Regional equities tumble after OpenAI reportedly pushes its IPO to 2026, while gold and oil face fresh catalysts from UBS and OPEC tensions.
Asian markets fell sharply as the New York Times reported OpenAI is likely delaying its IPO until 2026, sparking a tech-led selloff. The Nikkei dropped 4.5%, with SoftBank plunging over 12%, while South Korea’s KOSPI slid 6% amid broader risk aversion.
Tokyo’s core-core CPI rose to 1.9% in May, driven by Middle East-linked price pressures beyond energy. The PBOC set the USD/CNY reference rate at 6.8166, weaker than the 6.8015 estimate, signaling potential yuan depreciation.
UBS sees gold at $5,200/oz, calling the current dip a buying opportunity, while Iraq’s OPEC exit threat puts $50 oil in focus. Markets also await RBA Governor Bullock’s weekend remarks.