U.S. stocks closed higher on Tuesday, led by a 1.29% gain in the Nasdaq, while the S&P 500 rose 0.89% and the Dow added 0.74%. The Philadelphia SE Semiconductor Index jumped 5.2% for a second straight session, lifting chipmakers including SanDisk (+14.3%), Micron (+12.2%) and Western Digital (+12.5%). Attention is now turning to upcoming earnings from major tech names such as Alphabet, Intel and Texas Instruments.

U.S. forces struck Iran for a ninth straight day as confirmed American military deaths in the renewed fighting rose to three, heightening concerns over shipping through the Strait of Hormuz and sending oil prices up more than 3% in a day. Markets also lifted expectations for a Federal Reserve rate hike in December, with odds rising to 82% from 73%. Spot gold fell 0.3% to $4,004.63 an ounce, with the $4,000 technical support level under pressure. Analysts said a break below $3,886 could open the way for a move toward $3,500.

Indonesia will mandate B50 biodiesel blending from July 1, lifting crude palm oil (CPO) use for biodiesel in 2024 to 16.3–17.0 million tonnes, about 1.74 million tonnes more than under B40. Industry groups say current production can cover the increase this year, but argue annual CPO output needs to climb to 55–60 million tonnes to sustain the policy. Smallholders are urging faster replanting of aging trees to raise yields rather than expanding plantations. The shift could cut exports by 4–5 million tonnes and weaken BPDP levy revenue that funds subsidies and replanting, while total CPO demand rises to about 77 million tonnes.

Malaysia’s ringgit firmed in early trade, rising to 4.0730/0800 against the US dollar as the release of Federal Open Market Committee minutes highlighted a clear divide among officials over the interest-rate path, weighing on the greenback. The US Dollar Index (DXY) slipped in response, lifting most Asian currencies, including the ringgit. Markets are also watching Bank Negara Malaysia’s Monetary Policy Committee decision, with the Overnight Policy Rate expected to stay at 2.75%.

Gold rose 0.4% to $4,123.55 per ounce, paring losses after earlier touching its lowest level since July 2, as markets looked ahead to minutes from the Federal Reserve’s June meeting. Iran’s Revolutionary Guards said they struck U.S. military sites in Bahrain and Kuwait in retaliation for U.S. strikes on Iran and the revocation of a licence allowing Iran to sell oil, after three tankers were hit by projectiles in the Strait of Hormuz. U.S. Treasury yields climbed and the dollar index reached a one-week high, while markets priced the probability of a September Fed rate hike at over 63%.

S&P Dow Jones Indices said it has placed Indonesia and Turkey on a watchlist for a potential downgrade from emerging-market status to frontier-market status, citing market transparency and other structural issues. The move echoes a similar review by MSCI on Indonesia and comes as foreign outflows continue. Indonesia’s equity market is down more than 30% for the year so far, or 35% in dollar terms, and the watchlist action could prompt passive funds to rebalance.

Samsung Electronics said its 2024 second-quarter operating profit is expected to reach 89.4 trillion won, up 19 times from a year earlier and above market expectations. The company also projected revenue rising 129% to 171 trillion won. Higher AI-related investment pushed up prices for high-bandwidth memory as well as conventional DRAM and NAND, with Citi Research putting the quarter-on-quarter gains at 44% and 53%. Samsung’s guidance boosted its shares and memory-focused ETFs.

BIMB Research maintained an “overweight” rating on the plantation sector and expects crude palm oil (CPO) prices to stay volatile but firm in 2H26, trading in the RM4,200 to RM4,800 per tonne range and averaging around RM4,500. It sees support from stronger global biodiesel blending mandates, a potentially tighter palm oil supply-demand balance and El Nino risk in 2H26 that could curb output growth. While aggregate 1Q26 core net profit for companies under its coverage fell 7% year-on-year, it expects earnings to improve progressively from 2Q26 onward, according to the research house.

The Malaysian ringgit strengthened in early trade on Friday, rising to 4.0705/0805 against the US dollar from the previous close. The move followed a sharp downside surprise in US June nonfarm payrolls, which rose by 57,000 versus a 114,000 consensus, alongside downward revisions to April and May. The ringgit also gained against the British pound, Japanese yen, euro, Philippine peso, Indonesian rupiah, Thai baht and Singapore dollar.