Public Markets 24 Hours

Last updated: May 21, 2026, 2:32 AM ET

Equity Markets

Stock markets paused their rally with the pound holding around $1.34 as investors weighed Middle East tensions against optimism over U.S.-Iran negotiations. Norway emerged as Europe's top-performing market this year, driven by surging energy prices and diversification beyond oil and gas heavyweights into technology and renewable sectors. Asian tech shares rallied after Nvidia's AI-focused outlook spurred gains across the semiconductor supply chain, with Samsung shares jumping on news of a tentative labor deal that averted a potentially disruptive strike at the world's largest memory chipmaker. SoftBank Group shares surged nearly 20% in Tokyo after reports that portfolio companies OpenAI and SB Energy Corp. were preparing for U.S. initial public offerings.

Fixed Income & Credit

Japanese government bonds extended their rally tracking overnight gains in U.S. Treasurys while gold held steady near $2,350 an ounce as hopes for a U.S.-Iran truce eased rate-hike expectations. High-yield bonds outperformed across fixed-income markets after surging yields wiped out gains on most other credit instruments, though investor unease grew as spreads approached two-decade lows despite mounting geopolitical risks. RBC BlueBay Asset Management added to yen positions as the currency drifted back toward 160 per dollar, viewing intervention potential and Bank of Japan rate expectations as supportive of the trade.

Energy & Commodities

Oil prices consolidated around $100 per barrel as market participants priced in sustained Middle East supply disruptions, while crude stockpiles fell for a fourth consecutive week with commercial inventories dropping 7.9 million barrels, far exceeding analyst expectations of a 3 million barrel decline. Base metals drifted between gains and losses after President Trump claimed U.S.-Iran talks were in final stages, though copper futures remained largely unchanged amid conflicting demand signals. Goldman Sachs reported global oil stockpiles were falling at record pace as the war in Middle East curtailed supplies and demand destruction countered millions of barrels of daily supply losses.

Asia-Pacific Markets

India's economic activity remained stable in May according to HSBC flash surveys, while the rupee posted the region's largest gain after central bank intervention and policymakers considered measures including potential rate hikes to defend the currency. South Korean won weakened despite an AI-driven stock boom as export pressures mounted from a strong dollar and global trade tensions, even as Samsung's labor deal boosted the Kospi index and Prabowo's crackdown on Indonesian tycoons signaled new revenue measures amid surging oil prices. Australian rare earths miner Arafura approved a $1.6 billion project that could supply roughly 4% of global neodymium and praseodymium, critical minerals used in electric vehicles and defense applications.

Currency Markets

Extreme bear scenarios pressured Asian currencies and bonds as the Iran conflict intensified, with investors bracing for rupee losses toward 100 amid record foreign outflows from local stocks. Chinese yuan strength complicated exporter margins on a scale rarely seen in recent years, potentially forcing Beijing to intervene more aggressively to manage currency gains. Saudi Arabia delayed consultant payments and tightened spending controls on Vision 2030 megaprojects as war-related financial pressures mounted across the Gulf region.

Technology & IPOs

SpaceX filed for its long-awaited initial public offering revealing $4.28 billion quarterly losses and a dual-class share structure giving Elon Musk 85% voting control, potentially becoming one of the largest offerings ever. Tesla announced rollout of fully self-driving technology in China, with FSD Supervised now available across several countries including the world's largest automotive market. SoftBank-backed SB Energy prepared for a U.S. IPO joining a wave of data center-focused offerings as demand for AI infrastructure surged, while OpenAI prepared to file for IPO in coming weeks amid intense investor anticipation for the Chat GPT creator's public debut.

Mergers & Acquisitions

Apartment REITs AvalonBay and Equity Residential neared a combination that would create a multifamily real estate giant controlling over 100,000 units across major U.S. markets, valuing the merged entity at approximately $45 billion. Blackstone advanced a $5 billion data center expansion