Public Markets 24 Hours

Last updated: May 25, 2026, 11:36 PM ET

Geopolitics & Energy Markets

Optimism that the U.S. and Iran are nearing a deal to end their nearly three-month war sent oil futures below $100 a barrel and pushed Brent crude down roughly 7% in a single session, even as investors remained skeptical about the durability of any accord. The dollar extended its losses on the prospect of a reopened Strait of Hormuz, while gold climbed on weaker currency and improving inflation expectations. European natural-gas prices slid 5% as traders priced in the easing of supply constraints, though analysts cautioned that even a deal would not immediately normalize flows through the chokepoint. European stocks advanced on Iran deal hopes, with Italy's benchmark equity index hitting its first record in 26 years powered by rallies in energy and chip names. Wheat futures extended their longest losing streak since January as traders returned from a U.S. holiday and digested progress in Iran ceasefire talks. Indian rupee strengthened as oil prices dropped and the central bank governor signaled the currency may be undervalued, while Indian gas power generation plunged to its lowest level in at least six years as fuel shipments from Iran remained disrupted. In the Middle East, Israeli military officials confirmed strikes on targets in southern Iran, trimming stock gains across Asian and European markets, and Netanyahu said Israel plans to intensify attacks on Hezbollah in Lebanon. Meanwhile, two LNG tankers passed through the Strait of Hormuz over the weekend, and Abu Dhabi National Oil Co. has been quietly ferrying shipments using its own fleet after clearing both Iranian and U.S. warships.

China Capital Controls & Tech

Beijing launched its most forceful crackdown on cross-border stock trading to tighten control over capital outflows, with one Chinese online brokerage tycoon losing $1.7 billion in a single day as a result. The measures collided with growing mainland investor demand for overseas equities, prompting traders to rush for alternative channels to buy and sell foreign stocks. Chinese semiconductor shares rose in Hong Kong on optimism over a potential technology breakthrough by Huawei Technologies, while Xiaomi bearish bets hit a record ahead of first-quarter earnings amid rising memory costs and intensifying EV competition. Taiwan overtook India as the world's fifth-largest stock market as its chipmaker TSMC powered a breakneck rally. China's new solar installations fell for a fourth straight month in April, underscoring persistent weakness in domestic demand. On the M&A front, Mitsubishi UFJ Financial Group is exploring options for PT Bank Danamon Indonesia, including a take-private or a partial stake sale to increase the public float.

Fixed Income & Central Bank Policy

U.S. Treasurys rose in Asia on Tuesday morning following a holiday, while the Treasury curve flashed a higher-for-longer warning as a key yield gap shrank to its tightest in a year with traders betting the Fed may keep rates elevated under new chairman Kevin Warsh. BlackRock's Saigal said the Fed may have sufficient justification to cut rather than hike, though Japan's government bonds fell in early Tokyo trade on a technical correction after the previous session's rally, with local risk compensation for holding JGBs having risen fastest among major markets since the Iran war began. The Czech prime minister urged the central bank to cut rates even as inflation risks grow, while South Korea's bond market is pricing in an excessive number of Bank of Korea rate hikes, creating buying opportunities in short-dated debt. ECB Governing Council member Villeroy said a spike in energy costs has not yet turned into second-round effects across the euro area, and his colleague Stournaras warned the bank must avoid an overly restrictive policy. The gap between the market's earnings yield and bond yields has narrowed to a level that has at times predicted subpar stock returns, suggesting the risk premium for holding equities over fixed income is vanishing.

M&A, IPOs & Corporate Moves

Rapid-commerce firm Zepto Ltd. is preparing to file for a $1 billion IPO in the first half of June, targeting a valuation that would mark one of India's largest listings this year. In Brazil, two groups submitted bids for a strategic stake in Copasa, advancing the Minas Gerais state government's privatization of one of the country's largest water and sewage utilities. ASX Ltd. is increasing capital spending to upgrade critical market infrastructure as Australia's exchange operator seeks to regain regulator and stakeholder confidence. Spanish utility Cox ABG Group took a $4.2 billion bridge loan backed by shares to fund an asset acquisition in Mexico. Hong Kong-based Jardines signaled a strategic pivot with a $2.4 billion acquisition of Australian radiology firm I-MED, its first deal since an overhaul of its investment approach. Cassa Depositi e Prestiti is raising its stake in Milan-listed payments group Nexi after a buyout firm weighed a €9 billion bid. SoftBank Group plans to raise ¥260 billion through another sale of subordinated bonds, targeting individual investors roughly two months after a similar retail offering.

Emerging Markets & Commodity Shifts

Emerging-market stocks and currencies rose as oil prices retreated and risk appetite improved on Iran deal hopes. Ghana's central bank said it will increase gold purchases from large-scale producers to 30% of output from June 1, up from 20%. Guinea, the world's biggest bauxite producer, plans to unveil export controls in June to bolster prices. Nigeria's economy grew at a slower-than-expected pace in the first quarter as both oil and non-oil sectors eased. South Africa's Pick n Pay slumped after delaying a key turnaround target by a year, tempering earlier gains. Africa's biggest bourse is tightening algo-trading and market-access rules to reduce the risk of rogue algorithms disrupting trading. India's corporate earnings face renewed pressure from surging commodity prices, with Bof A saying profits would stay subdued even if the Middle East war ends soon, and Midwestern farm lenders reported falling repayment rates as demand for loans rises. European shares continued to advance as oil declined, with Italy's market notching fresh all-time highs driven by energy and chip momentum.