Public Markets 3 Days

Last updated: May 18, 2026, 11:34 AM ET

Energy & Commodities

Oil markets face mounting pressure as Iran's Kharg Island remained devoid of tankers for a 10th consecutive day, with satellite tracking showing only scattered vessel activity despite the facility's critical role in Tehran's export infrastructure. A post-blockade peak of 23 tankers was observed around the Persian Gulf hub, though analysts suggest the pause likely stems from an oil spill rather than sustained US naval enforcement. Bank of America's commodities chief maintained a $90 Brent forecast as the best-case scenario for the remainder of 2024, citing potential upside if Middle East tensions escalate further. Natural gas futures topped $3 per million BTUs for the first time since March on revised weather forecasts showing hotter temperatures ahead, while European LNG imports extended April's decline as Asian buyers secured cargoes amid Iran war supply disruptions.

Utilities & Infrastructure

Next Era Energy agreed to acquire Dominion Energy for approximately $67 billion, creating the largest utility in US history with operations spanning Florida to Virginia data center hubs. The megamerger comes as power demand surges from AI data centers, with the combined entity controlling roughly 12 million customers and 55 GW of generation capacity. French advertising giant Publicis will acquire LiveRamp for $2.55 billion in its largest deal since 2019, marking a strategic pivot toward AI-powered marketing technology. Swedish nuclear startup Blykalla submitted plans for six small reactors to meet anticipated power demand growth, while NextEra's Dominion deal valued at $67 billion positions the company to capitalize on data center expansion along the East Coast.

Corporate Finance & Capital Markets

S&P Global's Mobility unit will sell $2 billion of notes ahead of its planned spinoff, joining a wave of corporate debt issuance as companies seek to optimize balance sheets ahead of separation transactions. Blue Owl Capital's private credit fund returned to the bond market with a $400 million offering, following a previous similar sale that helped ease investor concerns about direct lending exposure. Merck & Co. kicked off a seven-part high-grade bond sale to fund its $6.7 billion acquisition of Terns Pharmaceuticals, while Citigroup and BlackRock's HPS Investment Partners struck a €15 billion private credit collaboration targeting European direct lending opportunities. Decart's AI chip-switching startup reached a nearly $4 billion valuation after Nvidia joined as an investor, underscoring continued appetite for AI infrastructure plays.

Banking & Financial Services

Morgan Stanley poached JPMorgan dealmaker Sebastian Bladt as part of its German-speaking region expansion strategy, bolstering coverage capabilities in Europe's largest economy. The move comes as Commerzbank rejected UniCredit's €39 billion takeover offer, with German officials backing the domestic lender's resistance to foreign acquisition. UK authorities plan to relax banking regulations established post-2008, potentially freeing up £80 billion for additional lending as Chancellor Friedrich Merz supports deregulation measures. Morgan Stanley strategists project $200 billion in hedging flows could propel the euro toward five-year highs as hedging costs decline and institutional investors increase currency exposure.

Fixed Income & Credit Markets

Global bond markets experienced a widespread selloff as yields climbed to multi-year highs across developed economies, with UK gilt yields reaching 1998-era levels amid inflation and political concerns. Japanese government bonds outpaced Topix dividend yields by the widest margin since 2007, raising prospects for equity-to-fixed-income rotation once volatility subsides. Argentine meatpacker bonds plunged to 19 cents on the dollar as default risks intensify, with the company facing debt obligations more than triple its recent cash levels. Corporate credit gained favor over sovereigns as investors chase higher yields despite Middle East conflict concerns, with blue-chip earnings supporting credit quality narratives.

Technology & AI Sector

Anthropic will brief global financial watchdogs on cyber vulnerabilities exposed by its new AI model, joining regulatory discussions as authorities grapple with systemic risk implications. OpenAI's $1 trillion IPO fate now rests with an Oakland jury following Elon Musk's legal challenge, while the company acquired voice-cloning startup Weights.gg to expand AI tool capabilities. Chinese data center operator Day One plans a dual Singapore-US IPO seeking to raise $5 billion under new listing rules designed to boost Asian technology offerings. The rare earths sector witnessed deal activity intensify as Western companies compete for assets to reduce Chinese supply chain dependence amid national security concerns.

Geopolitical Risk & Defense

Pakistan deployed approximately 8,000 troops and fighter jets to Saudi Arabia under mutual defense agreements, marking a significant military commitment amid regional tensions following Iran conflict escalation. Belarus conducted snap nuclear exercises alongside Russian forces after Kyiv warned of retaliation for increased Minsk involvement in the Ukraine conflict. NATO officials will press European arms makers to boost investment at upcoming Brussels meetings as alliance members seek to accelerate production amid heightened security threats. President Trump warned Iran that "the clock is ticking" on nuclear negotiations while simultaneously using Taiwan arms sales as leverage with China, raising questions about long-term US security commitments in the Pacific region.

Emerging Markets & Asia

Vietnam's largest refinery confirmed stable operations through June despite diversifying crude supply sources amid Iran war supply chain disruptions. India's state lenders received directives to adopt electric vehicles and video conferencing to reduce fuel consumption and preserve foreign exchange reserves. Record-high Japanese government bond yields triggered repatriation bets as fund managers anticipated domestic investor