and overall volatility in AI-related shares.
Gold fell to around $4,050 an ounce on Monday, snapping a two-day rebound
Gold fell to around $4,050 an ounce on Monday, snapping a two-day rebound as renewed exchanges of attacks between the US and Iran over the Strait of Hormuz lifted oil prices and rekindled inflation concerns. The conflict escalated since Thursday, with Iran targeting a container ship, a vessel carrying Qatari oil, and military bases in Kuwait and Bahrain, prompting multiple US retaliatory strikes. However, both sides later agreed to suspend further attacks ahead of peace talks set to resume this week in Doha, Qatar. Meanwhile, data last week showed US PCE inflation broadly matched expectations, leading investors to slightly pare back bets on Federal Reserve rate hikes this year.
Crude oil climbed to around $70 per barrel on Monday, recovering modestly from four-month lows
Crude oil climbed to around $70 per barrel on Monday, recovering modestly from four-month lows after a series of tit-for-tat attacks between the US and Iran over the Strait of Hormuz. The two sides, however, agreed to halt further strikes ahead of peace talks set to resume later this week. The exchange of attacks began on Thursday when Iran targeted a container ship, prompting US strikes the following day. Washington launched another round of attacks on Saturday after Tehran struck a vessel carrying Qatari oil. Meanwhile, Axios reported that US and Iranian officials are scheduled to meet in Doha on Tuesday to discuss the Strait of Hormuz and other issues aimed at ending the conflict.
China widens Japan export curbs, targeting drone makers, nuclear firms and defense institutes
China on Monday blacklisted four Japanese government defense research institutes and imposed tighter export restrictions on dozens of other Japanese entities, escalating a months-long campaign to limit Tokyo's access to Chinese-origin dual-use goods. The Ministry of Commerce added 20 entities, including the National Institute for Defense Studies and research centers for ground, naval, and air systems, to the export control list. Several units under Mitsubishi Electric and Mitsubishi Heavy Industries were also targeted. Domestic exporters, as well as overseas organizations or individuals, are prohibited from transferring Chinese-origin dual-use items to the named entities, according to the statement, adding that any ongoing activities must stop immediately.
U.S., Iran pause hostilities as Hormuz shipping resumes after weekend clashes
The U.S. and Iran agreed Sunday to pause hostilities and allow commercial vessels to transit the Strait of Hormuz freely, following a weekend of military exchanges that threatened to derail negotiations aimed at ending their conflict. "Technical talks are slated to continue on all areas of the MOU," a U.S. official told CNBC on Sunday. "Both sides will stand down for now and vessels can move freely." The understanding follows renewed fighting over the weekend, after the United States struck Iranian military targets in response to Tehran's latest attacks on shipping in the strategically important waterway. Iran's attacks prompted U.S. President Donald Trump on Sunday to again threaten Iran with annihilation.
Saudi Aramco helicopter crash kills 14 nationals, state news agency says
A helicopter belonging to Saudi oil giant Aramco crashed on Sunday in Ras Tanura on Saudi Arabia's eastern coast west of the Strait of Hormuz, killing 14 nationals, the state news agency reported, adding that the cause was unknown. Aramco had resumed crude oil loadings on Friday at its Ras Tanura terminal in the Gulf after they were halted for nearly four months. "Investigations are under way, with the participation of relevant authorities, to determine the causes of the helicopter crash," the state news agency added. Saudi Arabia, the world's biggest oil exporter, has joined a rush to move cargoes after Middle East producers ramped up oil and gas output and exports ahead of an interim deal to halt the war between the United States and Iran.
Venezuela quake death toll reaches 1,450 as rescue work goes on
Rescue teams raced on Sunday to find more survivors of the two powerful earthquakes that struck Venezuela this week, with signs of life bringing occasional relief to a grim quest to whittle down a list of tens of thousands missing. The death toll from Wednesday's twin earthquakes rose to at least 1,450 as of Saturday as foreign rescue teams poured into La Guaira, the hardest-hit state of a country already mired in a deep political and economic crisis. Dozens of buildings collapsed into piles of sand and rubble in the coastal state, about 40 kilometres (25 miles) north of Caracas. "We must report that the number of fatalities has reached 1,450 people, women and men who lost their lives as a result of the most brutal natural catastrophe that our country has ever suffered in its history," said interim President Delcy Rodriguez.
Google limits Meta's use of its Gemini AI models
Google has put limits on Meta's use of its Gemini AI models after the social media company sought more computing capacity than the rival tech group could provide, the Financial Times reported on Sunday. Google, owned by Alphabet, told Meta around March it could not meet the full Gemini capacity the company had sought to purchase, the newspaper said, adding that the shortfall disrupted and delayed some of Meta's internal AI projects. Several other Google clients have also been affected, though to a lesser extent, according to the report. Meta has been particularly impacted due to its exceptionally high demand for Google's models, the FT said.
SpaceX rises modestly ahead of Russell rebalance, Nasdaq entry next
Shares of SpaceX rose a marginal 0.15% on Friday ahead of its inclusion in Russell indexes, with passively managed funds tracking those benchmarks required to add billions of dollars' worth of Elon Musk's internet and rocket company to their holdings. Traders exchanged about $19 billion worth of SpaceX shares, with almost half of that turnover in the final minutes of the session. SpaceX will also be added to the tech-heavy Nasdaq 100 index on July 7, exchange operator Nasdaq confirmed, an event that will force large index funds such as the Invesco QQQ ETF, which tracks that index, to buy its shares. J.P. Morgan estimated that SpaceX's inclusion in the Nasdaq 100 could draw $4.3 billion in passive inflows.
US safety agency ends power steering probe into 376,000 Tesla EVs
U.S. safety regulators said on Saturday they had closed their probe into Tesla vehicles over power steering loss, in view of a company recall which was carried out last year. The National Highway Traffic Safety Administration (NHTSA) said the investigation, which had the status of an engineering analysis, covered about 376,241 Model 3 and Model Y vehicles from the 2023 model year. NHTSA opened a preliminary evaluation in July 2023 into loss of steering control reports in Tesla Model 3 and Y vehicles after some owners reported an inability to turn the steering wheel or an increase in required effort. Tesla recalled 376,000 of its vehicles in the U.S. in early 2025, due to a failure of the power steering assist feature that could make the vehicles harder to steer, particularly at low speeds, raising the risk of a crash.
Australia toughens kids' social media ban, doubles potential penalties for tech firms
Australia said on Saturday it would double the maximum penalty it can impose on tech firms that fail to uphold a ground-breaking social media ban for children, as evidence mounts that the ban has had little effect on teen use. The government will also strengthen the information-gathering powers of its internet regulator, the eSafety Commissioner, allowing it to compel social media companies to provide evidence of what they have done to stop under-16s from getting an account. Under the changes, the maximum penalty for systematic failures to uphold the ban jumps to A$99 million ($68 million) from A$49.5 million.
