Commodities
Asian Markets React Positively as Oil Prices Drop, CXMT Soars
The Asian stock market experienced mixed results on Monday, July 27, 2026. Despite oil prices dropping over 4%, shares in several regions showed gains. This came as a result of the US and Iran refraining from attacking each other while discussing an interim ceasefire deal.
CXMT, a Chinese memory chipmaker, saw its stock soar about 470% on its trading debut on Shanghai's technology board. The company quickly became China's most valuable listed company with an estimated market capitalization of 3.3 trillion yuan (nearly $490 billion).
Markets reacted positively to the news of the pause in hostilities between the US and Iran. The price of a barrel of Brent crude dropped 4.6% to $87.46, while the S&P/ASX 200 surged 1.3% to 8,883.00.