Public Markets 3 Days

Last updated: May 21, 2026, 11:33 PM ET

Asian Markets & Equities

Asian equities rallied broadly on growing optimism surrounding U.S.-Iran ceasefire negotiations, with the Nikkei climbing 1.3% in Tokyo led by chip and metals stocks. The benchmark index joined the Dow's march to record highs as investors priced in potential Middle East de-escalation. Meanwhile, Lenovo Group shares surged 13% to 26-year highs after the Chinese computer maker reported strong AI-driven earnings growth that offset rising component costs. In India, foreign institutional selling may extend into 2027 as Bof A Global Research noted that AI winners elsewhere in Asia offer more attractive valuations, pressuring the Nifty despite improved technical positioning ahead of month-end derivatives expiry.

Fixed Income & Credit Markets

Renault SA priced its second-largest Samurai bond offering ever amid heightened volatility in government debt markets that has driven investor appetite toward relatively stable corporate credits. South Korea announced cuts to long-term bond sales as part of its planned June issuance reduction, focusing on longer-dated tenor notes to ease fiscal pressure. The Philippines plans to sell up to 30 billion pesos in 2030-dated treasury bonds on May 26, while Japanese government bonds edged lower as investors weighed Middle East developments. China's "National Team" is poised to cut ETF holdings by 90% during the first half of 2026, according to Bloomberg analysis, signaling a dramatic shift in state support for domestic equities.

Energy & Commodities

Oil futures rose amid persistent Middle East tensions that could keep supply disruption premiums elevated, reversing three days of declines after Iran's statements on uranium enrichment and the Strait of Hormuz. European equities climbed for a third day as crude prices retreated on hopes of diplomatic progress, while Saudi Arabia's oil export revenue jumped to a three-year high of $24.7 billion in March as the kingdom diverted shipments through alternative routes. In Australia, Arafura secured approval for its $1.6 billion rare-earths project that will produce roughly 4% of global neodymium and praseodymium supply, critical minerals for electric vehicles and defense applications.

Space Economy & Technology

SpaceX filed for what could be the largest IPO in history, revealing $4.28 billion in quarterly losses alongside plans for super-voting shares that would cement Elon Musk's control over the rocket and satellite enterprise. The filing comes after multiple Starship launch delays, with the company estimating $15 billion spent developing its next-generation rocket. European space stocks soared on SpaceX IPO excitement, with French satellite operator Eutelsat jumping 17% to a one-year high and German developer OHB hitting all-time highs. Meanwhile, Polymarket appointed a representative in Japan and is preparing to lobby for authorization of prediction markets in the country.

Mergers & Acquisitions

Private equity firm Fountain Vest is considering selling Swiss micro-tools maker SPT, a manufacturer of high-precision components, according to people familiar with the matter. The planned Tuas acquisition of Singapore's M1 collapsed amid a regulatory probe, ending a $1.1 billion deal that would have reshaped the city-state's telecom landscape. Global buyout funds are exiting China's data center market with Princeton Digital Group's sale process capping foreign retreat from sensitive digital infrastructure, while Estée Lauder and Puig ended merger talks that would have created a beauty powerhouse, sending shares in the cosmetics giant up 11.5% in post-market trading.

Corporate Earnings & Guidance

Ross Stores raised its sales and profit outlook after first-quarter results surpassed consensus estimates, now expecting comparable sales growth of 6-7% versus a prior 4-5% projection. The discount retailer's guidance boost follows Deckers' fourth-quarter results where Hoka sales jumped 15% to $671.2 million, marking the brand's largest quarter ever. Workday shares rallied after posting better-than-expected results that helped quell concerns about AI disruption to its workplace software business. In contrast, Walmart shares sank despite rising sales as management warned customers are rationing gasoline and seeking low-price items amid Iran war-driven inflation.

Policy & Regulatory Developments

The Philippine central bank signaled comfort with the peso at 63.50 per dollar if the decline remains measured