SoftBank shares surge over 5.7%
Shares of SoftBank Group surged as much as 5.74% Tuesday, extending its gains for the third straight session.
SoftBank Group shares
The Japanese investment firm is reportedly set to build a small data center by the end of the year, alongside and ChatGPT creator OpenAI, the Wall Street Journal reported, citing sources familiar with the matter.
The data center is likely to be built in Ohio, the report added.
The three companies are leading a $500 billion partnership, dubbed “Stargate” to bolster U.S. artificial intelligence infrastructure.
The companies, however, had not found common ground over crucial terms of the partnership, including where to build the sites, the Wall Street Journal’s report said.
— Amala Balakrishner
Singapore stocks break 11-session rally
Singapore’s 30-stock benchmark Straits Times Index broke its 11-session winning streak on Tuesday, and traded in negative territory.
Straits Times Index
The index was down 0.19% at 4,199.11 as of 10:18 a.m. local time (10.18 p.m. ET Monday), with losses led by the financial, utilities and technology sectors.
The worst-performing stocks were Wilmar International, which slipped 0.99%, Frasers Centrepoint Trust, which dropped 0.9% and Keppel, which lost 0.69%.
— Amala Balakrishner
Chinese and Hong Kong stocks rise in early trade
Chinese and Hong Kong stocks started the day higher Tuesday, following a rise in the other key Asia-Pacific markets.
As of 9.37 a.m. local time (9.37 p.m. ET Monday), the Hang Seng Index added 0.28%, while mainland’s CSI 300 moved up 0.13%.
— Amala Balakrishner
Japan’s Nikkei 225 share average rises in early trade
Japan’s rose in early trade Tuesday, as markets reopened after the ruling party lost its majority in the upper house over the weekend.
The 225-stock share average advanced 1.12% to hit 40,254.18 at 9.17 a.m. local time (8.17 p.m. ET Monday), while the broader Topix index added 0.96% to 2,861.63.
Nikkei 225
South Korea’s trade and finance minsters to meet U.S. counterparts for trade talks on Friday, Reuters reports
South Korea’s new finance minister, Koo Yun-cheol, and minister for trade, Yeo Han-koo, are set to hold trade talks with their U.S. counterparts, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer, this Friday, Reuters reported Tuesday.
The country’s foreign and industry ministers will also visit the U.S. for trade discussions as early as this week, Koo told reporters.
This comes as imports from the East Asian country to the U.S. have been slapped with tariffs of 25% starting August 1. This was the same level imposed by U.S. President Donald Trump in April.
— Amala Balakrishner
Asia-Pacific markets start the higher
Asia-Pacific markets opened higher Tuesday.
As of 8.10 a.m. Singapore time (8.10 p.m. ET), Japan’s Nikkei 225 benchmark added 0.91% while the broader Topix index increased by 0.83%.
In South Korea, the Kospi index ticked up 0.1% while the small-cap Kosdaq advanced 0.7%.
Over in Australia, the S&P/ASX 200 benchmark rose 0.54%.
— Amala Balakrishner
Here are the opening calls for the day
Good morning from Singapore.
Investors will be keeping a close watch on Japan’s equity and bond markets, which will reopen after a national holiday following its election.
The Japanese yen strengthened against the greenback on Monday, after weakening in the weeks leading up to the election.
Japan’s benchmark Nikkei 225 was set to open higher, with the futures contract in Chicago at 39,830 while its counterpart in Osaka last traded at 39,820, against the index’s last close of 39,819.11.
Futures for Hong Kong’s Hang Seng index stood at 25,049, pointing to a stronger open compared with the HSI’s Monday close of 24,994.14.
Australia’s S&P/ASX 200 was set to start the day lower with futures tied to the benchmark at 8,660, compared with its last close of 8,668.20.
— Amala Balakrishner
U.S. equity futures rise in early Asia hours
‘Small surprises could trigger sharp reactions,’ strategist says
The stock market may be unusually calm, with the CBOE Volatility Index (VIX) remaining notably muted all month in spite of ongoing risks around trade and inflation, one strategist said. However, that could change quickly in the coming weeks.
“With next week bringing the FOMC meeting, GDP data, a key tariff deadline, and a wave of earnings — in a historically weak window for the markets — even small surprises could trigger sharp reactions,” wrote Mark Hackett, chief market strategist at Nationwide. “We’re in a window where calm can quickly turn to complacency.”
“While a break in either direction is possible, current positioning suggests we’d bet on a rally before a drop,” Hackett wrote.
— Sarah Min
S&P 500, Nasdaq hit record closing highs
The S&P 500 and the Nasdaq Composite finished Monday’s session with fresh closing records after both indexes scored new all-time intraday highs.
The broad market S&P 500 gained 0.14% to close at 6,305.60, while the tech-heavy Nasdaq climbed 0.38% to end at 20,974.17. In contrast, the blue-chip Dow Jones Industrial Average declined 19.12 points, or 0.04%, to finish at 44,323.07.
— Sean Conlon
