Public Markets 3h Briefing

Last updated: May 20, 2026, 5:30 AM ET

Energy & Commodities

Oil futures dropped 1.3% after President Trump suggested the Iran war would end soon, while gold extended losses on a firmer dollar and inflation fears. Palladium imports surged to a record as Chinese prices attracted inflows, and aluminum prices rallied boosting the fortune of China Hongqiao's Zhang Bo past $48 billion.

Geopolitics & Trade

The UK eased sanctions on Russian oil products to ease supply strains from the Iran conflict, a move echoing U.S. measures. China confirmed it will buy 200 Boeing planes from the U.S., the largest single sale to Beijing in nearly a decade. Japan's trade minister will attend APEC in China as Tokyo seeks to maintain dialogue amid strained ties.

Fixed Income & Currency

Gilts jumped after UK inflation slowed more than expected, curbing rate-hike bets. Euro zone bond yields edged lower but stayed near historic highs, tracking a calmer U.S. Treasury market. A euro stablecoin project gained backing from 37 banks to challenge the dollar's crypto dominance, while Citi sees India tightening currency controls to halt the rupee's slump.

Corporate & M&A

Stellantis struck a deal to build Dongfeng's Voyah-branded EVs in France, utilizing an under-capacity plant. Private equity-backed Nikkon weighs going private with a first round of bids slated for June. A Qatari conglomerate taps Rothschild for a rare IPO of its healthcare unit, part of the Al-Khayyat family's empire.

Sector Flash

Defense contractor CSG saw earnings rise on strong ammunition demand from Ukraine. Marks & Spencer forecast return to profit growth despite a 29% full-year profit drop after a cyberattack. UBS analyst John Lam says AI is helping end China's property slump, joining a chorus of observers calling a market bottom.