Asian shares mixed, oil rises after Trump post

May 11, 2026

Summary

Asian markets were mixed as oil climbed more than 3% after Trump rejected Iran’s response to a U.S. ceasefire proposal.

Why this matters

The moves show how conflict in Iran and disruptions near the Strait of Hormuz can quickly affect global oil prices and financial markets. They also highlight China’s potential role in diplomacy as Trump prepares to meet Xi Jinping.

Asian stocks were mixed Monday after Wall Street reached fresh records, while oil rose more than 3% after President Donald Trump rejected Tehran’s response to the latest U.S. proposal to end the war in Iran.

Japan’s Nikkei 225 fell 0.5% to 62,417.88 after earlier rising above 63,300 to an intraday record. SoftBank Group fell more than 6%.

South Korea’s Kospi climbed 4.3% to 7,822.24 after touching an all-time intraday high, led by gains in technology stocks including Samsung Electronics and SK Hynix.

Tech shares and interest in artificial intelligence have helped support markets in Japan and South Korea despite the war in Iran. Over the past month, the Nikkei 225 and Kospi have risen more than 10% and 30%, respectively.

Hong Kong’s Hang Seng edged up less than 0.1% to 26,401.76, while Shanghai’s Composite index rose 1.1% to 4,225.02. China reported Monday that factory-gate prices rose 2.8% in April from a year earlier, the highest since 2022, and that export data released over the weekend came in stronger than expected.

Oil prices moved higher after Trump wrote on social media Sunday that Iran’s response to the latest U.S. proposal was “TOTALLY UNACCEPTABLE!”

Brent crude rose 3.6% to $104.89 a barrel. It traded at about $70 before the war began in late February. U.S. benchmark crude gained 3.9% to $99.15 a barrel.

On Friday, the S&P 500 rose 0.8% to a record 7,398.93 after a stronger-than-expected U.S. jobs report. The Dow Jones Industrial Average added less than 0.1% to 49,609.16, and the Nasdaq composite gained 1.7% to a record 26,247.08.

More top news

Asia

Thaksin Shinawatra released on parole in Bangkok

Former Thai Prime Minister was released on parole after serving eight months of a one-year sentence related to abuse-of-power charges.

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Thailand’s former Prime Minister Thaksin Shinawatra was released from Bangkok’s Klong Prem Central Prison on Monday after serving eight months of a one-year sentence on a corruption-related charge.

About 300 supporters and political allies gathered outside the prison. Thaksin, 76, emerged in a white polo shirt and blue trousers, embraced family members, greeted supporters chanting “we love Thaksin,” accepted red roses, and left without speaking to reporters.

His three children, including former Prime Minister Paetongtarn Shinawatra, were there to welcome him.

Thaksin, a telecommunications businessman, founded a political party in 1998 and served as prime minister from 2001 until a military coup removed him in 2006 while he was abroad. He later lived in self-imposed exile, saying he faced political persecution through the courts.

He was the first elected Thai prime minister to complete a full four-year term. His policies, including a national health care program and road-building projects in less-developed areas, drew strong support, especially in the rural north and northeast, but also deepened political divisions.

Thaksin faced abuse-of-power charges tied to allegations that he used his position to benefit his business interests and illegally approved a state lottery project that caused government losses.

He was convicted in absentia and returned to Thailand in 2023 to be sentenced as the Pheu Thai Party formed a government. He was widely believed to have reached a secret accommodation with the royalist establishment. His original eight-year sentence was reduced to one year by King Maha Vajiralongkorn, and he was initially allowed to serve it at Bangkok’s Police Hospital on medical grounds.

After protests over what critics said was special treatment, the Supreme Court in September 2025 ordered him to serve his sentence in prison.

Last month, a Justice Ministry panel granted him parole during a review of more than 900 eligible prisoners, citing good behavior, his age, and a low risk of reoffending.

