Public Markets 24 Hours

Last updated: May 19, 2026, 5:34 AM ET

Energy & Commodities

Oil prices retreated toward $110 a barrel after President Trump held off on attacking Iran, while nickel futures spiked sharply on reports of Indonesian NPI production cuts that could tighten global supply of the stainless-steel ingredient. The UK energy price cap is set to surge 13% this summer—the largest increase since 2023—as the Iran conflict drives up wholesale gas and power costs, adding pressure to household budgets already strained by persistent inflation. In metals, iron ore fell to a two-week low in Singapore as Chinese steel demand concerns deepened, while copper and other base metals declined amid investor anxiety over the global economic outlook following Trump's mixed signals on Iran diplomacy.

Fixed Income & Credit Markets

Global bond markets stabilized despite elevated inflation fears, with U.S. Treasury yields edging lower as oil prices eased and investors awaited Middle East resolution. However, three vulnerable Asian economies showed rising strains as their central banks face pressure to tighten policy even as the Iran-war oil shock deepens, potentially triggering a broader selloff that could threaten the world's weakest markets. In the corporate arena, ArcelorMittal completed a $667 million stake sale in Vallourec to boost shareholder returns, while bond yields gained the upper hand over Indian dividend stocks as patchy profits and foreign outflows hurt equities. Meanwhile, Citadel Securities' Scott Rubner warned of an unwinding in the powerful fund flows that drove U.S. stocks to record highs in recent weeks.

Equities & Market Sentiment

Singapore stocks climbed to record highs as investors sought defensive havens during Iran war volatility, while Indonesian markets slumped on speculation the government will centralize commodity exports to control capital flows and shore up the plunging rupiah. Korea's equity rally hovers atop a handful of supercharged stocks, raising concerns that the world's hottest market may be overheating despite weak overall market breadth. In corporate news, Diploma shares jumped after the industrial-supply company lifted fiscal 2026 expectations for the second time, citing higher revenue and earnings metrics for the first half.

Banking & Financial Services

Monzo Bank reported a 44% profit jump in the year through March as lending growth lifted interest income, demonstrating the fintech sector's continued expansion into traditional banking services. Standard Chartered announced plans to cut almost 8,000 jobs as AI adoption escalates, with CEO Bill Winters emphasizing a strategy focused on replacing "lower-value human capital" for "sustainable growth." The bank is targeting a more than 15% return on tangible equity by 2028, building toward approximately 18% in 2030. UBS BB Investment Bank hired Claudia Bollina Mesquita as head of equity capital markets, adding to the firm's senior leadership team.

M&A & Private Markets

Analog Devices is in advanced talks to acquire Empower Semiconductor for $1.5 billion in cash, marking the latest consolidation move in the AI chip sector as companies race to meet expanding demand for specialized processors. Spain's ACS offered a €2.2 billion stake to fund data center expansion and other AI-related infrastructure, reflecting European construction giants pivoting toward tech infrastructure. In private credit, India's 360 ONE Asset Management is seeking up to $500 million for its sixth private credit fund, underscoring sustained investor appetite for alternative lending vehicles amid tightening traditional credit conditions.

IPO Markets & Cross-Border Deals

Danish conglomerate Schouw & Co. set the price range for BioMar's IPO, which would mark Copenhagen's largest initial public offering since 2018 and provide a test of investor appetite for aquaculture-related businesses. Fosun International picked banks for Club Med's planned Hong Kong IPO, signaling continued confidence in premium leisure assets despite geopolitical headwinds. Citigroup and BlackRock's HPS Investment Partners struck a €15 billion private credit agreement to collaborate on direct-lending deals across Europe, targeting the growing private equity financing market. Meanwhile, S&P Global's Mobility unit plans to sell $2 billion of notes ahead of its planned spinoff, providing capital for the automotive data and analytics business.

Geopolitical Impact & Currency Markets

Russia's ruble emerged as the world's best-performing currency against the dollar this quarter, buoyed by a surge in foreign currency receipts from oil sales following the Iran conflict outbreak. Singapore secured enough LNG to last through year-end as it replaces shipments stuck behind the Strait of Hormuz, while Iran's main export facility remained devoid of tankers for at least a tenth day, underscoring strain from the U.S. naval blockade. The White House is reviewing trading rules that could potentially scrap decades-old regulations governing best-price execution, as the administration evaluates changes to market structure policies.