Public Markets 24 Hours

Last updated: May 26, 2026, 5:31 AM ET

Energy & Commodities

Oil futures advanced more than 2% as renewed U.S.-Iran tensions clouded peace deal optimism, with Brent crude trading above $98 a barrel after American strikes on Iranian missile sites. The energy shock reverberated through Asian markets as two LNG tankers navigated the Strait of Hormuz, while gold prices edged higher to $2,345/oz despite persistent Middle East uncertainty. Aluminum futures surged toward four-year highs near $2,850/ton on fears of Chinese output cuts, and coking coal prices extended gains for a second session following the Shanxi mine disaster as investors positioned for broader government crackdowns on the sector.

Fixed Income & Central Banks

Eurozone government bond yields opened higher, paring some of Monday's declines as fresh U.S. strikes in Iran made investors more cautious, while Italian equities powered to a 26-year record with the benchmark index breaking past 2000 highs on energy and chip stock rallies. The Treasury yield curve flashed warning signals as a key gap shrank to its tightest level in a year, intensifying bets that the Federal Reserve may keep rates higher for longer under new leadership. In Tokyo, JGBs fell on technical correction after Monday's price gains, and Czech policymakers doubled down on calls for interest rate cuts despite growing inflation risks from energy prices.

Asia-Pacific Equities

Chinese semiconductor stocks rose in Hong Kong on optimism over potential Huawei technology breakthroughs, while Taiwan overtook India as the world's fifth-largest stock market following Taiwan Semiconductor Manufacturing Co.'s breakneck rally. The yen strengthened to 143 per dollar as Macquarie analysts flagged potential carry-trade unwinds, and South Korea's bond market continued pricing in excessive Bank of Korea rate hike expectations, creating short-term buying opportunities. Meanwhile, Xiaomi short bets hit record levels ahead of first-quarter earnings amid concerns over rising memory costs and intensifying EV market rivalry.

Monetary Policy & Credit Markets

China let its one-year policy loan rate decline to a record low, signaling stepped-up efforts to support an economy facing headwinds, while Bank of Japan Deputy Governor Ryozo Himino emphasized the importance of proper policy adjustments to maintain market confidence amid recent bond selloffs. The Reserve Bank of India assessed war risks on corporate borrowers with Iran tensions disrupting energy supplies, and Ghana's central bank announced plans to increase gold purchases from large-scale producers to 30% of output starting June 1.

M&A, Listings & Capital Markets

Hong Kong-listed biotech firm Insilico Medicine is exploring a UAE secondary listing that would make it the first company from the city's financial hub to list in Abu Dhabi, while rapid-commerce firm Zepto prepares to publicly file in June for a potential $1 billion India IPO. Ethiopian telecommunications giant Ethio Telecom listed on the nation's nascent stock exchange, marking Ethiopia's maiden public offering after closing its IPO more than a year ago. In Brazil, two groups submitted bids for Copasa, advancing the Minas Gerais state government's plan to privatize one of the country's largest water and sewage utilities.

Corporate Governance & Regulatory Developments

ByteDance issued special shares tied to its AI business unit to fend off talent poaching amid China's intensifying tech talent war, while SpaceX's IPO prospectus proposes provisions that would grant Elon Musk expanded freedom and potentially reduced accountability. Samsung Electronics workers sought a court order to block voting on a wage deal that would distribute about 4 trillion won, and MUFG explored options for its Bank Danamon Indonesia stake including potential take-private transactions.

Geopolitical Risk & Market Impact

U.S. strikes on Iranian missile sites renewed Middle East tensions, with military officials targeting installations near a major Iranian port that threatened American ships. India's gas power generation plunged to six-year lows as the Iran conflict disrupted fuel shipments, straining electricity supplies during scorching summer conditions. Hedge fund investments in Futu and Up Fintech faced pressure as China's crackdown on cross-border trading sent shares of popular brokers tumbling, threatening investor returns in the fintech sector.

Risk Management & Oversight

South Korea will monitor $37 billion in overseas private credit exposure following global industry scares, while Africa's largest stock exchange operator worked to tighten algorithmic trading and market-access rules to reduce risks from rogue algorithms. Sasol's stock rally met growing analyst skepticism after the South African oil and chemicals company doubled in value this year, and Codelco union threats emerged over bonus clawback attempts following copper output misreporting fallout.