Public Markets 3 Days

Last updated: May 22, 2026, 2:33 AM ET

Global Equity Markets

Equity markets worldwide extended gains this week with the FTSE 100 poised for its strongest performance since January, while emerging-market stocks added 1.2% on continued AI-driven optimism. SpaceX's mega-IPO is drawing intense scrutiny as Goldman Sachs secured lead underwriting duties, potentially overshadowing Morgan Stanley's Michael Grimes who lost influence amid his Trump administration stint. The IPO pipeline is heating up with crypto platforms rushing to launch SpaceX-linked derivatives while passive investors prepare to dump billions in existing holdings. In Asia, Lenovo shares neared record highs after the company projected $100 billion in annual revenue within two years, driven by surging AI server demand that boosted fourth-quarter sales by the most in five years.

Artificial Intelligence & Technology

The AI rally broadened beyond traditional semiconductor proxies as Chinese AI startups attracted massive funding, with DeepSeek advancing a $10 billion round while declaring artificial general intelligence as its primary objective. Zhipu and Minimax are poised to join Hong Kong's technology gauge, potentially unlocking billions in mainland capital inflows. Meanwhile, Cerebras's oversized chip strategy reflects the industry's "bigger is faster" philosophy as the company positions itself against Nvidia's dominance. Private equity firms are exiting China's data centers with Princeton Digital Group's $1 billion sale marking the sector's final major divestiture, while global healthcare-focused funds merged into a $21 billion entity to combat AI disruption. The quantum computing sector received a $2 billion government infusion with equity stakes in nine companies including IBM, though industry experts warn that quantum threats to cryptocurrency security have moved "from theoretical to credible."

Fixed Income & Currency Markets

Turkey's economic team convened emergency meetings after a court ruling removing the main opposition party's leadership sparked market turbulence, while Australia's weak employment data pushed traders toward curve-steepening positions as rate cut expectations mounted. The yen remained vulnerable despite intervention warnings from Finance Minister Katayama, as the currency hovered near multi-month lows even with Treasury Secretary Bessent's public support for Bank of Japan policy. In Southeast Asia, yield curves are expected to steepen further as oil prices pressure inflation, while Singapore's dollar weakened slightly amid uncertainty over U.S.-Iran negotiations. South Korea plans to reduce long-term bond issuance in June, and Renault priced its second-largest Samurai bond ever as investors sought higher-yielding assets amid volatile government debt markets.

Energy, Commodities & Materials

Crude futures settled higher after three days of declines as Iran's uranium statements and Strait of Hormuz developments pared optimism over U.S.-Iran peace talks, while metals advanced broadly on de-escalation hopes. Aluminum prices continued supporting Richemont's full-year sales beat, with Cartier jewelry demand helping the Swiss luxury group outperform peers amid a broader market slowdown. Natural food colors are facing new scrutiny as research links them to increased diabetes and cancer risks, challenging the MAHA movement's embrace of these alternatives. Steel tariffs are being considered in South Africa as an "unprecedented emergency" threatens domestic producers, while ArcelorMittal sold a $667 million stake in Vallourec to fund ongoing shareholder returns. Base metals tracked oil prices higher as optimism around U.S.-Iran negotiations supported risk assets broadly.

Asia-Pacific Economic Developments

Vietnam's wealthiest individual unleashed billions into electric vehicle ventures after his corporate group's shares surged 1,000%, freeing personal capital for EV investments amid the region's manufacturing transition. Indonesia tightened commodity export controls under President Prabowo, sending stocks lower on concerns about increased state intervention, while India's central bank may need to deploy its 2013 taper tantrum playbook to defend the rupee against soaring oil prices. The Philippines plans to sell 30 billion pesos in treasury bonds due 2030, and Governor Remolona signaled that 63.50 per dollar might be acceptable for the peso if declines remain measured. China's "National Team" is reducing ETF holdings by approximately 90% in the first half as domestic equity sentiment wavers, while BofA expects foreign outflows from Indian stocks to extend into 2027.

Corporate Earnings & M&A Activity

Julius Baer projected substantially higher first-half 2026 profits as the Swiss wealth manager signals restructuring progress, while Ross Stores raised guidance after first-quarter results surpassed estimates on strong customer traffic and record same-store growth. Target's stock rally has made it one of the year's best retail performers, though the outperformance raises expectations ahead of quarterly results. FountainVest considers selling Swiss micro-tools maker SPT in what would be the latest private equity exit, while Tuas's $1.1 billion M1 deal collapsed amid Singapore regulatory scrutiny. Ubisoft delayed profit targets by a year as its turnaround continues, and Hasbro reported stronger results on Magic: The Gathering sales growth. Easy Jet launched a loyalty scheme targeting disaffected British Airways customers after the flag carrier's program overhaul made it "too elite."

Geopolitical Risk & Market Impact

The Iran conflict continued pressuring Asian currencies as soaring oil prices and a surging dollar strain foreign-exchange reserves built up after the 1997 crisis, with India rushing containment measures including a $5 billion swap auction. G7 finance ministers deferred discussions on emergency oil reserve releases, with France insisting countries need clarity on the war before tapping strategic petroleum reserves. North Korea's soccer team embarked on international fixtures amid escalating regional tensions, while Israel's national security minister sparked international outrage by posting videos taunting pro-Palestinian activists. Reform UK threatened legal challenges to National Grid projects, opening a new political front against Britain's offshore wind expansion plans, and Senegal's arrears to the Arab Development Bank highlight mounting debt concerns across the region.