Public Markets 24 Hours

Last updated: May 22, 2026, 5:32 AM ET

M&A & Corporate News

Puig's shares plunged more than 14% in European trading after merger talks with Estée Lauder collapsed, while the U.S. cosmetics giant's stock jumped 11.5% in post-market trading as investors welcomed the termination. A consortium led by CVC Capital Partners and Groupe Bruxelles Lambert launched a $12.5 billion bid to take Italy's Recordati private, valuing the drugmaker at over $12 billion in one of the largest healthcare deals of the year. Meanwhile, Lenovo reported its fastest quarterly revenue growth in years and targets $100 billion annual revenue within two years, with shares nearing all-time highs after strong AI-related earnings.

Energy & Commodities

Oil futures climbed to $105 per barrel in early Asian trade as U.S.-Iran uncertainty persisted, with Brent crude rising amid high Middle East tensions that could keep supply disruptions elevated. The conflict sparked legal disputes in oil shipping after Hormuz closure, with Total Energies weighing a lawsuit against Baltic Exchange as shipping derivative losses mount. Japan flagged the arrival of the first Persian Gulf oil shipment to transit the contested Strait of Hormuz since the war began, providing crucial energy supply relief. A fertilizer crunch in Brazil is raising risks for the agricultural economy as costs spike on Middle East supply concerns.

Asian Markets & Technology

Asian stocks rose for a second day on AI optimism, with tech shares leading gains as investors rotated into companies tied to artificial intelligence buildout. China's regulators began scrutinizing companies and funds after AI-fueled stock moves, asking for more details on approaches to artificial intelligence investments. DeepSeek's founder declared AGI goals as the startup advances a $10 billion funding round, prioritizing groundbreaking AI research over short-term commercial gains. China's National Team will probably cut ETF holdings by 90% by mid-year, signaling reduced state support for equity markets. Indonesia announced it is listening closely to markets on its new commodity export oversight body following confusion over export reforms.

Fixed Income & Currencies

Japanese government bonds edged lower in early Tokyo trading as investors weighed Middle East developments and priced in potential Fed easing. Toyota Finance set five-year coupon rates at their highest since 1999 for a ¥100 billion bond sale as yen yields climb. The Singapore dollar weakened slightly amid uncertainty over U.S.-Iran talks, while South Korea warned of excessive won movements and signaled readiness for market interventions. The Sri Lankan rupee surged against the dollar, snapping a nine-day losing streak to become Asia's best-performing currency. The Philippine peso at 63.50 per dollar might be acceptable if the decline remains measured and non-inflationary, according to the central bank governor.

Luxury & Consumer

Richemont's sales climbed 13% to €5.4 billion for the quarter ending March 31, with stronger-than-expected performance driven by resilient Cartier jewelry demand that helped weather sector headwinds. The Swiss luxury group's full-year sales rose more than expected as shoppers splurged on high-end bracelets and rings, allowing the company to outperform most rivals despite broader luxury market slowdown. Starbucks faced backlash in South Korea after a "Tank Day" marketing promotion on May 18, the anniversary of the 1980 Gwangju massacre, forcing the company to address the insensitive timing. Guzman y Gomez scrapped U.S. expansion plans after Mexican-themed dishes failed to attract American diners.

Financial Services & Banking

Julius Baer expects substantially higher first-half profit as the Swiss wealth manager signals progress in restructuring, though the firm cautioned that client activity pace has slowed due to revised risk frameworks and Middle East conflict uncertainty. Ross Stores raised sales and profit guidance after first-quarter results surpassed estimates, now expecting comparable sales growth of 6% to 7% for the fiscal year. Walmart said customers are rationing petrol as Iran war impacts hit household budgets, with the retailer absorbing higher fuel expenses to hold down consumer prices. Workday posted better-than-expected results in the first quarter, helping quell concerns about AI disruption to its workplace management software business.

Short Interest & Market Commentary

Prominent short-seller Fahmi Quadir is going long on Korean stocks, betting on the world's best-performing market after years of betting against companies. The move comes as short-seller Carson Block warned of an AI-created financial crisis, suggesting that "maybe the dumb money is the smart money" in current market conditions. Quadir, dubbed "The Assassin" for exposing corporate fraud, described short-selling as akin to investigative journalism, rooting out specific company stories and bringing them to light.