Public Markets 24 Hours

Last updated: May 29, 2026, 5:34 AM ET

Middle East Conflict & Energy Markets

Oil prices plunged toward an 19% monthly decline as the U.S. and Iran neared a tentative agreement to extend their ceasefire by 60 days, setting Brent crude on track for its steepest drop since 2020. The prospect of reopened Strait of Hormuz flows eased pressure on industrial metals, which were headed for their best monthly gain since January as traders unwound war-risk premiums. Gold futures held above $4,500 per ounce after reports of the potential Iran deal eased inflation concerns that had been driving safe-haven demand. Despite the risk-on shift, aluminum prices showed signs of further upside according to industry experts who warned the metal's rally remained unfinished despite lagging other commodities during the conflict.

Currency Markets & Monetary Policy

The dollar retreated against major peers after news of the U.S.-Iran agreement, with MUFG noting potential for further weakness if President Trump approves the ceasefire extension. European Central Bank Governing Council member Fabio Panetta made the case for rate hikes without pre-committing to a tightening path, acknowledging inflation risks while urging colleagues to avoid signaling subsequent moves. France's inflation accelerated to a two-year high, bolstering arguments for the ECB's first rate increase since 2023, while euro-zone consumer price expectations faced upward pressure from the Iran war's energy cost shock. Japan's two-year bond yield edged higher following lukewarm auction demand as investors positioned for potential Bank of Japan tightening.

Equity Markets & Corporate News

Dell Technologies shares soared on strong data-center performance and a $9.7 billion Pentagon contract win, with the stock up roughly 150% since President Trump's family purchased more than $1 million worth of shares. Best Buy Co. reported higher profit and rising sales in its first quarter, buoyed by robust gaming, computer and cellphone demand, while Burlington Stores lifted its annual outlook after logging stronger-than-expected quarterly results. Gap Inc. cut its full-year sales forecast to 1-2% growth from 2-3%, citing slower Old Navy expansion amid persistent consumer caution. XPeng Inc. slipped back to a loss in the first quarter despite improved margins, marking a weak start to 2026 for the Chinese electric-vehicle maker.

Asian Markets & Economic Outlook

Taiwan raised its 2026 growth outlook to over 9% as AI-driven demand for tech goods outweighed concerns about Iran war energy costs, while Malaysia's largest pharmacy chain Big Caring Group prepared a $750 million IPO that could rank among the country's biggest offerings. China's export prices jumped at their fastest three-year pace as global energy costs and AI boom demand broke a prolonged deflationary streak, though the Korean won traded at crisis levels despite Seoul's record trade surplus from AI chip exports. Indian power generators quadrupled natural gas purchases from domestic exchanges to meet surging nighttime cooling demand during an intense summer heat wave.

Debt Markets & Credit Conditions

U.S. defense capital goods orders surged to near-record levels in April, reaching the second-highest reading on record as the Iran conflict boosted military hardware demand. Credit Agricole SA priced ¥106.5 billion of samurai bonds at wider spreads than comparable domestic debt amid rising benchmark yen rates, while Japan's major banks prepared for a hybrid bond boom to fund regulatory capital requirements. Toronto-Dominion Bank lifted its dividend payout after strong underlying performance in its latest quarter, joining other large Canadian banks in returning cash to shareholders. Anthropic raised funds at a $900 billion valuation, topping OpenAI's $730 billion mark to become the world's most valuable AI startup.

Geopolitical Risk & Market Sentiment

Stocks held steady at record highs as traders awaited confirmation of the Iran peace deal that could restore crude flows through the Strait of Hormuz, with Dow futures edging up on ceasefire optimism while Brent crude targeted its largest monthly drop since 2020. Treasury prices rose on oil price relief as the potential Iran agreement trimmed energy-driven inflation fears, though JGBs traded mixed in Tokyo amid deal uncertainty. Citadel Securities argued markets were underpricing Iran deal risks, suggesting investors underestimated chances of a timely Strait reopening that could trigger broad relief rallies. The Bank of Canada warned of vulnerability to sharp corrections as hedge fund leverage and asset prices posed systemic risks to the financial system.