Public Markets 24 Hours

Last updated: April 29, 2026, 11:30 PM ET

Global Markets & Central Banks

The Japanese yen weakened to 160.45 per dollar following the Federal Reserve’s decision to hold interest rates steady, though market participants remain wary of immediate official intervention. Meanwhile, the prospect of a prolonged closure of the Strait of Hormuz kept oil prices mixed, potentially buoying them despite mixed early trade, while U.S. crude stockpiles fell by 6.2 million barrels on record weekly exports. In the broader commodities space, the extended Strait of Hormuz closure and adverse weather jolted the farm commodity price index to a two-year high, driven by fertilizer headaches and anticipated smaller harvests.

Asian Corporate & Economic Resilience

Despite global pressures, China’s factory activity expanded beyond forecasts, even as supply chain disruptions and rising input costs stemming from the Iran war continued to reverberate internationally. This tech-led strength, however, masks broader market strain, with gains in AI names overshadowing the widespread impact of the conflict. In contrast, New Zealand’s outlook has darkened, as a recent survey showed business sentiment turned negative for the first time since 2023, citing rising operating costs and softening demand linked to Middle East conflict fallout. Furthermore, Japan reported a fall in factory output due to clouded global demand prospects and higher energy costs impacting manufacturer margins.

Asian Financial Sector & Currency Stress

Efforts by India to stabilize the beleaguered rupee face a tough test as insufficient capital inflows replace speculative pressures as the primary drag on the currency. This environment is proving challenging for regional lenders; HSBC and NAB face dampened earnings outlooks compared to Singaporean peers due to varying exposure to Middle East conflict fallout. Adding to regional financial concerns, higher oil prices may weigh heavily on Asian currencies which were otherwise consolidating against the dollar. Separately, Hong Kong's local debt market has emerged as a funding hotspot, attracting corporate issuers seeking stability while attempting to lure more international debt offerings.

US Tech Earnings & AI Spending

The technology sector dominated earnings reports, with Google, Amazon, Microsoft, and Meta collectively reporting over $130 billion in quarterly capital expenditures, setting a record for AI data center buildouts with more spending anticipated. Meta Platforms posted its largest revenue jump in recent history for the first quarter but signaled even higher spending forecasts for AI infrastructure this year, while Microsoft exceeded revenue expectations at $82.9 billion for the January-to-March quarter, though questions regarding AI returns persist. Similarly, Amazon achieved double-digit revenue growth, anchored by a booming Web Services division and a sharp rise in net profit, beating analyst expectations.

European & Pharma Sector Moves

Pharmaceutical giant GSK recorded core operating profit of £2.65 billion in Q1, propelled by specialty medicine sales, yet the stock experienced its steepest dive in nearly two years due to lackluster performance from older respiratory drugs. In contrast, AstraZeneca plans a $405.5 million investment in the U.K., reversing a prior pause on innovation-related spending amid economic uncertainty. Meanwhile, in the automotive sector, Porsche AG maintained its full-year guidance despite geopolitical uncertainty, while Geely Automobile reported a profit decline but core profit growth on record sales. European energy investment saw Blackstone commit up to €2 billion into renewables developer Eurowind Energy.

US Corporate Activity & Regulation

Major US landlords AvalonBay and Equity Residential are exploring a merger, a combination that could redefine the domestic apartment market. In finance, Wells Fargo is expanding its Wall Street presence by investing heavily in trading operations after regulatory restrictions were lifted, while PayPal announced a reorganization into three distinct business units to streamline operations. The used-car marketplace Carvana posted a $405 million profit on record retail unit sales of 187,393, defying macro headwinds. In the biotech space, Novo-backed Avalyn Pharma raised $300 million in an IPO priced at the top of its range for inhaled rare lung disease treatments.

Geopolitics, Energy Security, and Governance

The ongoing conflict in the Middle East continues to influence policy and markets, with the Pentagon placing the war cost at $25 billion as the defense secretary criticized skeptical lawmakers. The disruption is also hitting global logistics; Cosco Shipping reported a 50% profit drop due to weaker freight rates and warned of "significant challenges" from the war. Energy security remains a focus, as a senior New Zealand minister urged the US to deploy fuel tankers to the Pacific to back up diplomatic rhetoric. On the governance front, Australian regulators warned firms they will face enforcement action for poor AI controls, amidst mounting cybersecurity concerns.

Political & Legal Developments

In Washington, House Republicans struggled to pass foundational measures amid internal disputes, managing to adopt a budget that unlocks $70 billion for immigration enforcement while simultaneously pushing through a three-year renewal of a surveillance law despite a right-wing revolt. Separately, the Supreme Court ruling on voting rights drew sharp criticism from civil rights leaders who view it as potentially unraveling decades of work toward Black American representation. Furthermore, the US government sued New Jersey’s governor over a state mandate banning federal immigration agents from wearing masks.

Asset Management & Alternatives

Barry Sternlicht’s Starwood halted redemptions from its $22 billion real estate fund, seeking to preserve liquidity while commercial property valuations adjust, echoing a restrictive move made two years prior. In the secondary market for private equity, Ardian is acting as a buyer for Canadian pension plans looking to free up capital after a long period of low deal activity. Meanwhile, activist Engine Capital is pressuring KBR to explore a sale as the government contractor proceeds with a planned business split. Concerns are mounting in Argentina as bond investors fear the fallout after President Milei’s term concludes, reflecting fatigue with his radical economic reforms.