Public Markets 24 Hours

Last updated: May 18, 2026, 2:35 PM ET

Energy & Geopolitics

Oil prices edged higher after President Trump renewed warnings to Iran as cease-fire talks stalled, while the International Energy Agency cautioned that commercial inventories are shrinking rapidly. The strain is visible in shipping lanes: Iran's Kharg Island remained devoid of tankers for at least a tenth consecutive day, and a cluster of 23 tankers gathered at the hub — the largest since the US Navy imposed its blockade a month ago. Meanwhile, few foreign-flagged vessels have entered the Strait of Hormuz, with traffic dominated by Iranian-linked ships, and almost all large non-Iranian tankers that did enter have successfully exited with cargo. Bank of America's commodities chief put Brent's best-case scenario at $90 for the rest of the year, warning that disruption could push prices higher. The ripple effects are hitting Europe hard: LNG imports are heading for a second month of declines as cargoes reroute to Asia, and Ryanair's CEO warned of airline "casualties" if the Hormuz blockade persists. G7 finance ministers are scheduled to discuss rising energy costs and sanctions fallout at a summit in Paris this week.

Bond Market Selloff & Inflation Fears

Government bonds extended their sell-off as yields hit multi-year highs around the world, with the 30-year US Treasury yield reaching its highest level since 2023 and UK gilts climbing to peaks last seen in 1998 and 2008 respectively. The selloff reflects mounting concern over war-driven inflation: Invesco reported investors are pouring money into commodity ETFs as the Iran conflict stokes energy price expectations, while copper extended its retreat amid weakening Chinese demand and geopolitical risk. US futures slipped 0.4% in pre-market trading, and Wall Street strategists warned that the post-earnings honeymoon for equities is over as a harsh macro reality threatens the year's rally. In fixed income, a €15 billion partnership between Citi and BlackRock's HPS signals banks are betting on private credit growth even as public debt markets churn, while State Street's private credit ETF attracted a $60 billion Texas sovereign wealth fund as a new anchor investor. The selloff took center stage at G-7 finance talks as policymakers grappled with skewed growth and rising borrowing costs.

M&A & Corporate Deal-Making

Next Era Energy agreed to buy Dominion Energy for about $67 billion in stock, the largest power acquisition ever, creating a utility stretching from Florida to Virginia with a combined enterprise value near $400 billion. The deal is expected to shore up NextEra's credit profile while positioning it to serve booming electricity demand from AI data centers. In European M&A, Citi and BlackRock struck a €15 billion agreement to co-invest in private European lending, while Morgan Stanley poached JPMorgan dealmaker Sebastian Bladt to strengthen its German-speaking coverage. Across the Atlantic, France's Publicis agreed to acquire LiveRamp for $2.55 billion in its biggest deal since 2019, reflecting an AI-driven consolidation push. British dealmaking surged 250% as global buyers bypassed political turmoil, and S&P Global's Mobility unit plans to sell $2 billion of notes ahead of spinning off the business. Meanwhile, Anglo American struck a $3.9 billion deal to sell its Australian coal business, part of a broader restructuring that could culminate in a merger with Teck Resources.

Tech, IPOs & Market Disruption

Elon Musk's SpaceX is preparing a mega-IPO that would give retail investors a new way to bet on his ventures, a development that puts pressure on Tesla shareholders who have long been the sole gateway for mom-and-pop exposure to Musk's portfolio. The listing could value SpaceX at multiples that dwarf Tesla's market cap, forcing investors to choose between two rival bets on the billionaire's empire. In the chip space, Decart's valuation hit nearly $4 billion after Nvidia became a new investor, joining a wave of capital flowing into startups that make AI computing more efficient. Kioxia Holdings saw Wall Street analysts double their price targets after delivering a stronger-than-expected outlook, while EQT won the mandate to manage a new €5 billion EU technology fund targeting quantum computing and AI. On the distressed front, Bitcoin Depot filed for bankruptcy marking another blow for crypto ATMs, and West Marine filed for bankruptcy citing weaker sales as inflation and severe weather curbed outdoor spending.

Macro & Regional Developments

The UK prepared a multibillion-pound funding boost for its joint stealth jet project with Italy and Japan, while the country's home price rise in May hit a 10-year high with average prices climbing 1.2% month over month. Switzerland's economy grew faster than expected in the first quarter despite energy price spikes and a strengthening franc. Ghana is demanding that large gold mines sell at least 30% of annual output to the central bank to boost refining capacity and foreign reserves, while Zambia formed a gold venture to formalize artisanal mining and its corn harvest is on track to exceed 4.1 million tons — a second straight record that could ease food inflation but strain public finances. In South America, Chile's economy contracted in the first quarter despite optimistic signals from the new Kast government, and Brazil's Commerzbank rejected a €39 billion UniCredit takeover bid, telling shareholders the offer undervalues the lender. Polish regulators delayed the phase-out of the Wibor benchmark until end-2036 after commercial lenders pushed back, while Spain's ACS offered to sell a 6% stake worth €2.2 billion to fund data center construction. US natural gas futures topped $3 for the first time since March as hotter weather forecasts boosted cooling demand, adding another layer of inflation pressure to an already strained market.