Public Markets 24 Hours

Last updated: May 18, 2026, 8:34 AM ET

Energy & Commodities

Oil prices climbed modestly as the Iran cease-fire remained tenuous, with Brent futures edging toward $85 a barrel while European natural gas prices surged above €50 per megawatt-hour amid persistent Middle East supply disruptions. Copper extended its retreat on deepening inflation concerns tied to the conflict, with three-month contracts on the London Metal Exchange falling 0.8% to $9,200 a ton. The global bond rout intensified pressure on energy consumers, with the yield on U.S. 30-year Treasuries hitting the highest level since 2023 at 4.85%, while Japan's five-year government bond auction drew weaker-than-average demand as elevated oil prices fueled inflation fears.

M&A & Corporate Transactions

Next Era Energy Inc. agreed to acquire Dominion Energy Inc. in a landmark $67 billion all-stock deal that would create the largest utility in the United States, spanning from Florida to Virginia with significant exposure to data center growth corridors. Anglo American Plc reached an agreement to sell its Australian steelmaking coal mines to Dhilmar Ltd. for up to $3.88 billion, accelerating the miner's restructuring program ahead of its planned merger with Teck Resources. Whitbread PLC faced renewed pressure as activist investor Corvex Management stepped up calls for a sale of the Premier Inn owner, arguing the company lacks a credible turnaround strategy amid declining share prices.

Fixed Income Markets

Government bonds continued their global selloff as investors priced in persistent inflation risks, with 10-year German Bund yields reaching their highest level since 2011 at 2.75% and U.K. 30-year gilt yields hitting 1998 highs. Japan's 10-year government bond yield outpaced Topix dividend yields by the widest margin since 2007, raising prospects for a rotation from equities into fixed income once volatility subsides. The bond rout gatecrashed G-7 finance ministers' discussions in Paris, where policymakers grappled with oil-fueled inflation risks overshadowing global economic prospects.

Geopolitical Risk & Middle East Tensions

President Trump's warning that the "clock is ticking" on Iran heightened Middle East tensions as the U.S. sought to force Tehran to accept nuclear program terms, while Iranian attacks paralyzed Qatar's vital gas exports and stalled economic pivots intended to anchor the nation's growth. The conflict created new economic opportunities for Syria as the blocked Strait of Hormuz redirected shipping routes, and European oil refiners scrambled to maximize production and secure alternative supplies from the U.S. and Africa to offset Middle Eastern shortages.

Corporate Earnings & Performance

Ryanair Holdings PLC suspended its full-year guidance after a surge in jet fuel prices and weakening summer pricing power, with the airline group warning of "considerable uncertainty" in the key booking season. Baidu Inc. reported another sharp profit decline amid slow AI monetization, recording a fourth straight quarter of revenue drops as Chinese search-engine operators struggle with the transition to generative AI. Chinese oil refiners slashed run rates after crude imports plunged 15% year-over-year, with state-owned processors cutting throughput to multiyear lows amid demand weakness and supply disruptions.

Asia-Pacific Markets

South Korean stocks rebounded from correction territory as Samsung Electronics shares jumped following progress in high-stakes union negotiations, while Indonesia's rupiah hit a record low amid a global market rout that sent bond yields surging across emerging markets. Australia's rare earths sector faced further disruption as the government ordered Chinese investors to divest stakes in Northern Minerals Ltd., part of Canberra's broader effort to secure critical mineral supply chains. Mineral Resources Ltd. announced plans to restart its Bald Hill lithium mine in Western Australia after an 18-month shutdown, betting on a rebound in battery material prices.

European Corporate News

Commerzbank AG advised shareholders against accepting UniCredit SpA's takeover offer, arguing the proposal undervalues the German lender and lacks a credible strategic plan. Italy's Prime Minister Giorgia Meloni requested EU budget flexibility to address rising energy costs, seeking greater latitude within European fiscal rules as industrial firms grapple with war-related challenges. Thyssenkrupp AG announced the closure of its U.S. automotive plant as part of a restructuring effort, while Ford Motor Co. prepared to launch five new vehicles in Europe to counter Chinese rivals amid a challenging pricing environment.

Market Sentiment & Outlook

Morgan Stanley strategists warned that equities face significant pullback risk as the global bond selloff threatens to derail the AI-driven rally, with the S&P 500 Index futures slipping 0.4% in premarket trading. Hedge funds ramped up bearish sterling bets following Andy Burnham's emergence as a potential UK prime minister candidate, with options positioning reflecting fears of increased public borrowing. Despite the mounting geopolitical uncertainty, British dealmaking activity surged as global buyers bypassed political flux, putting London's M&A advisers on track for their best year in over a decade.