Public Markets 24 Hours

Last updated: May 25, 2026, 8:31 AM ET

Energy & Commodities

Oil futures dropped below $100 per barrel as optimism grew that the U.S. and Iran were moving closer to a peace deal that would reopen the Strait of Hormuz, a critical chokepoint for global oil shipments. European natural gas prices slid 5% on the same hopes, extending last week's decline as traders anticipated improved supply flows through the waterway. A supertanker hauling Iraqi crude exited the Persian Gulf and crossed the U.S. blockade line into the Arabian Sea during ongoing talks, while Abu Dhabi National Oil Co. has been ferrying oil and gas using its own fleet to circumvent both the Iranian navy and U.S. warships. Gold rose on the optimism as a weaker dollar and potential inflation relief from resolved Middle East tensions supported safe-haven demand. Meanwhile, Chinese coking coal futures jumped by the daily limit after a deadly mining accident in Shanxi province sparked fears of broader supply disruptions.

Currencies & Emerging Markets

The euro, sterling, and riskier currencies including the Australian dollar all rose versus a weaker U.S. dollar amid prospects of a U.S.-Iran peace deal. Emerging-market stocks and currencies strengthened as oil prices retreated and risk appetite improved. India's rupee climbed on the oil relief and after Reserve Bank of India Governor Sanjay Malhotra said the currency may be undervalued following its recent depreciation. The Sri Lankan rupee is similarly set to recover by year-end as oil prices decline and the central bank raises interest rates, according to BMI. However, Indian state lenders wilted as the Iran conflict lifted yields to a two-year high, with a Nifty gauge of government-controlled banks falling 6% this month.

Equities

Global markets gained as the U.S.-Iran peace talks continued, with bond yields dropping and the dollar slipping. The AI boom is giving momentum investors their best return in decades, with the world's hottest stocks powering ahead despite Iran war growth concerns. In Japan, average daily trading volume on the Tokyo Stock Exchange's prime market almost doubled in 12 months as retail traders chased AI stocks and off-exchange activity surged. South Africa's Pick n Pay slumped after delaying a key turnaround target by a year, tempering optimism that had driven the grocer's stock higher. Shares linked to one of Indonesia's richest families dropped after FTSE Russell removed the company from its global indexes due to concentrated shareholding.

Deals & IPOs

Rapid-commerce firm Zepto Ltd. is preparing to publicly file in the first half of June for an IPO that may raise up to $1 billion, according to people familiar with the matter. Italian state lender Cassa Depositi e Prestiti will raise its stake in payments group Nexi after buyout firm CVC considered a €9 billion bid for the Milan-listed group. Hong Kong-based conglomerate Jardines signaled a pivot with a $2.4 billion acquisition of Australian radiology provider I-MED, its first deal since a strategic overhaul. SoftBank Group raised ¥260 billion ($1.6 through another sale of subordinated bonds aimed mainly at individual investors, about two months after a similar retail offering.

Fixed Income

Japan's rising bond yields are likely to widen the stock performance gap between regional lenders with weaker investment portfolios and those with stronger holdings, according to analysts. A gauge of risk compensation for holding Japanese government bonds has risen fastest among major markets since the U.S.-Iran war began, pointing to local factors that may continue to weigh on Japanese bonds even as oil retreats. Strategists warn yields may stay high even if the Iran war ends, as other drivers are having as much bearing on longer-term borrowing costs. Multi-year high swap rates in India are driving some debt fund managers into trades aimed at boosting fixed-income returns. The European Central Bank is set to lift its inflation outlook when policymakers meet next month, according to President Christine Lagarde.

Banking & Regulation

Singapore's regulator told banks to speed up account openings for wealthy clients, trying to strengthen the city-state's position as a wealth hub after money-laundering cases lengthened wait times. PT Bank SMBC Indonesia sold 19.9 trillion rupiah ($1.1 worth of pension loans to BTN as it tilts away from its legacy business. The ECB summoned banks to urge them to fix flaws exposed by the latest AI models, with supervisors stressing the seriousness of risks to the financial system. Japan's financial regulator urged listed companies to spend more of their cash piles on long-term business investment instead of rewarding shareholders with buybacks and higher dividends.

Regional News

China's new solar installations fell for a fourth straight month in April, underscoring persistent weakness in domestic demand. Chinese firms are accelerating proposals for new coal-fired power plants even as the government moves to rein in growth after recent rapid expansion. China's latest crackdown on cross-border stock trading may affect as much as HK$250 billion ($32 of assets in Hong Kong, according to Citic, as investors rush to find alternative ways to trade overseas equities. A Chinese online brokerage tycoon lost more than a quarter of his fortune in a single day after Beijing cracked down on cross-border stock trading to tighten control over capital outflows. Australian liquefied natural gas producers face intensified pressure as the requirement to reserve a fifth of exports for local use is set to apply to all projects and existing contracts.