Public Markets 24 Hours

Last updated: May 22, 2026, 11:32 AM ET

M&A & Corporate Takeovers

Fast fashion giant Shein completed its acquisition of Everlane, the millennial-focused retailer known for transparency pricing, in a deal that consolidates budget fashion's reach. Meanwhile, Apollo Global Management launched a £1.5 billion bid for London-listed Bodycote, continuing the US private equity firm's persistent pursuit of the FTSE 250 components group. In Europe, a CVC consortium tabled a €10.9 billion offer for Italian drugmaker Recordati, tightening buyout group control of the 100-year-old company and extending its rare diseases bet. On the beauty front, Estée Lauder terminated merger talks with Spain's Puig, sending Madrid-listed shares down more than 14% while Lauder's stock rose over 10% in premarket trading.

Equity Markets & Earnings

The S&P 500 Index is tracking toward its strongest earnings growth since 2021, with momentum spreading beyond artificial intelligence-fueled gains to broader corporate America. Canadian benchmark stocks jumped to record levels on Friday, hitting their highest mark since early March as financial and tech sectors led gains. However, an equal-weighted version of the S&P 500 remains unchanged since the Iran war began, highlighting concentration in tech megacaps. In Asia, Lenovo shares neared all-time highs after reporting strong AI-related earnings growth that offset rising component prices, with the company aiming for $100 billion in annual revenue within two years.

Energy & Commodities

Oil prices climbed after three days of declines as Iran's statements on uranium and the Strait of Hormuz pared earlier optimism over US-Iran negotiations. Gold edged higher for a second consecutive day, settling 0.2% up, while silver rose 0.7% amid mixed sentiment over ceasefire progress. European natural gas headed for a 2% weekly gain on supply tightness, trading below 50 euros per megawatt-hour. Copper, famed for tracking industrial economy shifts, is trading like an AI stock as investors bet surging power demand for artificial intelligence will fuel a commodity surge. Total Energies is exploring selling 50% stakes in some European renewables assets as the French energy giant seeks partners for green investments.

Fixed Income & Currencies

UK government bonds posted their biggest weekly yield drop since 2024 after Chancellor Rachel Reeves pledged adherence to fiscal rules, driving a gilt relief rally. South Korea warned of decisive market actions if needed to address excessive won movements, with the finance ministry and central bank monitoring dollar-won exchange rate volatility. Deutsche Bank and JPMorgan are wagering against the Canadian dollar for 2026 as tame inflation readings fuel reassessment of Bank of Canada rate policy. Meanwhile, German exporters helped drive first-quarter growth before the Iran war hit, combining with government spending to spur economic momentum.

Banking & Financial Services

Kayne Anderson Capital Advisors raised $5.12 billion for its largest-ever opportunistic real estate fund, blowing past its original $3 billion target amid booming demand for healthcare and logistics properties. Investec applied for an Irish banking license as it seeks to push into Europe and tap one of the world's largest financial markets. Julius Baer Group expects substantially higher first-half profit for 2026 as the Swiss wealth manager signals progress in its restructuring efforts. UBS hit back over Nazi-accounts probe amid Senate pressure, accusing the US lawyer overseeing the Credit Suisse inquiry of bias and exceeding mandate.

Technology & AI Markets

With SpaceX's highly anticipated IPO approaching, euphoria for Elon Musk's rocket venture is drawing comparisons to Tesla's effect on electric vehicle stocks. Bank of America strategist Michael Hartnett warned mega-IPOs like SpaceX and OpenAI threaten to push tech weighting in equity benchmarks beyond market-bubble concentration levels. Samsung Electronics averted a potentially catastrophic strike by reaching a tentative deal with its largest union to share more AI boom profits, though discord over artificial intelligence gains continues brewing among workers.

Privatizations & Strategic Investments

Itausa, Singapore's GIC sovereign wealth fund, and Equipav plan to jointly bid for strategic investor status in Copasa's privatization process, the sanitation company operating in Brazil's Minas Gerais state. Brookfield is among private equity suitors circling Gulf fertility firm Fakih IVF in a deal that could value the company at $1 billion, as healthcare proves a resilient sector during the Iran conflict. In Africa, Dangote Group and Ethiopian Investment Holdings submitted a pipeline development proposal to Djibouti, aiming to build oil and gas infrastructure through the Horn of Africa port.