Public Markets 3 Days

Last updated: May 22, 2026, 8:31 AM ET

Energy & Commodities

Oil futures dropped 1.3% in early trade as hopes for a U.S.-Iran deal offset concerns about supply disruptions, while European natural gas prices climbed 2% weekly on supply tightness despite staying below €50/MWh. The precious metals market saw gold steady near $2,300/oz as conflicting signals on U.S.-Iran ceasefire talks kept traders uncertain about central bank rate policies. A surge in copper prices continued as industrial metal traded like a high-flying tech stock, with investors betting AI-driven power consumption would fuel demand growth. In Hungary, shares of Mol tumbled following an explosion at its petrochemical plant that killed one person and injured several others.

Financial Services & M&A

Goldman Sachs secured the leading role on SpaceX's blockbuster IPO, potentially the biggest listing of the year, while Morgan Stanley lost influence over Elon Musk's offering amid banker Michael Grimes' stint in the Trump administration. In Europe, Investec applied for an Irish banking license as the lender seeks to tap one of the world's largest financial markets, intensifying competition among private banks targeting wealthy clients. Private credit managers are increasingly trading loans to dump troubled assets, a once-unthinkable strategy as the industry faces its first major stress test after years of easy conditions. Meanwhile, CVC and Groupe Bruxelles Lambert offered €12 billion to take Italian drugmaker Recordati private, valuing the company at more than $12 billion in one of Europe's largest healthcare deals this year.

Technology & AI

Lenovo shares neared all-time highs after the PC maker reported strong AI-related growth that offset rising component costs, while chip stocks struggled through their worst two-day stretch since March before investors refocused on Nvidia's performance. Samsung Electronics staved off a potentially catastrophic strike by reaching a tentative deal to share more AI boom profits with its largest union, though resentment among colleagues over the bonus deal remained palpable. In China, regulators scrutinized recent stock rallies fueled by AI optimism, asking some companies and funds for more details about their artificial intelligence strategies as the government seeks to curb speculative trading.

European Markets

The FTSE 100 on track to rise every day this week as investors shrugged off geopolitical tensions, while German exporters drove first-quarter growth before the Iran war's impact began to be felt. UK government bonds posted their biggest weekly yield drop since 2024 after Chancellor Jeremy Burnham pledged to stick to fiscal rules and pulled back from bets on higher Bank of England interest rates. However, UK house prices ground to a halt as rising mortgage rates, political uncertainty, and the Iran war combined to create headwinds for the property market. In Italy, the government's debt burden continues to attract investor scrutiny despite efforts by Giorgia Meloni's administration to bring it under control.

Asian Markets

India's central bank transferred a record 2.87 trillion rupees ($30 to the government, though the payment fell short of market expectations amid rising energy prices from the Iran war. The Sri Lankan rupee rallied 3.2% against the dollar, snapping a nine-day losing streak to become Asia's best-performing currency