Public Markets 24 Hours

Last updated: May 21, 2026, 11:31 PM ET

Equity Markets

Asian stocks advanced broadly on Friday, with the Nikkei climbing 1.3% to lead gains as chip and metals shares rallied on optimism surrounding U.S.-Iran peace negotiations. Lenovo Group shares jumped 13% to a 26-year high after the Chinese PC maker reported strong AI-driven earnings growth that offset rising component costs. The surge came as investors shifted focus beyond TSMC to new AI winners across the region, while Workday shares rallied after better-than-expected quarterly results quelled concerns about AI disruption in workplace software. Foreign selling in Indian equities may extend into 2027 as Bof A analysts noted Asia's AI winners offer stronger earnings prospects at cheaper valuations.

Fixed Income & Credit

Japanese government bonds edged lower in early Tokyo trading as investors weighed Middle East developments, while South Korea announced plans to trim long-term bond sales as part of June issuance reductions. Renault SA priced its second-largest Samurai bond offering ever amid heightened volatility in government bond markets that fueled appetite for relatively higher-yielding but stable assets. The Philippines will sell up to 30 billion pesos ($487.4 in treasury bonds due July 2030, as the peso trades around 63.5 per dollar which the central bank deems acceptable if declines remain measured. Yield curves may steepen further in key Southeast Asian markets as elevated oil prices increase inflationary pressures and deepen fiscal strains.

Commodities & Energy

Oil futures rose in early Asian trade amid high Middle East tensions that could keep supply disruptions elevated, reversing three days of declines as Iran's statements on uranium and the Strait of Hormuz tempered earlier optimism on U.S. negotiations. The surge in energy costs has prompted Walmart to absorb higher fuel expenses to keep consumer prices stable, with the retailer warning that customers are rationing petrol as the Iran war hits household wallets. Jet fuel costs spiked 8% since the start of the Iran conflict, vindicating airlines that maintained hedging programs while exposing those that didn't.

M&A & Corporate News

Tuas Ltd.'s planned $1.1 billion acquisition of Singapore telecom operator M1 Ltd. collapsed amid a regulator probe, while Fountain Vest considers selling Swiss micro-tools maker SPT as private equity firms exit China's data center sector with a final $1 billion deal. Polymarket appointed a representative in Japan and is lobbying for prediction market authorization as part of global expansion plans. Bird Construction readies its first corporate bond sale seeking to raise approximately C$250 million, and Dangote's Nigerian refinery attracted $2 billion in private placement demand ahead of a proposed IPO.

Currency Markets

Asian currencies consolidated against the dollar but face pressure from higher Treasury yields, with yen traders bracing for intervention risk as Monday holidays loom across major financial centers. The WSJ Dollar Index rose 0.02% to 95.80, marking gains in seven of the past nine trading days. Philippine peso at 63.5 per dollar might be okay Governor Eli Remolona said, provided the decline remains measured and non-inflationary.

Technology & IPOs

SpaceX postponed the launch of its newly redesigned Starship as the company estimates $15 billion spent developing the next-generation rocket, while Goldman Sachs secured the lead role in what's expected to be the largest IPO in history. Blockchain.com filed confidentially for an initial public offering joining the spate of digital asset firms testing public market appetite. SpaceX, OpenAI and Anthropic race to go public as giants of the artificial intelligence sector seek to capitalize on investor enthusiasm.

Retail & Consumer

Ross Stores lifted its sales outlook after first-quarter results surpassed estimates, now expecting comparable sales growth of 6% to 7% for the fiscal year, up from previous guidance. Deckers fourth-quarter sales climbed on continued Hoka demand with the brand's sales jumping 15% to $671.2 million, marking its largest quarter ever. Advance Auto Parts logged strongest quarterly same-store sales growth in five years on strength in its professional channel, while Ralph Lauren posted higher sales boosted by particularly strong growth in China.

Geopolitical Impact

The Iran conflict upended the $50 trillion safe-haven debt market as investors seek protection from another bout of inflation, while fertilizer costs spiked in Brazil raising risks for the agricultural economy at the worst possible time. Exxon Mobil is nearing a deal to pump oil in Venezuela, marking a victory for President Trump's energy diplomacy. Aliko Dangote's refinery private placement drew $2 billion of demand before a proposed IPO, signaling investor appetite for energy infrastructure assets.

Market Outlook

U.S. stock futures pointed lower after oil prices nudged higher and investors showed lukewarm reaction to Nvidia's earnings, which jumped 211% to $58.3 billion on extreme demand from big technology companies. The Dow Jones closed at a record high on hopes of Middle East progress, while European growth is buckling under war impact with the euro area facing the fastest inflation since 2023. Indonesian palm oil prices tumbled after President Prabowo unveiled plans for state export controls on key commodities.