He will remain on probation for four months. During that time, he must live at his declared home in Bangkok, wear an electronic monitoring bracelet, and report regularly to probation officials.

Paetongtarn became Thailand’s youngest prime minister in 2024, but the Constitutional Court removed her from office in August 2025 after a recording surfaced of a phone call with former Cambodian leader Hun Sen. Pheu Thai finished third in this year’s general election.
Africa

Libya’s Zawiya refinery resumes operations after clash

On Friday, the refinery shut down and evacuated tankers from the port after heavy shelling hit multiple locations inside the facility.

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Libya’s largest functioning oil refinery resumed full operations after fighting over two days forced a shutdown, according to a statement from the refinery.

The development on Sunday followed an emergency declaration after fighting broke out near the facility in Zawiya on Friday.

The refinery, about 40 kilometers (25 miles) west of Tripoli, has a capacity of 120,000 barrels per day. It is connected to the 300,000-barrel-per-day Sharara oilfield.

Libya’s National Oil Corporation said the same day that several high-caliber projectiles landed in various parts of the oil complex, but there had been no significant damage at that time.

The National Oil Corporation said fighting had intensified and spread into the residential area next to the refinery, increasing risks to the facility and nearby areas. It said fuel supplies to Tripoli and surrounding areas had not been affected.

Libya has faced unrest since the 2011 overthrow of Moammar Gadhafi.

Zawiya has seen repeated fighting that has at times forced the closure of the coastal road to the Tunisian border. Reports of unrest in the city circulated online, including unverified footage of gunfire in Zawiya.
Asia

Car bomb, gunfire kill 15 at Pakistan checkpoint

Officials said militants used a car bomb, gunfire, and small drones in an attack on a police checkpoint in northwestern Pakistan.

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Militants attacked a police checkpoint in northwestern Pakistan on Sunday, killing at least 15 people and wounding three, officials said.

Officials said the attackers first detonated a car bomb at the checkpoint, then opened fire after entering the police post.

The assailants also used small drones in the attack, according to officials.

No further details were immediately provided.
Middle East

Drone Strike Hits Ship Near Qatar, Iran Reply Pending

The United Arab Emirates and Kuwait said Sunday they had intercepted hostile drones.

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A drone strike briefly set a cargo vessel on fire in the Persian Gulf on Sunday.

Qatar’s Defense Ministry said the commercial ship was struck in Qatari territorial waters, causing a “limited fire on board” and no reported injuries. The vessel, which came from Abu Dhabi, continued to Mesaieed Port after the fire was extinguished.

The ministry said it would investigate and determine who was responsible. It did not provide further details.

The incident underscored continuing risks to shipping near the Strait of Hormuz, where traffic has slowed sharply amid a global energy crisis. About a fifth of the world’s oil and liquefied natural gas typically flows through the strait.

The attack occurred as Iran was reviewing a new U.S. proposal to address the ongoing ceasefire and passage through the Strait of Hormuz.

Saudi Aramco, the world’s largest oil company, said Sunday it could take months for markets to stabilize even if the strait reopened immediately.
World

Trump rejects Iran response to U.S. ceasefire plan

Iran sought to end the war on multiple fronts, including in Lebanon, where Israel is fighting Iranian-backed Hezbollah. The latest U.S. proposal rolled back Iran’s nuclear program and reopened the Strait of Hormuz.

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Iran sent a response to the latest U.S. ceasefire proposal through Pakistani mediators, but President Donald Trump rejected it.

Trump called the deal “TOTALLY UNACCEPTABLE!” in a social media post and did not provide further details. He also accused Tehran of “playing games” with the United States for 50 years, adding, “They will be laughing no longer!”

Iran’s state broadcaster reported that Supreme Leader Mojtaba Khamenei had “issued new and decisive directives for the continuation of operations and the powerful confrontation with the enemies,” but did not provide details.
World

Spain begins evacuating passengers from hantavirus ship

Countries including Belgium, France, Germany, Ireland, the United States, the United Kingdom, and the Netherlands said Saturday they had sent planes to evacuate their citizens, though Canary Islands officials said not all had arrived by Sunday morning.

