Last updated: May 15, 2026, 5:31 AM ET

Public Markets Briefing

Global Markets & Geopolitics

Global stock markets slumped amid uncertainty from the Trump-Xi summit with little concrete information emerging from the high-stakes diplomatic talks, while Asian markets opened lower despite a positive lead from Wall Street overnight. Oil prices continued rising with Brent crude climbing above $107 per barrel as geopolitical tensions persisted in the Middle East, where global oil inventories fell at a record pace during the Iran war. President Trump claimed that Chinese leader Xi Jinping expressed interest in purchasing more U.S. oil, though Beijing remained conspicuously silent on the matter. A Chinese oil supertanker was attempting a rare crossing through the Strait of Hormuz, adding to market jitters about supply disruptions.

Emerging Markets Developments

Ghana's stock market ranks as the world's best performer with an impressive rally that has encouraged lenders to plan initial share sales according to the head of the nation's bourse. In South Africa, Morgan Stanley expressed optimism about the country's longer-term reform trajectory despite global oil shock challenges that have fanned inflation and may trigger higher interest rates. South Korea's benchmark Kospi index surged from 7,000 to a record 8,000 in just seven trading sessions before foreign investors began selling causing the market to tumble. Meanwhile, India's central bank raised bond-trading targets for primary dealers by 48% in a bid to boost liquidity, driving activity in the 10-year benchmark security as the rupee showed resilience against currency volatility.

Inflation & Central Bank Policy

Société Général's Albert Edwards warns of double-digit inflation returning, predicting a surge in consumer prices that would reshape central bank policy globally. The Iran war has renewed investor interest in inflation-linked bonds as energy prices climb, while 30-year Treasury yields reached 5% for the first time since 2007 as inflation expectations rise. Japan's government bond yields marched higher across the curve on Friday as elevated oil prices fuel inflation concerns, with the 20-year yield reaching its highest level since 1997. In Turkey, the central bank faced pressure to raise inflation forecasts due to the global energy price shock, further straining efforts to control price gains. Romania is poised to keep interest rates at the highest level in the European Union as policymakers confront double-digit inflation and a deepening recession.

AI & Technology Sector Momentum

The artificial intelligence trade broadened beyond chipmakers to robotics stocks in Asia, with physical AI implementation driving investment in automation companies. Japanese flash memory maker Kioxia reported profit surges on AI demand while planning to list ADS to widen its U.S. investor pool. Big tech companies launched a global borrowing spree to fund AI expansion, with Alphabet hawking bonds in dollars, euros, pounds, francs and yen at an unprecedented rate. JPMorgan Chase raised its Taiex target to 50,000 points, recommending Taiwanese stocks as "the most pure-play exposure to the global AI buildout." Shenzhen Adtek Technology filed for a Hong Kong IPO, adding to a wave of Chinese listings related to data centers and artificial intelligence. Meanwhile, Nvidia's future in China remains unclear after the Trump-Xi summit, with Chinese firms increasingly turning to domestic chipmakers like Huawei.

Energy & Commodities Market

The Iran war threw a niche oil market segment into disarray as scrambled supply chains reached automotive maintenance and industrial sectors, potentially increasing oil change costs. The United Arab Emirates plans to double its capacity to export crude oil bypassing the Strait of Hormuz by 2027, reducing reliance on the critical shipping chokepoint. Copper extended its retreat from a record-high close as accelerating U.S. inflation reduced the chance of rate cuts, while a stronger dollar made the metal more expensive for many buyers. India, the world's top buyer of diammonium phosphate, contracted the crop nutrient at prices almost 40% higher than pre-war levels as Middle East conflict disrupts global supplies.

Major Corporate Developments

Stellantis partnered with Dongfeng Group to produce electric vehicles under its Peugeot and Jeep brands in China, a deal valued at $1.17 billion that signals foreign automakers' continued interest in the Chinese EV market. Boeing saw shares slide after Trump's China summit deals disappointed investors, despite the president announcing a potential jet order from China that remained unconfirmed by Beijing. Toyota considered a $2 billion investment to add an assembly line in Texas, with production targeted to begin in 2030 as the Japanese automaker expands its U.S. manufacturing footprint. Hana Bank purchased a $670 million stake in crypto-exchange operator Dunamu, marking the largest single investment by a South Korean bank in digital-asset entities.

Asian Market Activity

Japan's corporate goods prices surged in