Public Markets 24 Hours

Last updated: May 26, 2026, 11:31 AM ET

Energy & Commodities

Oil futures jumped more than 2% after U.S. strikes on Iranian missile sites clouded optimism over a potential peace deal and reopening of the Strait of Hormuz, while natural gas prices climbed as producers reduced output over the holiday weekend and flows to Gulf Coast LNG terminals increased. Aluminum headed for a four-year high on fears of Chinese output cuts, and wheat futures extended losses amid mixed signals from Iran ceasefire talks. Russian crude shipments resumed at the Black Sea port targeted by Ukrainian drones, providing some relief to global supply concerns.

Fixed Income & Central Banks

Treasury yields continued climbing despite limited options available to Secretary Scott Bessent, with the 10-year approaching multi-month highs and pressuring mortgage rates. The European Central Bank signaled a likely rate hike in June even if Middle East hostilities ease, while inflation projections are set to rise as energy prices remain elevated. Eurozone bonds pared early gains following fresh U.S.-Iran tensions, and Japanese government debt faced pressure as the BOJ deputy governor emphasized proper policy adjustments to maintain market confidence.

Equity Markets & Corporate News

Emerging market equities extended their rally for a fourth day as the artificial intelligence boom outweighed Middle East uncertainty, with South Korean stocks hitting fresh records and Taiwan overtaking India in market valuation. European shares traded sideways after six consecutive days of gains, with Ferrari dropping amid investor backlash over its first electric vehicle launch. U.S. semiconductor stocks rose in premarket trading following gains across Asian AI-related names in Hong Kong and South Korea.

M&A Activity & Strategic Acquisitions

Eli Lilly agreed to acquire three vaccine developers for up to $4 billion, expanding into shingles and Epstein-Barr virus prevention as the weight-loss drug market leader diversifies into infectious disease. Activist investor Ancora pushed H.B. Fuller to abandon its proposed takeover of UK-based Advanced Medical Solutions, arguing the deal undervalues the adhesives maker. The global AI-driven M&A wave continues reshaping industries as companies race to control energy infrastructure, fiber networks, and compute capacity.

IPO Markets & Capital Raising

Ethio Telecom completed Ethiopia's first IPO listing on the nation's nascent stock exchange, marking a milestone in the country's financial market development. Safepoint Holdings and its backers are seeking up to $283.3 million in a U.S. offering, while Applied Aerospace & Defense targets $682.5 million in a Greenbriar-backed debut. Indonesian gold miner Merdeka is reviving a Hong Kong listing structure unused for over a decade, reflecting renewed investor appetite for precious metals exposure.

Corporate Governance & Leadership Changes

BP removed Chairman Albert Manifold just months into his tenure over "serious concerns" about governance standards, oversight, and conduct, marking the second major leadership shakeup at the oil major this year. Dropbox co-founder Drew Houston will step down as CEO after 19 years to become executive chairman, as the company transitions leadership amid ongoing restructuring. SpaceX's unconventional corporate structure in its IPO prospectus grants Elon Musk expanded freedom while potentially reducing accountability to other shareholders.

Regulatory Developments & Policy

The European Central Bank pledged to do "everything in its power" to tame inflation, with officials gaining more data ahead of June policy deliberations. Ireland's cabinet approved a bill banning trade with Israeli settlements in occupied Palestinian territory, adding to diplomatic tensions. India's securities regulator is developing measures to deepen the corporate bond market and reduce corporate reliance on bank loans.