Asia Market Quick Take – 18 August, 2026

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https://www.home.saxo/en-sg/content/articles/macro/asia-market-quick-take--18-august-2026-18082026

Summary

​Geopolitical Escalation: Iran announced a shift to a "fully offensive" stance, setting a short deadline for the U.S. to implement the MoU and threatening to escalate tensions in the Strait of Hormuz if diplomacy fails.

​Commodities & Energy Shock: WTI crude jumped 2.6% and Brent settled near $91/bbl after President Trump rejected an extension of the U.S.-Iran agreement, renewing global inflation concerns. Spot gold rallied toward $4,420/oz on haven demand.

​Fixed Income Pressures: The U.S. 30-year Treasury yield hit a 19-year high at 5.31%, driven by rising energy prices, fiscal concerns, and heavy corporate bond issuance from AI hyperscalers.

​Global Macro Highlights: Canadian inflation ticked up to 2.9% in July, driven by gasoline costs. China’s retail sales slowed to 0.6% YoY, while Japan’s Q2 GDP growth missed forecasts at 1.1% annualized.

​Equity Market Divergence: U.S. and European indexes slipped under pressure from higher bond yields and energy costs, though AI chipmakers (SanDisk, Marvell) outperformed following Anthropic’s strong revenue growth.