Public Markets 24 Hours

Last updated: May 24, 2026, 2:31 PM ET

Energy & Geopolitics

Oil futures dropped 1.3% in early Asian trade as OPEC+ signaled potential output increases, while a surge in aluminum prices pushed China Hongqiao's Zhang Bo past the $48 billion mark, cementing his position among Asia's wealthiest industrialists. The super tanker with Iraq crude exited the Persian Gulf as talks continued to end the U.S.-Iran conflict, and a first LNG tanker from the Gulf reached India since the war began. British forces prepared at Gibraltar for a potential mine-clearing mission should a Strait of Hormuz agreement hold. The war-driven supply shock disrupted naphtha supplies, rattling manufacturing in Japan and South Korea, while China's coal mine disaster tested Beijing's energy security push. Bond strategists warned that yields will remain high even if the Iran war ends, and the Fed's favored inflation gauge approached 4% as energy costs spiked. Treasury yields climbed to their highest since 2007, potentially adding billions in interest costs to U.S. debt.

Markets & Economy

The S&P 500 hit a record even as Americans registered their gloomiest sentiment in 70 years, highlighting the disconnect between markets and the public mood. Short sellers reaped $2.3bn betting against gambling companies pressured by U.S. prediction market growth and UK tax hikes. Emerging markets sold off as political turmoil from Latin America to Eastern Europe derailed rallies, with Hungary's new premier warning of budget "skeletons" left by his predecessor. The gap between London and UK regional house prices narrowed to its smallest since 2009 as affordability pressures hit the capital while northern cities grew. France's nicotine pouch ban sparked a diplomatic spat with Sweden, while Japan's "kidult" gacha craze filled retail spaces emptied by the pandemic.

Corporate & Finance

Disney's Star Wars revival debuted to $102 million domestically, led by "The Mandalorian and Grogu," which cost $300 million to produce and market. Centerbridge is in talks to buy a stake in $3 billion real estate firm Merritt Properties amid a busy stretch for commercial property deals. Blackstone arranged a $1.2 billion credit facility for Air Trunk's Japan data center expansion, part of a broader private equity push into AI infrastructure. The ECB summoned banks to address AI model risks, while AI is forcing McKinsey to rethink its fee structures as clients demand more performance-based pricing. China's Maextro luxury SUV, running on Huawei tech and costing $173,000 with a 40-inch screen, aims to challenge Rolls-Royce. South Korea prepared to launch its first single-stock leveraged ETFs, a risky new tool for its world-beating day traders.

Politics & Policy

The Supreme Court collided with a testy Trump as the president alternated between bullying and cozying up to justices ahead of major decisions on his agenda. The White House shooting left the gunman dead after an exchange of fire with Secret Service while Trump was inside. Trump's endorsement shook Texas Senator John Cornyn's runoff campaign against Ken Paxton. The administration set its sights on restricting legal immigration after a year focused on undocumented migrants. RFK Jr.'s push to curb antidepressants roiled a psychiatric meeting, with fears it could drive patients away from care. Democrats considered primary process changes to improve 2028 odds, while Sanders and Ocasio-Cortez tested progressive messages in red districts. Congress faced attendance crises as vacant seats and poor voting records exacerbated razor-thin margins.

Sector Themes

The rape law reform push in New York highlighted gaps for victims who drank willingly, while fertility clinic embryo custody fights emerged as a growing legal issue. Cybersecurity demand surged as AI generated new code and models like Anthropic's Mythos created fresh risks. AI security institutes in the UK were becoming a model for governments grappling with emerging risks. McKinsey's pricing rethink reflected broader client skepticism toward traditional advisory fees. Private aviation firm Madison Air filed for a $500 million Nasdaq IPO after three quarters of double-digit growth. U.S. automakers' future in Canada was clouded by Trump's trade war, despite their historic role in open border trade. FIFA's Fox deal turned a litigation settlement into a broadcast rights bonanza worth hundreds of millions.