Overnight Headlines — 8th May 2026
Asian equities were broadly lower as renewed U.S.-Iran tensions around the Strait of Hormuz lifted oil and kept risk appetite fragile. U.S. futures were firmer into the European open, but today’s payrolls report, tariffs and Middle East headlines remain the key drivers.
Asia Snapshot
| Nikkei 225 | 62,474.77 | -0.57% |
| Shanghai Comp | 4,162.27 | -0.43% |
| Shenzhen Comp | 15,495.22 | -0.94% |
| Hang Seng | 26,335.94 | -1.09% |
| ASX 200 | 8,727.40 | -1.70% |
| KOSPI | 7,450.61 | -0.53% |
| STI | 4,917.79 | -0.49% |
| NZX 50 | 13,191.78 | -0.59% |
Asia traded lower across the board, led by Australia and Hong Kong, as geopolitical risk pushed oil sharply higher and investors moved cautiously ahead of U.S. payrolls.
Overnight Headlines
- Stock futures higher as traders monitor U.S.-Iran developments; April jobs report looms
- Asia-Pacific markets fall as renewed U.S.-Iran clashes keep investors on edge
- Record stock rally slips on Iran clash; oil gains
- Trade court rules against Trump’s new global tariffs
- Trump’s 10% global tariff ruled illegal by U.S. court
- Big Tech’s $725bn AI spending spree sends free cash flow to decade low
- Anthropic weighs deal for near $1tn valuation as revenue surges
- Gold on track for weekly gain as markets focus on U.S.-Iran deal prospects
- Labour suffers heavy early local election losses as Reform surges
- Gundlach takes longshot bet in case of U.S. debt restructuring
US Futures
| Dow Futures | 49,738 | +0.08% |
| S&P Futures | 7,377 | +0.19% |
Futures are holding modestly firmer despite the weaker Asia tone, helped by stabilisation after Thursday’s pullback.
US Close
| Dow Jones | 49,596.97 | -0.63% |
| Nasdaq | 25,806.20 | -0.13% |
| S&P 500 | 7,337.11 | -0.38% |
| Russell 2000 | 2,839.63 | -1.63% |
| VIX | 17.08 | -1.78% |
Wall Street finished lower, with small caps underperforming and the Dow leading losses as the rally paused into geopolitical and tariff headlines.
Bonds
| US 2-Year | 3.912% |
| US 5-Year | 4.041% |
| US 7-Year | 4.215% |
| US 10-Year | 4.390% |
| US 30-Year | 4.969% |
Treasuries were broadly steady overnight. Payrolls are the key macro event, with the market looking for confirmation on labour-market cooling and Fed timing.
Commodities
| WTI Crude | 96.29 | +1.56% |
| Brent Crude | 101.68 | +1.62% |
| Natural Gas | 2.777 | +0.29% |
| RBOB Gas | 3.5006 | +1.29% |
| Heating Oil | 3.9084 | +2.41% |
| Gold | 4,711.51 | +0.56% |
| Silver | 79.51 | +1.37% |
Oil is the clear macro mover after renewed Hormuz tension. Gold and silver are also firmer as geopolitical hedging remains in demand.
FX
| EUR/USD | 1.1734 |
| USD/JPY | 156.87 |
| GBP/USD | 1.3567 |
| USD/CAD | 1.3654 |
| AUD/USD | 0.7219 |
| USD/CNY | 6.8038 |
| USD/CNH | 6.8035 |
FX is steady overall, with USD/JPY still elevated near 157 and sterling holding above 1.35.
Key Themes
- Middle East: U.S.-Iran tension is now the main overnight risk driver, with oil leading the reaction.
- Tariffs: U.S. trade court ruling against Trump’s tariff plans adds a legal/policy twist to the trade story.
- AI capex: Big Tech AI spending and Anthropic valuation headlines keep the AI infrastructure theme in focus.
- UK politics: Labour’s early local-election losses and Reform’s gains are a domestic UK risk angle.
Today’s Calendar
- US Non-Farm Payrolls
- US Unemployment Rate
- US Average Hourly Earnings
- Fed reaction function post-payrolls
- Middle East / Strait of Hormuz headlines
- Tariff-court ruling fallout
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