Public Markets 24 Hours

Last updated: May 20, 2026, 2:31 AM ET

Currency & FX Markets

The British pound held steady around $1.34 ahead of key inflation data releases, while India's central bank intervened to support the rupee after the currency slid to record lows amid elevated oil prices. Indonesia's rupiah plunged to fresh lows intensifying pressure for Bank Indonesia's first rate hike in two years, and Australia's dollar faced renewed headwinds as the yield advantage over US assets narrowed. In Tokyo, foreign outflows from super-long JGBs emerged for the first time since 2024 as investors grappled with inflation concerns and increased fiscal spending, pushing Japanese 20-year bond yields higher ahead of a crucial auction.

Global Fixed Income Selloff

Longer-maturity government bonds climbed to levels last seen during the global financial crisis, with the 30-year US Treasury yield hitting its highest point since 2007 as mounting inflation fears forced investors to reprice risk across asset classes. The bond market rout accelerated pushing the 10-year Treasury yield close to 4.7% and threatening higher borrowing costs, while Pimco favored Japan's 30-year bonds despite the yield curve becoming "too steep." European yields also surged to multi-year highs as the G-7 urged fiscal restraint in response to war-related economic shocks, with strategists warning losses have room to run.

Energy & Commodities

Oil futures edged lower as traders assessed Middle East developments, while US wheat futures led grains lower amid soured sentiment over unconfirmed Chinese agricultural purchases. Industrial metals slid broadly as copper edged lower and iron ore declined for a fifth day on hawkish central bank fears, even as Australian Core Lithium restarted mining operations following a price rebound in the battery material. Palm oil and coal stocks tumbled in Indonesia on plans for tighter state control over commodity exports, while BPCL turned to spot crude purchases as the Iran conflict disrupted term supplies from Middle Eastern producers.

AI & Technology Markets

Nvidia's Huang bankrolled the AI boom with a $90 billion deal spree, tying customers and startups to its technology in spending that rivals Big Tech's largest venture operations. The semiconductor giant's dominance raises "too big to fail" questions as the company sits "at the centre of everything" in the AI revolution. Meanwhile, Wall Street prepares for a boom in tech IPOs following Cerebras' $6.4 billion raise, with SpaceX's anticipated listing igniting Wall Street's race to orbit and setting the stage for potential offerings from OpenAI and Anthropic. However, concerns mount that the IPO market represents a transfer of investment risk to retail investors.

M&A & Capital Markets

Dubai-based Averi Finance targets a Johannesburg listing through a reverse merger with South African mining firm Mantengu Ltd., while Hg spun out €500 million of assets from its €19 billion software group Visma as the long-awaited London IPO was shelved. Global healthcare funds merged creating a $21 billion investment manager to defy AI disruption, and Jefferies hired Gideon Volschenk from Standard Chartered to lead metals and mining banking in EMEA. In the private equity space, CV-squared funds emerged as a new escape hatch keeping unsold companies in limbo amid the downbeat era for public offerings.

Equity Markets & Retail

Target Corp. quietly emerged as one of this year's hottest retail stocks, outperforming staples and big-box peers while raising the earnings bar heading into quarterly results. The S&P 500's reliance on AI-driven companies has investors "high on hope and low on cash," creating opportunities for market volatility. Toll Brothers shares jumped as luxury home orders hit their highest level in two years, while Cava revenue climbed with traffic growth boosting fiscal-year guidance. However, Home Depot posted lower profit as homeowners delayed large home-improvement projects.

Geopolitical Risk & Defense

Trump crushed Republican dissent in Tuesday's primaries, unseating Representative Thomas Massie and demonstrating the president's influence over primary contests. The Iran war exposed shortcomings in the US military industrial base, with Defense Secretary Pete Hegseth addressing problems the Pentagon and Congress have struggled with for years. SpaceX going public heralds a new era for space exploration investment, while Putin and Xi discussed the Power of Siberia 2 pipeline just days after Trump's Beijing visit, highlighting shifting energy alliances amid global uncertainty.

Asian Markets & Central Banks

China bonds bucked the global rout with yields hitting nine-month lows as fragile economic recovery and ample market liquidity kept local yields anchored. Japan's longer bonds gained after a 20-year auction reflected firm investor interest, though JGB yield rises are unlikely to strengthen the yen according to Mitsubishi UFJ Morgan Stanley Securities. In Indonesia, markets rebounded ahead of President Prabowo's key budget speech, while foreign flows into Indian stocks showed signs of recovery as the Nifty outperformed regional benchmarks. Singapore topped Indonesia as Southeast Asia's biggest stock market, signaling investor confidence in the city-state's reforms.

Regulatory & Policy Developments

Macron's central bank pick faces a parliamentary showdown as lawmakers grill the nominee who could scupper the French president's monetary policy plans. The UK Treasury pushed supermarkets to cap food prices, drawing retailer anger over government efforts to limit inflation's impact. Trump's order would push banks to check clients' citizenship status, directing regulators to rethink information collection as a safeguard against money laundering. Meanwhile, Deutsche Bank was fined by UK authorities £165,000 for breaching Russia sanctions over payments linked to streamer Okko.