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Spain began bringing Spanish passengers ashore Sunday from the MV Hondius, a cruise ship anchored near Tenerife after a hantavirus outbreak was detected.

Spanish nationals were the first to disembark in groups of five on small boats. Officials said they were taken by bus to the local airport and would fly to Madrid on a Spanish military plane, then be quarantined in a hospital without contact with the public.

The ship left the coast of Cape Verde for Spain on Wednesday after the World Health Organization and the European Union asked Spain to manage the evacuation.

The World Health Organization said Friday that eight people no longer on the ship had become ill, including three who died: a Dutch couple and a German national. Six of the eight were confirmed cases, and two were suspected cases.

Europe’s public health agency said late Saturday that all passengers on the ship were considered high-risk contacts as a precaution, but the risk to the general population remained low. The World Health Organization recommended a 42-day quarantine for passengers starting Sunday.

Hantavirus is usually spread by rodents, but in rare cases can spread person-to-person.

Passengers were to remain on board until their evacuation flights arrived, officials said. Health Minister Monica Garcia said Dutch passengers would leave next, with that flight also carrying passengers from Germany, Belgium, and Greece. After that, passengers from Turkey, France, the U.K., and the U.S. would be evacuated.

“The final flight of the operation is departing from Australia… It is the most complex flight and is scheduled to arrive tomorrow afternoon,” Garcia said. She said that flight would take six people from Australia, New Zealand, and other Asian countries.

Thirty crew members will remain on board and sail the ship to the Netherlands for disinfection.
Finance & Markets

Asian shares mixed, oil rises after Trump post

In currency trading, the U.S. dollar rose to 157.06 Japanese yen from 156.61 yen. The euro slipped to $1.1769 from $1.1780.

Full story +

Asian stocks were mixed Monday after Wall Street reached fresh records, while oil rose more than 3% after President Donald Trump rejected Tehran’s response to the latest U.S. proposal to end the war in Iran.

Japan’s Nikkei 225 fell 0.5% to 62,417.88 after earlier rising above 63,300 to an intraday record. SoftBank Group fell more than 6%.

South Korea’s Kospi climbed 4.3% to 7,822.24 after touching an all-time intraday high, led by gains in technology stocks including Samsung Electronics and SK Hynix.

Tech shares and interest in artificial intelligence have helped support markets in Japan and South Korea despite the war in Iran. Over the past month, the Nikkei 225 and Kospi have risen more than 10% and 30%, respectively.

Hong Kong’s Hang Seng edged up less than 0.1% to 26,401.76, while Shanghai’s Composite index rose 1.1% to 4,225.02. China reported Monday that factory-gate prices rose 2.8% in April from a year earlier, the highest since 2022, and that export data released over the weekend came in stronger than expected.

Oil prices moved higher after Trump wrote on social media Sunday that Iran’s response to the latest U.S. proposal was “TOTALLY UNACCEPTABLE!”

Brent crude rose 3.6% to $104.89 a barrel. It traded at about $70 before the war began in late February. U.S. benchmark crude gained 3.9% to $99.15 a barrel.

On Friday, the S&P 500 rose 0.8% to a record 7,398.93 after a stronger-than-expected U.S. jobs report. The Dow Jones Industrial Average added less than 0.1% to 49,609.16, and the Nasdaq composite gained 1.7% to a record 26,247.08.
Personal Finance

Solo 401(k) auto-enrollment credit offers up to $1,500

Businesses with qualifying 401(k) auto-enrollment can claim a $500 annual tax credit for three years, including some solo 401(k) plans.

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Small business owners and self-employed Americans have long had lower retirement plan coverage than other workers, and solo 401(k) sponsors have not always qualified for the same tax incentives as traditional 401(k) plans.

