Asian tech stocks jumped after Micron Technology said it had secured $22 billion in memory chip commitment orders and Qualcomm forecast $15 billion in data-center business sales by 2029. Japan’s Nikkei rose more than 2%, South Korea’s KOSPI gained 5.5%, and MSCI’s Asia-Pacific ex-Japan index added 1.3%. Nasdaq futures climbed 1.8% and S&P 500 futures rose 0.5%. Oil prices fell on easing geopolitical tensions, a move not directly tied to the tech-led market rally.

U.S. stocks finished mixed, with the Nasdaq and S&P 500 closing lower and the Dow edging higher as pressure on tech shares persisted. Tech weakness erased more than $1 trillion from the Nasdaq over the week. Oil slid to its lowest level since the Iran conflict began, as more tankers transited the Strait of Hormuz and President Donald Trump said Iran was not charging tolls. Investors also focused on the possibility of a second Fed rate hike by December and Thursday’s PCE inflation report.

The United Arab Emirates has formally left OPEC, a move that reduces the group’s projected share of global crude output in 2025 from 35% to 31%. OPEC+’s share is also set to slip from 46% to 42% once the UAE is excluded. The UAE, an OPEC member since 1967 and long the bloc’s third-largest producer by capacity, is leaving amid rising geopolitical risks around the Strait of Hormuz.

India’s fertiliser subsidy outlay is highly sensitive to international crude prices, and a sustained USD 80–90 a barrel range could add about Rs 70,000 crore to spending in FY27. That would imply a 30–40% increase in the subsidy bill and put pressure on the government’s fiscal deficit targets. The strain could also weigh on nontax revenue and corporate tax contributions linked to oil-sector entities, according to Bank of Baroda.

The dollar index (DXY) rose to 101.44 on Wednesday, its highest level in 13 months since May 13, 2025. Demand was supported by safe-haven buying after a sharp pullback in global technology shares and by firmer expectations for Fed rate hikes. Markets are pricing a 37% chance of a 25-basis-point hike in July and 70% in September, according to CME FedWatch. The yen slid to 161.57, while the euro touched $1.1375 and sterling and the New Zealand dollar also came under pressure.

Global equities fell on Tuesday after a broad selloff in technology and semiconductor shares sent the Nasdaq down 2.2%. Nvidia slid 4% and Tesla fell nearly 6% as investors took profits ahead of Micron’s earnings. Gold dropped 1.93% to $4,109.49 an ounce, pressured by higher U.S. yields and a stronger dollar. Brent crude stayed below $80 a barrel after a 60-day U.S. waiver of Iran sanctions eased supply concerns.

Global equities fell on Tuesday, with the Nasdaq down 1.6% and the S&P 500 off 1% as chip stocks slid 7%. Markets positioned for a more aggressive Federal Reserve response to inflation, pushing the 2-year U.S. Treasury yield to a 16-month high and leaving money markets close to fully pricing a rate hike by September. Oil held below $80 a barrel after a temporary waiver on Iran sanctions eased supply worries, while the yen hovered near 40-year lows and gold fell 1.5%.

Global technology stocks extended losses for a second session, with the Nasdaq falling more than 2% and the S&P 500 down 1.6%. Micron Technology tumbled more than 11%, while semiconductor shares in South Korea and Japan also sold off sharply. Investors have focused on surging AI-related compute costs and tighter memory-chip supply that has pushed prices higher, alongside hawkish signals from the U.S. Federal Reserve that have revived expectations for two rate hikes this year. A U.S. waiver of sanctions on Iranian oil and petrochemical exports has also stirred concerns about renewed energy-driven inflation, though it has not disrupted supply, according to ANI.

Repeated Ukrainian drone strikes on Russian refineries in recent months have tightened fuel supplies, triggering gasoline shortages, surging prices and long lines at filling stations in several regions. The Moscow Exchange index slid to a three-year low, while the rouble weakened past 75 to the U.S. dollar for the first time since May 6. Russia’s central bank warned that reduced fuel output could push inflation higher. The disruptions amount to a material shock to global oil supply by directly affecting refining.