Equity Alert
Asian markets jittery; UAE move to leave OPEC raises concerns
This story was originally published at 08:58 IST on 29 April 2026
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Equity Alert: Asian markets jittery; UAE move to leave OPEC raises concerns
MUMBAI--0820 IST--Asian indices were muted Wednesday as market participants were jittery after the United Arab Emirates said it will leave the Organization of the Petroleum Exporting Countries after 60 years of participation from May 1. Brent crude oil futures hovered above $110 per barrel, and concerns about the war in West Asia prolonging capped gains in equities.
"With the UAE leaving, Opec loses about 15% of its capacity and one of its most compliant members," Saul Kavonic, head of energy research at MST Financial, told BBC.
Meanwhile, the Hang Seng index defied the broader market sentiment to be up over 1%. South Korea's benchmark KOSPI was marginally lower as heavyweights Samsung Electronics Co., SK Hynix, LG Energy Solution, and Hyundai Motor Co. fell almost 1?ch.
On the macroeconomic front, Australia's inflation jumped to 4.6% in the year to March, from 3.7% in February. This is the steepest rise in the country's inflation in two years and it was driven higher by high energy prices. The case for the Reserve Bank of Australia hiking its interest rates next week has strengthened after this higher-than-expected inflation print. Australia's benchmark S&P ASX 200 was down 0.2%.
Following were the levels of major Asian indices at 0818 IST:
|
Index |
Level |
Change in % |
| CSI 300 Index | 4764.5995 | 0.13 |
| Hang Seng Index | 25939.08 | 1.01 |
| Nikkei 225 Day | 59917.46 | (-)1.02 |
| TOPIX FIRST SECTION | 3772.19 | 0.99 |
| KOSPI | 6637.15 | (-)0.06 |
| FTSE Singapore Strait Times | 4859.46 | (-)0.58 |
| S&P/ASX 200 INDEX | 8703.70 | (-)0.08 |
(Ruchira Kagita)
Equity Alert: US indices end lower Tue on renewed concerns over tech stocks
MUMBAI--0805 IST--US indices ended lower Tuesday after touching record highs the previous session as renewed concerns of an artificial intelligence boom triggered a sell-off in shares of major chip-makers and companies in allied businesses. The fall comes ahead of the quarterly earnings announcement by five of the US technology sector's "Magnificent Seven" companies this week.
On Monday, a report by The Wall Street Journal said that OpenAI recently missed its targets for revenue and new user growth. The report claimed that OpenAI's Chief Financial Officer Sarah Friar told other company leaders that the AI developer might not be able to finance future computing contracts if the top line growth does not pick up fast enough.
Following the report, stocks of major chipmakers tumbled, with VanEck Semiconductor ETF (SMH), Broadcom, and
Advanced Micro Devices sliding 3–4%, while industry leader Nvidia shed 2%. Shares of Oracle, which engages closely with OpenAI, fell 4%.
Investors will keep an eye out for the earnings of Alphabet, Amazon, Meta Platforms, and Microsoft, which are slated to come out Wednesday, while those of Apple are due Thursday.
As negotiations between the US and Tehran have seemingly reached a standstill, Brent crude oil prices remained over $111 per barrel, further weighing on investor sentiment. On Monday, White House press secretary Karoline Leavitt confirmed that US President Donald Trump and his national security team have discussed Iran's proposal to reopen the Strait of Hormuz if the US lifts its blockade.
Following are the closing levels of US indices on Tuesday:
|
US Indices |
Levels |
Change in % |
|
Dow Jones Industrial Average |
49141.93 | (-)0.05 |
|
NASDAQ Composite |
24663.80 | (-)0.9 |
|
S&P 500 |
7138.80 | (-)0.49 |
(Shruti Nair)
US$1 = INR 94.54
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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