Public Markets 3 Days

Last updated: May 15, 2026, 8:33 PM ET

Public Markets Briefing

Financial Markets & Trading

Global bond markets staggered into the weekend at their highest yields since 2007, with the U.S. 30-year Treasury closing at levels not seen in nearly two decades as Middle East tensions fueled inflation fears. The yield on 10-year Treasuries climbed to 4.6%, its highest mark in over a year, putting pressure on Wall Street's risk rally as investors reassessed rate expectations. Meanwhile, Morgan Stanley projects $200 billion in hedging flows could lift the euro to levels last seen five years ago as hedging costs decline. In crypto markets, a landmark digital asset bill advanced through Senate committee after months of negotiations, signaling fresh momentum for regulatory clarity.

Corporate Restructuring & Investment Flows

Blackstone walked away from a $4 billion New World Development deal after the embattled Hong Kong property developer refused to cede control, marking another failed tie-up in the region's distressed real estate sector. On the energy front, Berkshire Hathaway sold $8 billion of Chevron shares during the first quarter as oil prices surged to record highs, while simultaneously amassing a $2.6 billion Delta Airlines stake that reignited the conglomerate's complicated relationship with aviation. HSG Capital closed a $3 billion fund anchored by ByteDance shares, representing one of the largest private market transactions in Chinese technology this year.

Energy & Commodities

Oil markets remained volatile amid Strait of Hormuz disruptions as the prolonged closure raised concerns about falling global inventories, with crude futures posting back-to-back gains on supply fears. Argentina's YPF announced a $25 billion oil project under President Javier Milei's administration, marking the largest energy investment since the libertarian leader took office. IEA warned of further price spikes as oil inventories plunged despite reduced consumption from the Iran conflict. In metals, hedge funds boosted bullish copper wagers to five-month highs before prices on New York's Comex climbed to fresh record levels.

IPO Pipeline & Capital Markets

The IPO market showed signs of life as Forbright Inc. filed for a public offering targeting middle-market lending and digital consumer banking, while Erock Inc. filed for a U.S. listing as a modular power systems maker serving data centers. SpaceX reportedly plans to file publicly for its long-awaited IPO as soon as Wednesday, potentially valuing the Elon Musk-led company at tens of billions. In a different vein, Fervo Energy raised $1.9 billion in its geothermal IPO, using oil and gas drilling techniques to produce renewable power from underground heat.

Technology & Defense

As global defense spending accelerates, Mercedes-Benz signaled willingness to enter defense production as German manufacturers seek to recast themselves as major suppliers to Western military needs. Alibaba and Tencent investors looked past slow growth to focus on AI potential as China's tech giants outlined progress in artificial intelligence agents and cloud services. Nvidia partner Hon Hai Precision reported stronger-than-expected quarterly profit as AI-fueled server sales drove results for the Taiwanese contract manufacturer.

Monetary Policy & Central Banking

Federal Reserve Chair Jerome Powell passed the baton to Kevin Warsh amid what the incoming chair calls necessary institutional overhaul, though the transition comes as markets grapple with elevated inflation pressures. The bond market rout caught Wall Street's risk rally, with corporate bond investors finding opportunity in high-yield credits despite Middle East uncertainty. UK gilts recovered ground after a bruising selloff as traders repositioned ahead of potential loosening of Britain's borrowing limits.

Currency & International Trade

The euro could climb to five-year highs according to Morgan Stanley analysis, driven by anticipated $200 billion in hedging flows as hedging costs decline. Chevron agreed to sell Asia-Pacific assets to Japan's Eneos for $2.17 billion as the U.S. oil major continues streamlining its international portfolio. Meanwhile, UAE will double oil export capacity bypassing Hormuz by 2027 as the Gulf state reduces reliance on the strategic shipping chokepoint amid regional tensions.

M&A Activity & Strategic Moves

Brookfield neared a $935 million loan for World Freight purchase as the Canadian asset manager expands its air cargo footprint. Ovo founder Stephen Fitzpatrick stands to receive £30 million ahead of a retail energy sale under an arrangement for brand royalty fees. In restructuring news, Whirlpool seeks fix for a $3 billion debt wall as consumer demand evaporates and the appliance maker faces maturing obligations while shares languish near 17-year lows.

Regulatory & Legal Developments

Anthropic rattled secondary-share platforms by questioning user ownership claims of shares in the hot AI startup, potentially disrupting a growing market for private company investments. Kraken cut 150 workers after deploying AI as the cryptocurrency exchange weighs pushing its IPO timeline to 2027 amid declining digital asset prices. EY retracted a study after researchers discovered AI hallucinations, highlighting risks in professional services' adoption of new technology.

Market Sentiment & Outlook

Despite accelerating inflation and higher interest rates, the S&P 500 maintained a long weekly winning streak driven by strong corporate earnings, though questions mount about sustainability. Silver collapsed below $80 an ounce at week's end, capping extreme price volatility in precious metals markets. Corporate bonds gained favor over sovereigns as credit investors focused on robust blue-chip results rather than Middle East conflict risks.