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Last updated: May 27, 2026, 8:30 PM ET

Geopolitics & Markets

Asian stocks were poised to edge lower as investors grappled with conflicting signals regarding a potential deal to end the war in Iran and restore energy flows through the Strait of Hormuz. Oil prices, however, edged higher as the U.S. and Iran remained at odds over reopening the crucial waterway, with the conflict entering its fourth month. President Trump added to the volatility, threatening Oman over the Strait before stating "They'll be fine," while also dismissing an "unofficial" Iran deal outlined by the White House. The diplomatic impasse continued to pressure interest rates, contributing to gold holding its two-day drop. The uncertainty surrounding the Middle East conflict also weighed on Abercrombie & Fitch sales in Europe and the Middle East.

Treasuries & Currencies

Treasury yields and the dollar recovered as hopes for a U.S.-Iran agreement diminished, reversing earlier losses. Goldman Sachs strategists noted that a stronger dollar during the initial phase of the conflict weighed on Treasury demand, spurring foreign official institutions to sell U.S. debt. Meanwhile, bond markets are showing signs of complacency, with traders betting that the recent return of calm to U.S. bonds following the Iran war turbulence will be short-lived. The European Central Bank also warned that financial markets are underestimating geopolitical and fiscal risks, noting that market reactions to the Middle East conflict have been orderly but reflect complacency amid heightened economic uncertainty. France, however, stuck to plans to narrow its deficit despite the Iran war's drag on its economy.

Gold & Hong Kong Hub Ambitions

Gold remained under pressure, shedding 2% over three consecutive trading days, as the lack of progress in U.S.-Iran talks continued to impact interest rates. However, Hong Kong is making a significant play to become Asia's preeminent gold trading hub by launching a new gold-clearing system within the next few months, aiming for first-mover advantage in the region. In a separate development, a CIA official was arrested with $40 million in gold bars found in his home, although the charges against him were related to inflating academic credentials and obtaining military leave pay.

Corporate Earnings & Dividends

Canadian lenders kicked off earnings season with Bank of Montreal, Bank of Nova Scotia, and National Bank of Canada announcing plans to lift their dividends on the back of earnings growth. National Bank of Canada, in particular, beat analyst expectations in its fiscal second quarter due to strength across major segments and lower-than-anticipated provisions for bad loans. Dick's Sporting Goods reported higher fiscal first-quarter sales, partly due to progress in its turnaround efforts for Foot Locker. Conversely, Bath & Body Works reported lower first-quarter sales as it undergoes strategic overhaul. HP cut its full-year outlook despite higher second-quarter profit and revenue, now expecting a profit between $2.15 and $2.45 per share.

Technology & AI Investments

The push into artificial intelligence continues to drive investment, with nuclear power startup Newcleo planning to go public via a SPAC deal valued at approximately $2.4 billion, a move that follows a wave of nuclear companies seeking public listings to meet AI's surging power demands. Data center owner DigitalBridge is acquiring energy private equity firm Arc Light for $1 billion, signaling a trend of Wall Street firms partnering to find new energy sources. In the semiconductor sector, Marvell Technology's first-quarter revenue soared nearly 28%, primarily driven by its booming data center business, though profit narrowed due to acquisition costs. Memory chip maker Chang Xin Memory Technologies Inc. (CXMT received approval for a Shanghai IPO expected to be the largest in mainland China since 2022, potentially raising around $4 billion. Micron Technology Inc. has seen a record rally this year, placing it among elite stocks worth at least $1 trillion.

Data Centers & Infrastructure

Ohio has decided to pause incentives for future data center projects while a committee studies their economic impact, a move that comes as opposition to such tax credits grows. Meanwhile, data center operator Polar DC achieved a Nordic record with its €800 million ($930 high-yield bond sale.

Automotive & Aviation

Volvo Car shares jumped after receiving U.S. sales approval, despite its ties to China, as the company navigated regulatory hurdles. Dick's Sporting Goods' sales rise was partly attributed to progress in turning around Foot Locker, while Abercrombie & Fitch faced weaker demand in some markets due to the Middle East war. In aviation, Madison Air filed for a Nasdaq IPO targeting a $500 million valuation, buoyed by strong revenue growth in the private aviation charter market.

Financial Services & Regulation

KKR & Co.'s co-chief executive, Scott Nuttall, indicated that the firm is likely to begin trading private credit in the future, following early initiatives by Apollo Global Management. The European Union is pushing for "tech sovereignty" to reduce reliance on the U.S., with a draft strategy shifting from regulating Big Tech to favoring European services. The White House is reviewing a Commodity Futures Trading Commission proposal that would establish guidelines for event contracts, marking the agency's latest move to assert its turf. Crypto firms and automakers are reportedly looking to open banks at President Trump's urging, a move that comes amid a reduction in regulatory oversight. Former judges have urged an inquiry into a deal President Trump struck with the IRS.

Other Market Movers

A Russian tanker carrying over 240,000 barrels of diesel has abandoned its voyage to Cuba, adding to fuel supply concerns. Copper traders are actively seeking metal for the U.S. again, as renewed speculation about import tariffs revives a trade that has significantly impacted the global market. In China, industrial firms reported stronger profit growth at the start of the second quarter, supported by rising energy prices and resilient overseas demand for technology products. Universal Music shareholder Bolloré Group has dealt a blow to Bill Ackman’s $65 billion bid for the record label, urging its rejection.