A tax credit created under the SECURE Act of 2019 has been available since 2020, but it became relevant to more small business owners after a SECURE 2.0 provision took effect Jan. 1, 2025. Under Internal Revenue Service guidance, businesses that add an Eligible Automatic Contribution Arrangement, or EACA, to a 401(k) plan can claim a $500 annual tax credit for three years, for a total of $1,500. The credit is claimed on Form 8881.

The original SECURE Act established the credit, and SECURE 2.0, signed by President Biden on Dec. 29, 2022, later required most new 401(k) and 403(b) plans created after that date to include automatic enrollment. Employers with 10 or fewer employees, and businesses operating for less than three years, are exempt from that mandate but can still add EACA language and qualify for the credit.

The credit is especially relevant to solo 401(k) plans, which are sponsored by owner-only businesses or by spouses with no other employees. Solo 401(k) plans generally cannot claim the startup cost credit available to traditional 401(k) plans.

The credit is nonrefundable and cannot be carried forward, so it can only offset tax liability in the year it is claimed. The credit goes to the business sponsoring the plan, not the individual filer.

A plan can qualify by including EACA language for automatic enrollment at 3% of compensation, even if participants opt out and no contribution is made.
Finance & Markets

Stock futures slip, oil rises after Trump rebuff

The S&P 500 and Nasdaq Composite ended last week at record highs.

Full story +

U.S. stock futures slipped early Monday, while oil prices rose after President Donald Trump rejected Iran’s latest proposal related to the ongoing conflict.

Futures tied to the Dow Jones Industrial Average fell 0.2%. S&P 500 futures dipped 0.1%, and Nasdaq 100 futures were little changed.

The moves followed gains across major indexes last week. Markets closed higher Friday after the April jobs report exceeded expectations. Nonfarm payrolls rose by 115,000, above economists’ forecasts for 55,000, according to Bloomberg estimates.
Tech & Artificial Intelligence

Apple agrees to settle Siri advertising lawsuit

Apple agreed to settle in December 2025. The terms became public when plaintiffs sought preliminary approval on May 5, 2026. A hearing is scheduled for June 17, 2026, before Judge Noel Wise in San Jose, California.

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Apple agreed to a proposed $250 million class-action settlement over claims it advertised advanced Siri features that were not available to iPhone buyers.

The case, Landsheft v. Apple Inc., was filed in March 2025 in the U.S. District Court for the Northern District of California by plaintiff Peter Landsheft. It alleged Apple promoted Siri features tied to its Apple Intelligence rollout at its Worldwide Developers Conference on June 10, 2024, and in marketing for the iPhone 16 launch on Sept. 20, 2024.

According to the complaint, Apple advertised a Siri that could understand personal context, work across apps, and handle more advanced requests. The lawsuit specifically cited promised features that would let Siri reference emails and messages, and take actions in third-party apps.

Apple later delayed the upgraded Siri features and pulled related marketing materials in March 2025, after confirming the features would be delayed indefinitely, according to the lawsuit.

Apple did not admit wrongdoing under the agreement. A company spokesperson told CBS News Apple resolved the case to remain focused on delivering products and services. In a statement to Fox Business, Apple said it had introduced “dozens” of Apple Intelligence features since 2024, including Visual Intelligence, Live Translation, Writing Tools, Genmoji, and Clean Up.

Clarkson Law Firm, which represented the plaintiffs, said the case involved products that did not function as advertised at launch and that had not yet been delivered.

The settlement covered about 36 million iPhones purchased in the United States between June 10, 2024, and March 29, 2025, according to the court filing. It provided a base payment of $25 per device, with a maximum of $95 depending on the number of claims.

Claimants will need proof of purchase, a device serial number, phone number, and Apple Account information. Apple will begin emailing notices within 45 days of preliminary approval, according to the filing.