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Last updated: May 25, 2026, 11:34 AM ET

Energy & Shipping Oil prices slid below $100 after optimism that U.S.‑Iran talks could soon reopen the Strait of Hormuz, while the U.S. dollar extended its fall on the same prospect. A second sign of easing tension arrived when a pair of LNG carriers transited Hormuz, and a supertanker carrying Iraqi crude exited the Gulf. analysts note that the gradual de‑congestion of the waterway could free up to 1,500 vessels stranded for three months, but the backlog will require coordinated releases, officials warned.

Equities in Europe Italy’s benchmark index hit a 26‑year high as soaring energy and semiconductor stocks lifted the market past its 2000 record, a rally echoed in France where the European bourse operator tightened algo‑trading rules to curb disruptive algorithms. Meanwhile, the French‑Italian state lender raised its stake in Nexi following CVC’s aborted €9bn bid, signaling confidence in the payments sector despite broader regulatory scrutiny.

Emerging‑Market Momentum Stocks and currencies across emerging markets rose on Hormuz hopes after oil slipped below $100, boosting risk appetite. Nigeria’s economy grew slower than expected, with oil and non‑oil output both lagging, while Ghana‑adjacent Ghanaian‑linked firms felt pressure from higher yields on Indian state‑bank bonds, which fell 6% as the Iran conflict lifted regional rates. In contrast, India’s rupee strengthened on oil relief and central‑bank commentary that it may be undervalued, supporting equity inflows.

Banking & Credit Africa’s largest exchange operator tightened market‑access rules to mitigate rogue algorithm risk, a move mirrored in Japan where the regulator urged firms to invest cash rather than pursue buybacks, reflecting concerns over corporate governance. In Indonesia, a state‑owned bank unit sold $1.1bn of pension loans as it pivots away from legacy assets, while Singapore’s regulator pressed banks to speed wealthy‑client onboarding to preserve its wealth‑management hub status.

Corporate Deals & IPOs Rapid‑commerce platform Zepto targeted a $1bn IPO in June, aiming to capitalize on India’s e‑commerce surge, while Hong Kong‑based Jardine Matheson announced a $2.4bn radiology acquisition as part of a broader strategic pivot. In the United States, SoftBank raised ¥260bn from retail investors for a subordinated bond, underscoring continued demand for high‑yield corporate financing despite volatile markets.

Policy & Inflation Outlook Czech Prime Minister pressed for a rate cut as energy‑price shocks threaten inflation targets, a stance echoed by ECB Governing Council member Yannis Stournaras, who warned against overly restrictive policy. In the United Kingdom, bank lending to SMEs dropped to a 30‑year low, highlighting tightening credit conditions even as the Federal Reserve faces “sufficient factors” for a cut. The confluence of geopolitical easing in the Middle East and divergent monetary signals suggests a short‑term reprieve for risk assets, but analysts caution that any setback in Hormuz negotiations could quickly reverse the current market tailwinds.