Public Markets 24 Hours

Last updated: May 28, 2026, 2:32 AM ET

Energy & Geopolitical Markets

Oil prices climbed 3.2% after the U.S. shot down four Iranian attack drones, casting doubt on prospects for a peace deal as renewed clashes in the Persian Gulf spiked tensions and threatened the fragile ceasefire. The FTSE fell 0.8% and pound dropped as fresh Iran strikes heightened risk aversion across global markets, while some buyers of U.S. liquefied petroleum gas canceled shipments bound for Asia following freight rate surges sparked by Middle East conflict. Oil investments are poised to drop for a third consecutive year as the supply shock shifts priorities toward new trade routes and alternative energy sources.

Commodity & Currency Markets

Gold slumped to a two-month low as clashes between the U.S. and Iran risked derailing peace talks and keeping inflation risks elevated, while a stronger dollar weighed on the precious metal. The rouble strengthened to a three-year high amid rising energy exports, creating pressure on Russia's war economy by making other exports less competitive. Currency traders are counting down to intervention data from Japan's finance ministry that will show how aggressively authorities supported the yen over the past month as it edged back toward 160 per dollar. Copper extended losses alongside other industrial metals after fresh strikes in the Persian Gulf dampened deal optimism, while copper traders scoured the world for metal amid renewed speculation about U.S. import tariffs.

Asia-Pacific Markets

South Korea's leveraged ETFs threaten market stability as concentration in chipmaker-linked funds may amplify volatility according to Goldman Sachs Group Inc.'s sales desk. The Kospi index doubled in value with SK Hynix's market cap surpassing $1 trillion, rivaling the Nasdaq's 1999 rally. Bank of Montreal and rival Canadian lenders lifted dividends as earnings growth supported shareholder returns, while Investec raised $43 million in a debut loss-absorbing debt issue as South African banks work to comply with new central bank frameworks. China's green sovereign bond raised $885 million in Hong Kong, with the state-owned issuer returning to international ESG debt markets after its London debut.

U.S. Markets & Economy

U.S. Treasuries resumed their decline for the first session in six as renewed Gulf clashes spurred oil gains and fueled inflation concerns, pushing Treasury yields higher. Mortgage rates climbed to their highest level since August, restraining home-purchase activity and prompting a sharp pullback in refinancing. The Philadelphia Semiconductor Index raced toward 75% gains in 2026 as Big Tech's data center spending spree continues to benefit chip stocks. Meanwhile, GM, Ford and Toyota planned