Asian Currencies Weaken as Stronger Dollar Weighs, Yen Supported by GPIF Repatriation Hopes 
Asia Stocks Slip as Iran-Hormuz Tensions Lift Oil Prices, Dollar and Bond Yields 
Iraq PM Visits Washington as U.S. Oil, Gas Deals Take Center Stage 
Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
South Korea Central Bank Set to Raise Interest Rates as Inflation Stays Elevated 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
European Stocks Slip as Middle East Tensions and Hormuz Threat Rattle Markets 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
Gold Price Holds Near $4,000 as Middle East Tensions and Fed Rate Hike Bets Grow 
South Korea’s KOSPI Triggers Trading Curb as AI Chip Stock Selloff Deepens 
Singapore GDP Grows 5.7% in Q2 2026 as AI-Driven Manufacturing Boosts Economy 
Gold Prices Fall as US-Iran Conflict, Rising Oil Prices Fuel Fed Rate Concerns 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Asian stock markets rallied on Friday as investors welcomed growing optimism over a potential Middle East peace agreement, easing concerns about global energy prices and inflation. The positive sentiment boosted equities across the Asia-Pacific region, while the U.S. dollar weakened, Treasury yields declined, and oil prices fell to their lowest levels in two months.
Investor attention is also focused on the historic market debut of Elon Musk’s SpaceX. The aerospace company completed the largest initial public offering (IPO) in history, raising a record $75 billion. The offering valued SpaceX at approximately $1.77 trillion, further cementing Musk’s status as the world’s first trillionaire.
Market optimism strengthened after U.S. President Donald Trump suggested that a peace deal involving Iran could be finalized as early as this weekend. Trump stated that negotiations had reached senior levels within Iran’s leadership and had gained support from key regional stakeholders. While previous diplomatic optimism has failed to produce a breakthrough, investors viewed the latest developments as a more credible step toward ending the three-month conflict.
The prospect of peace triggered a sharp decline in crude oil prices. U.S. West Texas Intermediate (WTI) crude fell 1.9% to $86.08 per barrel after dropping 2.6% in the previous session. Brent crude declined 1.5% to $89.08 per barrel, following an almost 3% overnight loss. Lower energy prices helped ease inflation concerns that had intensified during the conflict.
Asian equities responded strongly. Japan’s Nikkei 225 jumped 4.3%, Australia’s resource-heavy stock market gained 1.8%, and South Korea’s KOSPI surged 8.3%. Wall Street also posted significant gains overnight, with the Nasdaq rising 2.5%, supported by enthusiasm surrounding the SpaceX IPO.
Bond markets advanced as traders reduced expectations of additional Federal Reserve rate hikes. The probability of a rate increase in October fell to 36%, down from 51% previously. Two-year Treasury yields held near 4.07%, while benchmark 10-year yields remained around 4.46%.
The weaker dollar provided support for precious metals. Spot gold rose 0.2% to $4,222 per ounce after a strong overnight rally, while silver gained 0.3% to $67.52 per ounce. Meanwhile, the Japanese yen strengthened modestly, although traders remain alert to potential intervention from Japanese authorities as USD/JPY continues to hover near the critical 160 level.
