Public Markets 24 Hours

Last updated: May 20, 2026, 5:38 AM ET

Geopolitics & Energy

The Iran crisis continued to roil markets as oil prices dipped 1% after President Trump said the conflict would end "very quickly," even as a $800 million flurry of suspicious oil trades triggered a regulatory probe by the CFTC. Oil fell on Trump remarks while traders weighed Iran war threats that kept the Strait of Hormuz closure weighing on energy flows. China deepened its energy pivot by confirming a purchase of 200 Boeing aircraft from the U.S., the largest single sale to Beijing in nearly a decade, after President Trump announced the deal at last week's summit. China confirmed Boeing order Meanwhile, Xi Jinping met Vladimir Putin in Beijing and called for a halt to Middle East fighting while taking a veiled swipe at Washington, as Russia looks to deepen energy ties with China amid Persian Gulf upheaval. Xi deepened ties with Putin Woodside Ltd., Australia's top LNG exporter, warned that markets are underestimating how long the Iran war will disrupt global liquefied natural gas supplies. Woodside flagged Iran LNG impact The UK moved to ease sanctions on Russian oil refined into jet fuel and diesel, echoing similar measures in Washington, as supply disruptions from the conflict tighten European fuel markets. UK eased Russian oil sanctions

Fixed Income & Bonds

U.S. stock futures edged higher while Treasurys stabilized after a sharp selloff earlier in the week, though the 10-year yield held above 4.6% as inflation fears persisted. Futures rose, Treasurys steady Gilts rallied after UK inflation data came in lower than expected, prompting traders to trim bets on a Bank of England rate hike next month. Gilts jumped on inflation surprise Global long-bond yields climbed to their highest levels in almost two decades, with the 10-year Treasury approaching 4.7% and strategists warning the selloff has room to run. Long yields hit two-decade high Japan's longer-maturity government bonds gained after a 20-year auction drew firm investor demand, while PIMCO identified opportunity in Japan's 30-year sovereign bonds despite record-high yields. Japan bonds gained post-auction China's bonds bucked the global rout, with local yields hitting a nine-month low as ample liquidity and a fragile economic recovery anchored demand. China bonds diverged from peers Europe saw record borrowing as issuers locked in funding before central banks are expected to hike, while Eurozone government bond yields edged lower but remained near historic highs. Eurozone yields edged lower Investors in Japanese super-long bonds posted their first foreign outflow since 2024 as concerns over inflation and fiscal spending mounted. Foreign outflows hit Japan bonds

China & Tech

China imported a record amount of palladium last month as local prices outpaced global benchmarks, luring inflows into the metal. Palladium imports surged Beijing banned Nvidia's gaming chip during CEO Jensen Huang's visit, aiming to shield domestic players like Huawei and Cambricon as they catch up to U.S. rivals. China banned Nvidia gaming chip A UBS real estate analyst who previously flagged problems at China Evergrande declared that AI is helping end the country's yearslong property slump, joining a growing chorus of observers pointing to technology as a catalyst for recovery. AI helping end China property slump China's courts are issuing rulings to shield workers from AI-driven displacement, signaling that the government wants artificial intelligence to flourish but not at the expense of jobs. China courts shield workers from AI Nvidia's Huang has committed $90 billion to an AI deal spree that rivals Big Tech's biggest venture operations, tying customers and start-ups to its technology as scrutiny over the chipmaker's systemic importance intensifies. Huang's $90bn AI deal spree

Europe & Equities

Europe's first-quarter earnings season delivered its best results in three years, buoyed by energy majors and tech giants, though strategists warned the performance could prove difficult to sustain as the economic outlook sours. Europe earnings best in three years Emmanuel Macron's nominee to lead the Bank of France told lawmakers the ECB must be ready to tighten monetary policy as inflation pressure rises, though he stressed officials should also keep growth in mind. ECB must be ready to act Europe's biggest office deal since 2022 collapsed when a buyer failed to raise funds for an €850 million acquisition of Frankfurt's Opern Turm from JPMorgan and GIC. Frankfurt office deal collapsed Morgan Stanley's Japan chief said a Bank of Japan rate hike is key to strengthening the yen toward 140 against the dollar, while Bof A sees three catalysts that could eventually turn it bullish even as the currency drifts toward 160 per dollar. Morgan Stanley expects BOJ hike CSG, the European arms maker, reported rising earnings driven by surging demand from Ukraine for longer-range ammunition produced by only a few manufacturers. CSG earnings rose on defense demand

Commodities & Emerging Markets

Industrial metals slid as inflation fears fueled a bearish mood, with copper edging lower and iron ore declining for a fifth consecutive day. Industrial metals slid on inflation fears Core Lithium restarted mining at its Finniss project in Australia's Northern Territory after battery material prices rebounded. Lithium mining restarted in Australia India may tighten currency controls to halt a rupee slump, with Citigroup forecasting possible restrictions on outflows from domestic businesses, while global investors priced in scenarios where the currency falls to 100 per dollar. India may tighten currency controls Indian power demand hit a record for the second consecutive day as a scorching summer pushed air-conditioner use higher. India power demand hit record Indonesia's stocks fell after President Prabowo Subianto announced plans to tighten oversight of commodity exports, fueling concern about greater state control. Indonesian stocks fell on export controls Singapore overtook Indonesia as Southeast Asia's largest stock market, signaling investor confidence in the city-state's reforms and waning faith in its neighbor's economy. Singapore topped Indonesia market

Corporate & Deal News

Stellantis and Dongfeng plan a joint venture to sell Voyah-branded electric vehicles across Europe, while Stellantis also struck a deal to build Dongfeng's high-end vehicles at its underutilized Rennes plant in France. Stellantis-Dongfeng EV JV planned Marks & Spencer's full-year pretax profit dropped 29% despite a second-half rebound as the retailer recouped losses from last year's cyberattack that cost it hundreds of millions of pounds. M&S profit fell 29% A Qatari conglomerate owned by the billionaire Al-Khayyat family is working with Rothschild & Co. on a potential IPO of its healthcare unit, in a rare listing for Qatar. Qatari firm taps Rothschild for IPO Hg is spinning out €500 million of assets from its €19 billion software group Visma as a long-awaited London IPO is shelved. Hg spins out Visma assets Lincoln International raised nearly $421 million in a U.S. IPO priced at the top of its marketed range. Lincoln International IPO raised $421M South Africa's Public Investment Corp. is in talks to buy out minority shareholders of real estate developer Balwin Properties. PIC in talks to buy Balwin Dubai-based Averi Finance is in discussions for a reverse merger with South African mining firm Mantengu to list on Johannesburg's exchange. Averi targets Johannesburg listing