Public Markets 24 Hours

Last updated: May 15, 2026, 8:30 AM ET

Energy & Commodities

Oil futures surged past $107 as the Strait of Hormuz closure entered its second month, with Brent crude topping $107/barrel on fears of a protracted energy crunch. Major forecasters slashed demand growth estimates by the most since Covid, citing the supply shock from Iran, while India’s government raised fuel prices for the first time in four years, signaling more hikes as the Iran conflict strains Modi’s economy. The UAE plans to double oil export capacity bypassing Hormuz by 2027, and South Africa evacuated its sub-Antarctic base after the war delayed critical fuel deliveries. A surge in aluminum prices lifted China Hongqiao’s Zhang Bo to a $48 billion fortune, even as India’s gold imports slowed to a trickle due to new trade restrictions aimed at stabilizing the rupee. Gold headed for a weekly drop as war-driven inflation fueled rate-hike bets, while inflation-linked bonds returned to favor amid the energy price surge.

Fixed Income & Currencies

The dollar rallied to a one-month high on Fed hike expectations, pressuring sterling to a one-month low after Manchester Mayor Andy Burnham signaled a challenge to UK Prime Minister Starmer. Japanese government bonds extended their rally tracking US Treasury gains, with yields marching to multi-year highs on global inflation fears fueled by oil. The pound also slumped on political instability, while Asian currencies mostly weakened as traders parsed the Trump-Xi summit. In corporate debt, Boeing bonds slid after China stayed silent on a proposed jet order, and HSBC delayed a $4 billion private credit push. Ghana’s stock rally fueled prospects for bank IPOs, even as emerging-market stocks tumbled the most in a month on oil-driven risk aversion.

Technology & Artificial Intelligence

A surge in memory chip demand made some industry stocks cheaper despite soaring prices, while JPMorgan raised its Taiex target to 50,000 citing Taiwan’s AI buildout. Robotics became one of Asia’s hottest stock themes as the AI trade broadened beyond chips, and Cerebras’s blockbuster IPO reflected investor fatigue with Nvidia’s dominance. Conversely, AI agent sprawl emerged as a new headache for businesses, and Chinese chipmakers’ lofty valuations prompted caution. Stellantis inked a $1.17 billion deal with Dongfeng to make EVs in China, while Toyota mulled a $2 billion Texas investment for an assembly line. Ford shares surged after launching a power unit for data centers, pivoting from its disastrous EV writedown.

Geopolitics & Trade

The Trump-Xi summit delivered little for markets, with Chinese stocks halting their rally and the yuan steady despite scarce details on trade deals. The meeting left Nvidia’s China future unclear as Chinese firms accelerated domestic chip sourcing. In the Middle East, Pakistan imported LNG from the Persian Gulf leveraging new diplomatic clout, and the UAE secured a defense framework with India as regional tensions mount. Mexico’s crackdown on Uber at airports threatened to complicate World Cup travel, while the US evacuated troops from Cuba as the island ran out of oil. The CIA chief’s visit to Havana underscored rising tensions, even as the US allowed abortion pill access by mail.

Market Structure & Sentiment

With the Kospi racing from 7,000 to 8,000 in seven sessions, Morgan Stanley remained upbeat on South Africa despite oil shocks, while RBC’s Calvasina warned a 5% Treasury yield would challenge stock bulls. Bof A strategists said the market was ripe for profit-taking in June due to crowding and inflation risks. Yet a Financial Times analysis argued stock concentration means most equities have room to rise, countering bearish calls. In a sign of liquidity strain, African borrowers turned creative on debt sales, and private equity firms took over a dental business by slashing 70% of its debt. Pershing Square took a new stake in Microsoft, while Brookfield bet $2 billion on SpaceX ahead of its IPO.