Asia Market Quick Take – 11 August, 2026

Asia Market Quick Take – 11 August, 2026 

Key points:  

• Macro: US-Iran deal grows uncertain after Trump demands compensation 
• Equities: Nvidia teams with Apollo, Blackstone, BlackRock, and Brookfield to raise $500B  
• FX: USD strengthens broadly while yen weakens sharply 
• Commodities: Brent crude up ~10% over four sessions; spot gold tops $4,400/oz. 
• Fixed income: US Treasuries sell off for a third straight session 

------------------------------------------------------------------  

Disclaimer: Past performance does not indicate future performance.  

 Macro: 

• Uncertainty over a US–Iran deal to end the war and reopen the Strait of Hormuz has grown after Trump demanded compensation for victims of Iranian-backed conflicts, responding to Tehran’s reparations demands. The tougher stance lowers chances of a near-term agreement and keeps markets wary, as Iran ties any Hormuz deal with Oman to a broader accord with the US and Trump opts for economic pressure over new strikes.
• China’s Communist Party leadership vowed more proactive macro policy, faster deployment of fiscal funds and bond proceeds, continued support for equipment upgrades and consumer goods trade-ins, and stronger efforts to boost still-weak domestic demand.
• US July nonfarm payrolls unexpectedly fell by 23,000, and May–June figures were revised down by a combined 103,000, revealing a weaker labor market than previously thought.

Equities:  

• US — The S&P 500 closed flat on Monday at 7,753.11, pulling back marginally from its all-time high set on Friday. The Nasdaq Composite fell 0.3% to 26,605.36 and the Dow Jones slipped 0.1% to 53,975.98. Nvidia remained flat on reports that Wall Street banks and financial institutions are working with the chipmaker on a new initiative to invest $500b in AI infrastructure  while financials outperformed, rising 0.3%. Energy stocks also gained as oil climbed. JPMorgan raised its S&P 500 year-end target to 8,000, citing strong earnings and AI capex payoffs.
• EU — European stocks closed at a record high on Monday, with the Stoxx 600 little changed at 660.45 and the Euro Stoxx 50 edging up 0.18% to 6,535.62 — a new record close. The DAX was broadly flat at 26,323.88. Energy stocks including TotalEnergies were among the top gainers as oil advanced, while rate-sensitive utilities and real estate lagged. ASML rose 1.0% and Qiagen led the DAX with a 5.5% gain. The FTSE 100 underperformed, falling 0.4% to 10,862.50, with British American Tobacco down 4.4% and Coca-Cola HBC dropping 4.8%. The SMI rose 0.6%, led by Richemont (+2.7%) and Roche (+1.6%).
• Asia — Asian equities were broadly mixed on Tuesday morning. The Kospi opened sharply lower, falling approximately 0.9–1.1% to around 6,229–6,240, weighed by weakness in chipmakers and broader risk-off sentiment tied to the Strait of Hormuz standoff and higher oil prices. The South Korean won was among the worst-performing currencies. Japan's markets are closed for a public holiday on Tuesday, with no cash Treasury trading during Asian hours. Hong Kong and mainland China markets opened with focus on energy and chip-related names; the Nasdaq Golden Dragon China Index rose 1.7% on Monday. Taiwan ETFs saw record inflows last week of $538 million, driven by AI semiconductor optimism. MSCI ASEAN gained 0.2% to 827.57 on Monday.

Earnings this week: 

• Tuesday: Super Micro; CoreWeave; Sea Ltd.; Cava Group; Lumentum
• Wednesday: Tencent; Brinker International; Cerebras Systems
• Thursday: Applied Materials; JD.com
• Friday: Kweichow Moutai

FX: 

• JPY was Monday’s weakest G10 currency, falling 1% to 159.29 per dollar and giving back about half of its recent gains from the joint US–Japan intervention. Markets remain wary of further official action, while MUFG notes yen demand is subdued ahead of Wednesday’s US CPI release.
• USD advanced against most major and emerging-market currencies. The Bloomberg Dollar Spot Index rose about 0.2%, helped by fading hopes for a Hormuz-related agreement and higher oil prices. 
• The offshore yuan eased around 0.1% to 6.7465 per dollar, despite the PBOC setting a stronger-than-expected fixing at 6.7884. 
• AUD hovered around 0.7056 ahead of Tuesday’s RBA meeting. With markets not fully pricing a 25 bp hike this year or into early 2027, analysts see AUD moves being driven more by yen cross dynamics than by RBA guidance in the near term.

Commodities: 

• Brent crude held near $87.70 a barrel, up approximately 10% over the prior four sessions, as the Strait of Hormuz standoff showed no signs of resolution. WTI settled up 5.1% at $82.13 on Monday, its highest level in a week. The sustained advance is stoking inflation concerns and weighing on risk assets globally.
• Spot gold rose above $4,400 an ounce, supported by geopolitical uncertainty around the Hormuz standoff and technical buying after bullion broke through its 100-day moving average. Gold surged more than 7% last week, its best weekly performance in months, following the weak US jobs print.
• Copper nears record above $14,000/t on LME amid warehouse tightness, pre-Section 232 stockpiling, and a partial DRC concentrate export ban; a delayed US tariff decision keeps tail risks elevated.

Fixed income:  

• US Treasuries sold off as oil prices surged for a third consecutive session, with yields rising 4–6 basis points across the curve. The 10-year yield rose approximately 5.9bps to 4.705% and the 30-year climbed 4.6bps to 5.249%. 
• Monday saw 19 new investment-grade deals, the most in a single day since January. All eyes are on Wednesday's July CPI print, which will be the key near-term catalyst for rate-hike pricing.
• Treasury Secretary Bessent is reportedly taking steps to cap long-end yields after 10-year rates recently hit a 19-year high. Separately, Japanese investors reportedly sold US Treasuries in July while buying European developed market bonds, according to Barclays data, adding to structural demand concerns for the long end.

For a global look at markets – go to Inspiration.

This content is marketing content and should not be considered investment advice. Trading financial instruments carries risks and historic performance is not a guarantee for future performance.The instrument(s) mentioned in this content may be issued by a partner, from which Saxo receives promotion, payment or retrocessions. While Saxo receives compensation from these partnerships, all content is conducted with the intention of providing clients with valuable options and information.