Public Markets 24 Hours

Last updated: May 14, 2026, 11:32 PM ET

Energy Markets

Crude futures climbed 1.2% in early Asian trade as the Strait of Hormuz remains effectively closed, with oil inventories depleting at record pace during the Iran conflict. Vitol began offering Iraqi Basrah crude outside the Hormuz shipping channel, signaling some cargoes are finding alternative routes as supertanker flows through the strait slowly improve. The disruption has pushed foreign buyers to snap up nearly half of US emergency oil releases, highlighting severe global supply tightness that's also driving Turkey to scrap its inflation target amid energy price shocks.

Precious Metals & Base Metals

Gold prices rose 0.8% near $2,350/oz on persistent geopolitical uncertainty, though the metal headed for a weekly decline as war-driven inflation fuels rate-hike expectations. Copper extended its retreat from record highs as accelerating US inflation reduced rate-cut odds and a stronger dollar made the metal more expensive for international buyers. A surge in aluminum prices catapulted China Hongqiao's Zhang Bo past $48 billion in wealth, making him one of Asia's richest industrialists amid booming demand for the lightweight metal.

Equity Markets

Asian stocks were poised to rise following Wall Street's record-setting session, buoyed by an AI rally that's crushing active stock pickers with just 1 in 4 beating market returns. JPMorgan lifted its Taiex bull-case target to 50,000, calling Taiwanese shares "the most pure-play exposure to global AI buildout" as tech shares led gains. US stock futures jumped 0.3% with Cisco soaring on earnings, while global fund managers playing catch-up may fuel the S&P 500's next leg higher after missing much of the rally.

Fixed Income & Currencies

The WSJ Dollar Index rose to 95.49, extending four consecutive days of gains as the greenback strengthened against Asian currencies weakening broadly. Japanese producer prices jumped by the most since 2014, bolstering the case for Bank of Japan tightening as investor concern mounts over potential rollback of governance reforms that drove the equity rally. In emerging markets, India's rupee defense reassured stock bulls as the nation considers cutting taxes for foreign bond investors, while Turkey scrapped its inflation target amid energy price shocks.

M&A & Private Markets

Blackstone and KKR are taking over dental firm Affordable Care after slashing 70% of its debt, marking another private equity restructuring in healthcare services. Lightrock raised $500 million for a clean energy fund targeting Asia and Africa investments, while mining billionaire Chris Ellison sold shares to set up his family office amid controversy at Mineral Resources. LVMH agreed to sell Marc Jacobs to WHP in the latest disposal of smaller brands, and Spire Healthcare shares soared 40% on a £1 billion takeover offer from Toscafund.

Geopolitics & Trade

President Trump said Xi Jinping likes the idea of buying more US oil as the leaders met in Beijing, with body language mirroring their contrasting styles despite areas of tension. The trade war has settled into an uneasy truce as negotiators seek to resolve disputes over technology transfers and market access. Israeli leaders threatened the New York Times with lawsuit over reporting on sexual abuse by prison guards, while Cuba ran out of diesel and fuel oil with protests erupting as the energy minister admitted "absolutely no" supplies remain.

Regulatory Developments

The SEC settled the Adani case as US authorities moved to end actions against Asia's richest man, following Gautam Adani's agreement to pay $18 million over misleading statements about Adani Green Energy. Long-stalled crypto legislation won key Senate committee approval, signaling momentum for market structure rules. Meanwhile, California and Oregon began enforcing laws barring private equity from medicine, testing state-level restrictions on healthcare investors.

Corporate News

Honda reported its first-ever annual loss since 1957 after scaling back electric vehicle plans, taking a multibillion-dollar hit that underscores the challenges facing legacy automakers. Telefonica shares rose 3% after revenue and adjusted earnings beat expectations, posting a narrower net loss as Spanish and Brazilian operations improved. Appian Capital acquired a Namibia copper project eyeing a $400 million mine development, reflecting private equity interest in critical minerals amid supply chain concerns.