Public Markets 24 Hours

Last updated: May 18, 2026, 2:31 AM ET

Global Bond Markets

A global bond rout deepened across major markets as Iran war fears fueled inflation concerns, with Japanese government bond yields outpacing Topix dividend yields by the most since 2007 and pressuring equity valuations. Weaker demand emerged at Japan's five-year bond auction amid elevated oil prices stoking inflation worries, while U.S. 30-year yields hit their highest levels since 2023, surpassing 5% as investors priced in persistent inflationary pressures. The steepening JGB yield curve signaled growing fiscal anxiety, with strategists noting that rising oil prices have pushed Japanese bonds to multi-decade highs and triggered a deepening slump that's spreading contagion across global debt markets.

Equity Markets & M&A Activity

Despite the bond market turbulence, Kioxia Holdings became the latest Japanese chip darling to capture Wall Street attention as major firms doubled price targets following stronger-than-expected guidance from the memory-chip maker. The British takeover boom continued accelerating with M&A advisers tracking toward their best year in over a decade, even as political uncertainty mounted around potential leadership challenges. Samsung Electronics shares jumped after management entered critical wage negotiations with its largest labor union, helping South Korean stocks rebound from correction territory as semiconductor optimism offset rising rate pressures. Meanwhile, NextEra Energy reportedly discussed acquiring Dominion Energy in a deal valuing the Virginia utility at approximately $76 per share, or roughly $66 billion, marking what would become the largest power deal on record amid surging demand from AI data centers.

Energy & Commodities

Oil prices climbed as President Trump's warning to Iran called the cease-fire into question, adding pressure to global bond markets already reeling from inflation concerns. The Middle East conflict imposed a $40 billion fuel bill on American consumers while paralyzing Qatar's vital gas exports and stalling the nation's economic diversification strategy. Copper futures extended losses as the U.S.-Iran stalemate fueled inflation fears and weaker-than-expected Chinese economic data weighed on industrial demand. European oil refiners maximized production and increased imports from the U.S. and Africa to offset Middle Eastern supply disruptions, while Chinese refiners slashed output after crude imports plunged to multiyear lows amid weakening domestic demand.

Currency & Emerging Markets

The U.S. dollar strengthened against the Singapore dollar and showed signs of staying broadly supported, while emerging market carry trades rebounded with the Russian ruble and South African rand among favored positions as commodity-linked currencies benefited from elevated oil prices. Thailand's reform agenda targeting 7,000 business regulations aimed at attracting foreign investment, though Indonesian markets joined the global selloff with the rupiah hitting record lows and bond yields surging. Absa Group considered joining China's yuan payments platform to capitalize on growing Africa-China trade volumes, while Australia ordered Chinese investors to divest rare earth stakes for the second time in two years as Canberra moved to protect strategic mineral assets.

Technology & AI Developments

Even as bond markets convulsed, tech workers advocated for AI regulation with developers taking proactive steps to address workplace concerns about artificial intelligence deployment. Anthropic prepared to brief global financial watchdogs on cyber flaws exposed by its new AI model, while Publicis announced a $2.2 billion acquisition of U.S. data company Live Ramp to deepen its AI marketing capabilities. Business schools expanded AI collaboration curricula beyond basics to teach decision-making amid shifting technological capabilities, and Jane Street doubled capacity in Singapore as part of its Asia expansion amid growing demand for quantitative trading expertise.

Regional Market Updates

The Italianisation of Britain's finances alarmed investors as political flip-flopping and budgetary shortfalls raised concerns about fiscal discipline, though hedge funds piled into bearish sterling bets following Manchester Mayor Andy Burnham's potential prime ministerial pathway. New Zealand's population growth improved with the largest quarterly gain since 2024 as the Kiwi exodus showed signs of slowing. Vietnam's largest refinery maintained confidence in stable operations through June while diversifying crude supplies, and Malaysia's coalition tensions deepened as Prime Minister Anwar Ibrahim floated snap polls amid internal political jockeying.