Markets 24 Hours

Public Markets

Last updated: May 17, 2026, 11:30 PM ET

Global Bond Rout & Rising Yields

A worldwide selloff in fixed income accelerated as U.S. 30-year Treasury yields pushed toward a two-decade high above 5%, driven by intensifying inflation fears rooted in the Iran war and surging oil prices. The yield on the long-dated Treasury bond climbed to its highest since 2023 as investors repriced the probability of Fed rate cuts, with 10-year yields across the U.S., UK, and Japan all climbing to multi-year highs. Japanese government bonds plunged in a deepening rout that rippled through global markets, while the JGB yield curve steepened sharply in Tokyo morning trading as traders priced in a policy shift. NTT Finance postponed a planned yen bond sale until early June amid the spike in Japanese yields, and Daiwa Securities said the yen would likely remain under pressure given Prime Minister Takaichi's reluctance toward monetary tightening. In emerging markets, the Indonesian rupiah slid to an all-time low and stocks tumbled alongside bonds as oil prices advanced and markets reopened after a holiday, while South Korean equities fell as rising yields curtailed risk appetite, putting the world's best-performing market near correction territory. Trading volumes through China's Swap Connect are poised to approach 1 trillion yuan as investors hedge yuan-denominated debt exposure, a sign of shifting capital flows amid the yield environment.

Energy Shockwaves & Commodity Markets

Oil markets remained under acute pressure as crude imports into China plunged, forcing state-owned refiners to slash output to multiyear lows, while overseas buyers increasingly turned to the U.S. for oil and transportation fuels, draining domestic inventories. The supply squeeze from the Iran war is expected to worsen before improving, with emergency measures now spreading to nearly 80 countries as oil stockpiles run low. Freight rates in the Gulf jumped as shipping companies rerouted cargo onto trucks, adding thousands of dollars in costs since lorries carry only a fraction of the goods ships transport. In agricultural markets, grain futures in Chicago jumped after the White House announced China would purchase at least $17 billion annually in American farm goods through 2028. Chinese refiners' output cuts and Vietnam's largest refinery projecting stable operations through June suggest downstream demand weakness even as crude prices stay elevated.

Emerging Market Turmoil & Carry Trade Rebound

Emerging-market currencies swung sharply as the carry trade rebounded, with the Brazilian real and South African rand among the favorites as investors bet elevated rates would persist. The rout has been punctuated by geopolitical shocks: Qatar's vital gas exports have been paralyzed by Iranian attacks and the halt of seaborne transit, stalling economic diversification plans, while German Finance Minister Lars Klingbeil urged G-7 partners to deepen supply-chain cooperation on raw materials and energy ahead of the summit. Thailand's government announced plans to pare 7,000 business regulations to attract foreign capital and compete regionally, a reform aimed at cutting bureaucratic hurdles. The emerging-market carry trade has bounced back from its Iran war losses as crude price surges reinforce the view that central banks will keep policy tight.

Defense Spending & Arms Buildup

Defense stocks drew fresh capital as Australia's richest person, Gina Rinehart, invested nearly $100 million in U.S. weapons-makers during the first quarter, while Taiwan officials stressed the island's strategic importance after President Trump hinted weapons sales could figure in negotiations with China. The Israeli government spent over a year preparing covert bases in Iraq for operations against Iran, with a second site confirmed by Iraqi officials. Elliott Investment Management built a sizable stake in Bio-Rad Laboratories to boost its underperforming stock, and also holds a position in German lab-equipment supplier Sartorius, part of a broader wave of activist bets in defense-adjacent sectors. Russia's Moscow region suffered a record drone attack overnight that killed three people and targeted a refinery, while the UAE reported a drone strike caused a fire at the Barakah nuclear plant, though authorities said radiation levels remained normal.

M&A, Tech & Structural Shifts

In dealmaking, NextEra Energy is discussing a mostly stock acquisition of Dominion Energy at about $76 per share, valuing the target at roughly $66 billion as demand for power surges amid AI data center expansion. Publicis agreed to buy U.S. data firm Live Ramp for $2.2 billion to bolster its AI-driven marketing capabilities. Jane Street Group doubled its Singapore office capacity to 250 seats as it continues expanding across Asia. Activist Elliott also built a stake in Bio-Rad, while Bain Capital closed its largest Asia fund after raising $10.5 billion. Chipmakers have become the key driver of the S&P 500 rally, powering indices to record highs amid AI demand, though some investors turned to exotic options to hedge against a potential tech bubble. Buyout firm Bain Capital raised $10.5 billion for its Asia fund, 2.1 billion more than targeted. China's market regulator set 34 priorities for 2026 focused on supporting private sector growth, while Day One prepared for dual IPOs in Singapore and the U.S. targeting $5 billion. Standard Chartered promoted former critic Manus Costello as CFO after a months-long search.

Private Equity

Last updated: May 17, 2026, 11:30 PM ET

Private Equity

Eclipse’s $2.5B Cerebras deal signals a shift toward physical‑world tech, positioning the firm at the heart of industry momentum after a decade of solitary bets.

Sector Investment

Last updated: May 17, 2026, 11:33 PM ET

No news articles found in the last 24h. Check back later for updates.