Public Markets 24 Hours

Last updated: May 28, 2026, 5:32 AM ET

Energy & Commodities

Oil futures surged to $85 a barrel after the U.S. shot down four Iranian attack drones, with prices climbing further following fresh strikes on Iran that targeted commercial shipping in the Strait of Hormuz. The supply shock from renewed hostilities has prompted the IEA to forecast global oil investments will fall for a third consecutive year, while industrial metals extended losses as copper and other base metals declined on dampened deal optimism. A Russian tanker carrying diesel changed course away from fuel-starved Cuba, abandoning a shipment of over 240,000 barrels amid shipping disruptions.

Equity Markets & Technology

Global equities retreated from record highs as investors pulled back from risk following the U.S.-Iran flare-up, with U.S. futures falling alongside European markets. The semiconductor index rode Big Tech's data center spending spree to 75% gains in 2026, propelling Micron Technology into the $1 trillion club alongside Samsung and SK Hynix. China's AI upstart Mini Max doubled annualized revenue over two months ahead of its next flagship model launch, while Nvidia's Jensen Huang joined a prestigious Beijing university board, underscoring efforts to maintain China ties despite rising geopolitical tensions.

Fixed Income & Currency Markets

Treasury yields resumed their decline as renewed Gulf attacks spurred gains in oil prices and inflation concerns, though traders placed bets against sustained calm through options positioning. The dollar recovered from earlier losses as hopes for a U.S.-Iran agreement diminished, while currency traders counted down intervention data as the yen edged back toward 160 per dollar. Southeast Asian economies leaned on short-term debt issuance to cope with war stress, draining liquidity from broader markets.

Corporate Developments & M&A

Australia's largest-ever government lawsuit targets 3M for $1.4 billion over PFAS contamination at military bases, alleging the company hid information about harmful effects. Ousted BP chair Albert Manifold pushed back against criticism of his conduct, disputing claims about his behavior during tenure at the FTSE oil group. Denmark's fish-feed maker Bio Mar rose in its IPO debut, marking Copenhagen's largest listing since 2018, while Belgian gunmaker FN Browning plans to acquire a UK sniper producer to compete in British government rifle tenders.

Banking & Financial Services

Societe Generale CEO Slawomir Krupa vowed continued restructuring after acknowledging the bank's efficiency ranks at the bottom of its class, with three years of underperformance in key areas. Nomura Holdings raised profit targets 50% following record earnings, though analysts questioned timing of potential BOJ rate hikes amid Iran uncertainty. JPMorgan Chase's Jamie Dimon flagged $20 billion acquisition capacity as lighter regulation freed up to $50 billion in excess capital.

Regulatory & Legal Affairs

UK auditor BDO was fined £2 million for "pervasive breaches" in auditing collapsed NMCN, with regulators calling the mistakes "significant and serious." A Google engineer faced insider trading charges for allegedly using an account named "Alpha Raccoon" to amass more than $1 million through political prediction markets. Ohio will pause data center tax credits while a committee studies economic impacts, following growing opposition to the incentives.

Asia-Pacific Developments

Heavy rains arrived early across China's crop belt, raising flood risks for agriculture and disaster management as the country's farming giant Syngenta denied "nefarious" intentions in U.S. operations. China's declining oil appetite was laid bare by the Iran conflict, with imports set to drop to pandemic-era levels. The green sovereign bond sale in Hong Kong totaling $885 million marked China's return to international ESG debt markets.

Healthcare & Biotechnology

Scientists identified a potential hepatitis B cure that may help one in five patients who don't recover from the infection, offering hope for treating chronic cases that pose significant health risks. Meanwhile, Uganda closed its border with Congo after seven confirmed Ebola cases in Kampala, though officials maintained robust disease surveillance systems.