Public Markets 3 Days

Last updated: May 21, 2026, 5:37 AM ET

European Business Activity & PMI Data

UK business activity unexpectedly contracted in May for the first time in over a year, with PMI figures reflecting domestic political uncertainty compounding Middle East war fallout. The data follows German private-sector activity shrinking for a second consecutive month as Europe's largest economy shows signs of succumbing to Iran war knock-on effects. French business activity slumped at the fastest pace since 2020 amid soaring energy prices that have hammered both consumers and firms. These developments come as the European Central Bank's window to "look through" the energy shock has already shut, with Governing Council member Pierre Wunsch indicating a June rate hike appears quite likely if the Iran conflict persists.

Asian Markets & Currency Dynamics

Asian currencies showed mixed performance against the dollar amid divergent risk sentiment, while the Sri Lankan rupee weakened to a three-year low as oil price gains weighed on the region's worst-performing currency. India's rupee advanced the most in Asia after central bank intervention, though policymakers are considering measures including rate hikes to defend the currency amid record foreign outflows from local stocks. South Korean stocks jumped sharply after Samsung Electronics reached a tentative deal with its labor union, averting a strike that threatened to disrupt both the Korean economy and the global artificial intelligence boom. Despite the AI-driven rally in tech shares, the South Korean won remains under pressure due to broader geopolitical uncertainties.

Oil Markets & Energy Flows

Oil prices hovered near $100 per barrel as market participants increasingly price crude at this level for the next year, with demand forced to slow to counter supply losses from the Middle East conflict. Saudi Arabia's oil export revenues jumped to a three-year high of $24.7 billion in March, demonstrating the kingdom's ability to redirect shipments through alternative routes. US crude inventories plunged by a record amount as soaring exports erode domestic supply cushions, while Goldman Sachs notes global stockpiles are being drawn down at unprecedented pace. Base metals drifted lower as US-Iran peace deal negotiations created uncertainty, with copper wavering between narrow gains and losses.

Technology & AI Sector Momentum

Nvidia's earnings report took steam out of the previous session's stock rally as US futures pointed lower despite the company's continued dominance in artificial intelligence infrastructure. Nevertheless, Nvidia CEO Jensen Huang's vision for AI and robotics ignited a broad rally across Asian technology stocks, demonstrating the sector's interconnected fortunes. Cerebras CEO Andrew Feldman's strategy of building the world's largest computer chip, about the size of a dinner plate, reflects the AI chipmaker's belief that bigger means faster in the competitive landscape. Wall Street is preparing for a boom in tech IPOs following Cerebras' successful $6.4 billion raise, with investors eyeing potential listings from SpaceX, OpenAI and Anthropic.

Financial Services & Banking Updates

German weapons manufacturer Rheinmetall AG launched €500 million in new debt in its first public bond offering since 2010, capitalizing on increased defense spending across Europe. SoftBank Group shares surged nearly 20% in Tokyo after reports that portfolio companies OpenAI and SB Energy Corp. are preparing for US initial public offerings. South African lender Investec posted a record dividend for the fourth consecutive year as full-year profit climbed to new highs, while Generali reported lower net profit citing market volatility impact on investment values and a one-off French tax payment. Aflac joined a wave of foreign issuers tapping Japan's credit market with a ¥65.9 billion yen bond sale across four tranches.

Transportation & Aviation Sector

Budget airline easy Jet posted a widened pretax loss amid uncertain full-year outlook due to booking delays and fuel-price volatility from the Middle East conflict, while also raising ticket prices to offset jet fuel cost