Public Markets 3 Days

Last updated: May 18, 2026, 2:30 PM ET

Energy &Commodities

Oil futures dropped 1.3% in early Asian trade as OPEC+ signaled potential output increases, while gold held near $2,340 amid a weakening dollar that offset risk-on sentiment. A surge in aluminum prices pushed China Hongqiao’s Zhang Bo past the $48 billion mark, cementing his position among Asia’s wealthiest industrialists. Meanwhile, U.S. airline bonds weakened after jet fuel costs spiked 8% on Middle East supply fears, and Chicago’s planned muni bond sale is testing investor appetite amid geopolitical uncertainty. The Iran war’s impact on energy markets remains a central concern, with oil prices edging higher despite a cease-fire stalemate and Iran’s Kharg Island tanker activity hitting a post-blockade peak. Additionally, natural gas futures topped $3 for the first time since March, signaling heightened cooling demand as temperatures rise.

Fixed Income

Japanese government bonds extended gains tracking overnight Treasury rallies as traders increasingly price in a September Fed rate cut. U.S. airline bonds weakened further as Middle East tensions drove jet fuel costs up, while European sovereign debt yields rose amid inflation fears. NextEra’s $67 billion deal could buoy credit markets, but Berkshire’s $8 billion Chevron sale highlights shifting investor priorities. Citi and BlackRock’s €15 billion private credit deal aims to strengthen European lending, though U.S. bond yields hit multi-year highs as inflation concerns persist. German bond yields climbed to multiyear peaks, reflecting fears of a prolonged rate-hike cycle.

Technology & AI

SpaceX’s mega-IPO could add another Musk stock, posing a risk to Tesla investors as retail access to his ventures expands. Europe’s €5 billion tech fund will be managed by EQT to invest in AI and quantum computing, signaling growing confidence in tech infrastructure. Publicis’ $2.55 billion LiveRamp acquisition marks a strategic pivot toward AI-driven marketing, while Decart’s $4 billion valuation underscores investor appetite for AI efficiency platforms. OpenAI’s purchase of Weights.gg highlights the race to dominate voice-cloning and generative AI tools. Meanwhile, Ford’s expansion into energy storage reflects broader industry shifts toward software and infrastructure.

Geopolitical & Political

Iran’s war continues to disrupt global markets, with U.S. sanctions and naval blockades stifling oil exports and Iran’s insurance scheme failing to attract participation. Trump’s Taiwan arms policy risks escalating tensions, while China’s nuclear drills with Belarus signal heightened regional instability. The G7’s focus on Iran’s economic fallout contrasts with Europe’s push for self-reli