Public Markets 3 Days

Last updated: May 17, 2026, 5:30 PM ET

Energy & Inflation

Oil futures surged past $85 as the Iran war choked Strait of Hormulus shipments, while coal consumption spiked in Asia and Europe seeking reliable baseload power. The shock propelled U.S. gasoline prices toward $4, straining consumers months before the election. In fixed income, 30-year Treasury yields climbed toward 5%, with Double Line's Gundlach arguing a Fed cut is "just not possible" given persistent inflation fears. The inflation threat triggered a bond market selloff, sending the 10-year above 4.6% and forcing reassessment of global rate trajectories.

Geopolitics & Elections

The Iran war crippled Qatar's gas exports, halting its economic pivot, while UAE nuclear plant security was tested by a drone strike. In Washington, Trump tightened his grip on the GOP after Senator Cassidy's defeat, even as Republicans conceded they missed chances to check war powers. The president's poll numbers eroded with soaring prices, though consumers kept spending despite high gas costs. Abroad, Peru's runoff offered stark leftist vs. conservative choices, while Malaysia's coalition frayed and Philippines tensions rose with the ICC.

Technology & Capital Markets

AI infrastructure drew Blackstone's $1.2 billion for Asian data centers, while ByteDance and Kuaishou outpaced Western AI video rivals. The chip rally drove S&P 500 concentration, prompting some investors to hedge with exotic options amid bubble fears. In capital markets, Bain closed a $10.5bn Asia fund, and VinFast planned a debt-shedding spinoff. Emerging market carry trades rebounded as oil boosted commodity currencies, even as Vietnam's refinery assured stable operations through June.

Policy & Regulation

The 2025 tax bill's $100,000 graduate borrowing cap pressured MBA programs to cut prices, while Australia targeted tax changes to fix housing. In the U.S., Trump's voting citizenship lists were deemed unreliable, and wind/solar projects faced cliff-edge tax credit expirations. The SEC probed political betting platforms, and HSBC lagged on a $4bn private credit push. The WHO declared an Ebola global emergency with no approved vaccine for the strain.

Corporate & M&A

Publicis struck a $2.2bn deal for Live Ramp to deepen its AI marketing push, while SpaceX's IPO plan would cement Musk's control. Euan Blair's Multiverse hit a $2.1bn valuation for AI workforce training. In industrials, NextEra and Dominion eyed a $400bn utility merger to power AI data centers, and Spirit's airline routes were carved up by rivals. Straus Family Creamery recalled ice cream across 17 states, and Red Lobster tested a revamped Endless Shrimp after bankruptcy.

Global Markets & Currencies

Japanese yields hit records, spurring JGB repatriation bets, while gilt yields fell on Burnham leadership concerns. Singapore home sales hit six-month highs despite the conflict, and Vietnam's property market stayed buoyant. In Europe, the ECB faced calls for a modest hike to limit economic pain. Gulf freight rates jumped as shippers turned to trucks, and African borrowers turned creative on debt. The Mexican Uber crackdown loomed over World Cup plans.