Public Markets 24 Hours

Last updated: May 25, 2026, 2:33 PM ET

Energy & Commodities

Oil futures slid below $100 a barrel as U.S.-Iran peace talks progressed, with Brent crude dropping more than 5% on optimism that a deal could reopen the Strait of Hormuz. Two LNG tankers successfully navigated the critical waterway on Saturday, while Abu Dhabi National Oil Co. quietly dispatched additional tankers through the Persian Gulf, apparently clearing both Iranian and U.S. naval forces. European gas prices fell 5% extending weekly declines as traders priced in potential normalization of Middle East shipping routes. However, reopening the Strait remains uncertain without formal agreement details, leaving 1,500 ships stranded for nearly three months in backlog.

Central Banks & Monetary Policy

European Central Bank officials signaled caution on further rate cuts, with Governing Council member Francois Villeroy noting that energy price spikes haven't yet triggered second-round inflation effects across the euro area. Incoming ECB President Christine Lagarde confirmed policymakers will revise inflation forecasts at the June meeting, while BlackRock's Saigal sees sufficient factors justifying Fed easing under new Chairman Kevin Warsh. Czech Prime Minister Petr Fiala doubled down on rate cut calls despite growing inflation risks, and ECB's Stournaras warned against overly restrictive policy that could burden economic activity further.

Fixed Income & Currency Markets

The dollar extended its decline against major peers as U.S.-Iran deal prospects improved, with the euro testing multi-week highs while gold rose on weaker dollar near $2,340/oz. Japanese government bonds faced homegrown pressure as domestic factors outweighed oil-driven relief, with a key risk compensation gauge rising fastest among major markets since Middle East tensions escalated. Regional bank stocks diverged sharply on rising Japanese yields, widening performance gaps between lenders with strong versus weak investment portfolios.

Emerging Markets & Asia

India's rupee strengthened past 85.50 as oil prices dropped and RBI Governor Sanjay Malhotra signaled the currency may be undervalued, providing relief to the import-dependent economy. However, state lenders weakened 6% as Iran war tensions pushed yields to two-year highs, while emerging-market assets rallied broadly on risk appetite following Hormuz optimism. Chinese solar installations contracted for a fourth straight month in April, underscoring domestic demand weakness, while coal prices jumped by daily limits after a Shanxi mining disaster raised supply disruption fears. The AI fever gripped Japanese retail traders with Tokyo Stock Exchange prime market volumes nearly doubling in 12 months.

M&A & Corporate Finance

Rapid-commerce firm Zepto prepared for a $1 billion India IPO targeting June filing, while Italian bank CDP moved to raise its stake in payments group Nexi after private equity firm CVC weighed a €9 billion bid. Hong Kong conglomerate Jardines signaled strategic pivot with a A$2.4 billion Australian radiology acquisition, marking its first deal since operational overhaul. SoftBank tapped retail investors again with a ¥260 billion ($1.6 subordinated bond sale, following a similar offering two months prior. SMBC Indonesia sold $1.1 billion in pension loans to BTN as it tilts away from legacy businesses.

Technology & AI

Venture capitalist John Doerr called AI the biggest tech tsunami ever, arguing the revolution remains underhyped despite massive enterprise adoption. Artificial intelligence migrated from multibillion-dollar enterprises to Main Street, with AI agents scraping bakery spreadsheets to optimize operations. Pope Leo issued 42,300-word encyclical warning on AI risks, marking the Vatican's strongest intervention in the technology debate. Meta's Andrew Bosworth led AI transformation efforts across the company's workforce, while AI guardrails were stripped from major models within minutes, creating systems that provide responses on biological weapons and malware.

Commodities & Trade

Ghana's central bank will increase gold purchases to 30% of large-scale mine output from June 1, up from previous 20% levels. Guinea, the world's top bauxite producer, plans export controls to bolster aluminum ore prices starting next month. Fertilizer producers cut production as Iran war squeezed sulphur supplies, potentially reducing crop yields in developing nations. China's latest cross-border trading curbs may impact $32 billion of Hong Kong assets, forcing investors to seek alternative overseas equity access routes.