Public Markets 24 Hours

Last updated: May 22, 2026, 2:33 AM ET

Equity Markets

Asian stocks extended gains for a second day, with emerging-market equities putting the benchmark on track for a weekly advance as investors rotated into AI-related names amid easing Middle East tensions. The FTSE 100 maintained its upward trajectory with futures indicating the index will rise every day this week, while European space stocks surged after French satellite operator Eutelsat jumped more than 17% to a one-year high and Germany's OHB hit an all-time high following SpaceX IPO excitement. Chinese AI startups Zhipu and Minimax are poised to join Hong Kong's technology gauge, potentially unlocking billions in inflows as investors seek alternatives to traditional Taiwan Semiconductor exposure in the AI buildout.

IPO Pipeline

SpaceX filed confidentially for its long-anticipated IPO, setting up what could become the largest stock-market debut in history as the company targets a valuation that would cement Elon Musk's grip on the rocket manufacturer. The filing comes as crypto exchanges rushed to launch derivatives linked to SpaceX's upcoming listing, with Binance among platforms offering perpetual futures to speculate on the rocket company's valuation. Meanwhile, Goldman Sachs secured bragging rights for the coveted lead underwriting role, edging out Morgan Stanley's Michael Grimes who had been widely expected to run the flotation, in a move that underscores the intense competition among Wall Street banks for marquee mandates.

Fixed Income & Currencies

Australian yield curves steepened further as traders positioned for a Reserve Bank pause following weak employment data, with curve-steepening trades increasing on expectations the central bank is nearing the end of its hiking cycle. Renault priced its second-largest Samurai bond offering ever as heightened volatility in government bond markets fueled investor appetite for relatively higher-yielding but stable assets from corporate issuers. The Singapore dollar weakened slightly against the greenback amid uncertainty over U.S.-Iran talks, while Philippine central bank officials signaled tolerance for the peso at 63.50 per dollar as long as the decline remains measured and non-inflationary.

Commodities & Energy

Oil prices swung higher in early Asian trade amid elevated Middle East tensions that could keep supply disruptions elevated, with crude futures rising after three days of declines as statements by Iran on uranium and the Strait of Hormuz pared earlier optimism over U.S. negotiations. Copper and other base metals advanced alongside risk assets as optimism grew that the U.S. and Iran can reach a peace agreement, while gold held in a narrow range near $2,340 per ounce as conflicting signals on ceasefire talks kept traders guessing over central bank rate paths. A potential closure of the Strait of Hormuz could trigger recessionary conditions rivaling the 2008 financial crisis, according to Rapidan Energy Group analysis.

Asia-Pacific Corporate

Lenovo Group narrowed in on its $100 billion revenue target as the Chinese technology giant posted its strongest quarterly growth in five years, with shares approaching all-time highs after reporting robust AI server demand that helped offset rising component costs. The company's fourth-quarter revenue growth accelerated to the fastest pace in five years, positioning the PC-to-data-center conglomerate to capitalize on enterprise AI infrastructure spending. Meanwhile, Australia's Arafura Resources approved development of a $1.6 billion rare-earths project that could supply roughly 4% of global neodymium and praseodymium, critical minerals used in electric vehicle motors and wind turbine generators.

Technology & Innovation

DeepSeek's senior management told investors its $10 billion funding round will prioritize groundbreaking AI research over short-term commercial gains, as the Chinese startup declared artificial general intelligence as its ultimate goal while continuing to compete with OpenAI's reasoning capabilities. The Trump administration signed preliminary deals for equity stakes in nine quantum computing companies totaling $2 billion, with IBM set to receive $1 billion as part of the government's push to secure technological leadership. Healthcare investors watched experimental drug retatrutide deliver dramatic weight loss results with participants losing 28% of body weight on average after 80 weeks, potentially reshaping the obesity treatment market.

Emerging Market Outlooks

Bank of America projected foreign selling in Indian equities will extend into 2027 as Asia's AI winners offer stronger earnings prospects at cheaper valuations, with foreign institutional investors pulling capital from the region's most expensive market. Indonesia announced plans to "listen closely to the market" as it builds a new body to oversee key commodity exports, part of broader sovereign wealth fund Danantara initiatives under Pandu Sjahrir's leadership. Vietnam's richest person leveraged a 1,000% stock boom to pour billions into electric vehicle ventures, with the tycoon's corporate group shares soaring amid the nation's manufacturing renaissance.

Regulatory & Policy

Turkey's economic policymakers convened emergency meetings to discuss market-calming measures after a court ordered removal of the main opposition party's leadership, threatening political stability in a country already grappling with currency pressures. South Korea announced plans to reduce long-term bond issuance as part of June's planned reduction in government debt sales, focusing cuts on longer-dated tenor notes amid elevated oil-driven inflation concerns. France's economic resilience showed signs of wilting as the Iran war shock jeopardized budget deficit reduction plans ahead of pivotal presidential elections, with the IMF cutting growth forecasts amid heightened uncertainty.