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Last updated: May 15, 2026, 11:36 AM ET

Global Markets

A broad market selloff swept across asset classes Friday as inflation fears intensified amid the protracted Iran conflict. The S&P 500 futures fell 1% in early New York trading, while Bitcoin dipped below $79,000 as risk assets retreated. Rising bond yields curbed appetite for risky bets, prompting traders to dump chipmakers and other high-flying technology shares following a weeks-long rally. The dollar headed for its best week since March on growing expectations the Federal Reserve may need to raise interest rates, with traders increasingly pricing in a hawkish path as price pressures mount.

Energy Markets

Oil prices climbed on fears of a broader energy crunch, with Brent crude holding above $107 as the Strait of Hormuz remained effectively closed. Major forecasters have slashed oil demand growth expectations to the lowest since Covid, while the conflict shattered the Gulf's reputation as a safe operating region, benefiting producers like Nigeria's Oando Energy. U.S. natural gas futures headed for weekly gains supported by a warmer weather outlook and near-normal storage levels. India, the world's third-largest oil consumer, hiked fuel prices for the first time in four years as the government yielded to crude prices pushed higher by the war, with more rises expected in the near term.

China-US Relations

President Trump concluded a two-day summit in Beijing with Chinese leader Xi Jinping, who pitched his vision for "constructive strategic stability" aimed at drawing lines he thinks the U.S. should not cross. The high-profile meeting delivered a predictable script with no substantive breakthroughs, leaving Chinese stocks and the yuan little changed. Trump traded hundreds of millions of dollars in US securities in the first quarter, including transactions relating to Nvidia, Palantir, Paramount and Boeing, according to disclosures. Meanwhile, Pakistan is seeking to raise more money from China's onshore markets after successfully issuing its debut yuan-denominated notes.

Fixed Income

Bond yields rose relentlessly as inflation picks up, with RBC's Lori Calvasina warning that a 5% Treasury yield would challenge US stock bulls by depressing price-to-earnings ratios. Fidelity International's Mike Riddell's contrarian inflation bet paid off as bonds slid, even before the Iran war intensified price pressures. Bank of America's Hartnett said the stock market is ripe for profit-taking in early June due to investor crowding into equities and rising inflation risks.

Corporate News

Starbucks laid off 300 corporate workers and announced plans to close four regional offices, taking a $400 million charge as its turnaround plan comes at a cost despite rebounding sales. An anonymous bidder paid $9 million for lunch with Warren Buffett, NBA champion Stephen Curry and actress Ayesha Curry—the highest bid since 2022. Pershing Square's Bill Ackman disclosed a new stake in Microsoft, saying the tech company is underpriced. GFL Environmental's proposed acquisition of Secure Waste Infrastructure won backing from two major proxy advisory firms, dealing a setback to activist investor Abrams Capital.

Asia-Pacific Markets

Singapore new home sales surged to a six-month high in April as fresh projects attracted buyers, signaling continued market strength despite Middle East tensions. Ghana's world-leading stock rally may encourage bank IPOs, according to the head of the nation's bourse. Hana Bank agreed to buy a $670 million stake in crypto-exchange operator Dunamu—the largest single investment by a South Korean bank in digital-asset entities. Toshiba spinout Kioxia reported surging profits from the AI frenzy and plans to list American depositary shares to widen its U.S. investor base.

Deals & Legal

Adani Group is reviving plans to raise about $1 billion through a U.S.-listed dollar-denominated bond, reflecting its intent to return to capital markets. Gautam Adani and his nephew Sagar agreed to pay $18 million to settle Securities and Exchange Commission allegations they made false representations about Adani Green Energy. HSG, the firm formerly known as Sequoia Capital China, closed a $3 billion continuation vehicle anchored by a stake in ByteDance. Meanwhile, Schroders looks to exit its China mutual funds business after just three years, with U.S.-headquartered Nuveen set to acquire the London-listed group in a £10 billion deal.