Public Markets 3 Days

Last updated: May 19, 2026, 2:30 PM ET

Energy & Commodities

Oil futures slipped 1.3% in early Asian trade as OPEC+ signaled potential output increases, while gold held steady near $2,340/oz despite a weakening dollar. A surge in aluminum prices catapulted China Hongqiao's Zhang Bo to a $48 billion fortune, making him one of Asia's wealthiest industrialists. US natural gas futures topped $3 for the first time since March as forecasts shifted hotter, signaling increased power-plant demand. Chile lowered copper production outlook for this year and next, reinforcing tight supply expectations that have pushed prices near record highs. Iron ore fell to a two-week low in Singapore on concerns about a worsening demand outlook in China, snapping a near-three-month streak of gains.

Fixed Income & Currencies

Japanese government bonds extended their rally tracking overnight gains in US Treasurys as traders priced in a September Fed rate cut. The US 30-year yield hit its highest since 2007 as inflation angst fueled a global debt selloff, with yields climbing above 4.6%. ECB Governing Council member Joachim Nagel said the central bank may have to respond to economic challenges from the Middle East conflict. Rising Japanese yields triggered bets on repatriation, with fund managers anticipating country's investors will sell US Treasuries to buy JGBs. Fed's Roberto Perli stated the central bank's monthly Treasury bill purchases can be adjusted up or down depending on market conditions.

M&A & Capital Markets

Blackstone arranged a $1.2 billion credit facility for Air Trunk's expansion into Japanese data centers, part of a broader private equity push into Asian AI infrastructure. The United States Tennis Association is seeking at least $400 million of private credit to refurbish Arthur Ashe Stadium. Euronext results beat expectations as market volatility boosted trading volumes and the newly acquired Athens exchange contributed to revenue. Caisse de dépôt et placement du Québec will take Information Services Corp. private in a C$1.2 billion ($872 deal. KKR and ECP are considering raising their offer to acquire energy provider DCC Plc.

Technology & Artificial Intelligence

Google overhauled its search box for the first time in 25 years, introducing a video-generation tool and simplifying online shopping powered by its new Gemini AI model. An AI stock offering feels 1999-ish as investors grapple with frothy valuations. AI chip startup Tenstorrent drew early takeover interest from Intel and Qualcomm as upstarts challenge Nvidia. Publicis agreed to buy US data company Live Ramp for $2.2 billion to deepen its AI marketing push. Analog Devices is in advanced talks to acquire Empower Semiconductor for $1.5 billion in cash.

Geopolitics & Policy

The SEC sought to boost IPOs with an overhaul letting new big issuers temporarily avoid many disclosure rules. Treasury Secretary Scott Bessent exhorted US allies to aggressively enforce Iran sanctions, saying there was "no room for excuses." The Trump administration sought a longer gas tax holiday with a phased-in return as the Iran war drove up fuel costs. G7 finance chiefs pledged fiscal restraint amid inflation risks from the conflict. The US and Europe remained at odds over the Trump administration's decision to ease oil sanctions on Russia.

Sector-Specific Moves

Berkshire Hathaway took a new $2.6 billion position in Delta during Q1, rekindling its airline investment. Wendy's became a prime activist target after a one-third share price drop created an opportunity for Trian. Shell secured shareholder backing for a new policy that could award larger executive bonuses. Target planned to name a new supply-chain head as it struggled with weak sales. Ecolab sought to raise about $4 billion in investment-grade bonds to fund its Cool IT acquisition.

Market Sentiment & Volatility

Investors started hedging Russell 2000 risk despite remaining wildly bullish on large caps. Fund managers boosted stock allocations by a record in the latest Bof A poll, chasing the powerful rally. The S&P 500 ended a choppy session little changed as oil prices set the tempo amid mixed Iran peace signals. US stock futures ticked lower with semiconductor stocks slipping and 10-year yields climbing above 4.6%. The tech-fueled rally looked bubble-like to some, driving interest in exotic options for protection.

Global Economic Developments

India's peak power demand climbed to a record for the second consecutive day as blistering heat increased cooling appliance use. Germany's gas market manager reiterated it will not intervene to refill storage, saying levels should start rising soon. Nigeria's boosted its stake in a China-backed pipeline as Beijing secured crude supplies amid global disruptions. Senegal entered arrears with the Arab Development Bank, highlighting mounting debt woes. Poland's convenience chain Zabka sought European expansion under its incoming CEO.

Corporate Governance & Legal

Emails showed how Lululemon's peace treaty with its founder fell apart after a surprise note from the chair escalated the fight. The Supreme Court faced scrutiny as justices defended the court's role amid strained internal relations. A nine-member jury rejected Elon Musk's $150 billion suit against OpenAI, freeing the company to continue in the AI race. Former FTX executive Patrick Gruhn launched a 'no loss' AI trading platform. The IRS reached a deal with the Trump administration to create an "anti-weaponization" fund instead of fighting the lawsuit.

Commodities Supercycle Narrative

Veteran strategist Jeff Currie said the world is in early stages of a commodity supercycle that may last another decade as AI buildout collides with chronic underinvestment. Investors poured money into commodities ETFs as the US-Iran war stoked inflation, according to Invesco. Currencies of emerging-market metals producers were set to get a boost from AI-driven demand, Barclays said. Sinomine Resource sought up to $764 million to fund African lithium and copper projects critical to the energy transition.