Public Markets 3 Days

Last updated: May 25, 2026, 8:30 PM ET

Energy & FX

Oil futures shed 6.3% on optimism over U.S.-Iran talks, with Brent crude briefly dipping below $70/barrel, while gold edged lower as traders weighed progress toward reopening the Strait of Hormuz. The dollar extended declines amid reduced safe-haven demand, even as a scorching Asian summer threatened to tighten liquefied natural gas balances and renew inflationary pressures. Two LNG tankers passed through the Strait on Saturday, the first commercial shipments in nearly three months, signaling tentative progress in clearing the maritime backlog.

Fixed Income & Central Banking

The Treasury curve flashed a higher-for-longer warning as the 2s/10s spread tightened to its narrowest in a year, reflecting growing bets on prolonged restrictive Fed policy under Chairman Kevin Warsh. In contrast, South Korea’s bond market is pricing excessive BOK hikes, creating opportunities in short-term debt, according to NH Amundi. The Czech prime minister urged an interest rate cut despite inflation risks, highlighting policy divergence in emerging Europe, while the ECB’s François Villeroy said the central bank hasn’t yet seen second-round energy effects in the euro-area economy.

Equities & Geopolitics

Asian stocks poised to extend gains on U.S.-Iran deal hopes, with Japanese equities hitting a 26-year high led by energy and chip stocks. European shares advanced as oil declined, with Italy’s benchmark index notching a fresh record. However, emerging-market assets faced resurgent political risk from Latin America to Eastern Europe, derailing rallies. In Brazil, two groups submitted bids for the privatization of water utility Copasa, advancing one of the country’s biggest deals this year.

Commodities & Corporate Moves

A surge in aluminum prices propelled China Hongqiao’s Zhang Bo to a $48 billion fortune, while Guinea, the top bauxite producer, plans to unveil export controls in June to bolster ore prices. Chilean copper giant Codelco faces union threats over bonus clawback attempts following an overstatement of output. In Australia, producers face tighter LNG reservation rules that will apply to existing contracts, intensifying pressure to secure domestic supply.

Tech, AI & Luxury

Venture capitalist John Doerr called AI the biggest tech tsunami, even as Pope Leo warned of AI risks in a 42,300-word encyclical. Artificial intelligence is expanding from enterprises to Main Street, with agents now managing bakery spreadsheets, while Meta’s Andrew Bosworth has a new mission to transform the workforce using AI. In luxury, Ferrari launched its first EV, the €550,000 Luce designed by Jony Ive, testing the appetite of the superrich as the U.S. EV market cools. Meanwhile, China’s homegrown luxury market surges with $140,000 EVs and heritage gold, challenging European dominance.

Credit & Currency Markets

Blackstone arranged a $1.2 billion loan for Air Trunk’s Japanese data-center expansion, part of a broader private equity push into AI infrastructure. Spanish utility Cox took a 20% bridge loan for a $4.2 billion Mexico acquisition, placing shares as collateral. The Sri Lankan rupee is set to recover as oil prices ease and the central bank hikes rates, while the Nigerian naira weakened as first-quarter GDP grew slower than expected on an oil-sector slowdown.

Real Assets & Rates

U.S. farm loan repayment rates are falling amid the Iran war, even as domestic drillers increase output to capture a 40% price surge. In the UK, bank lending to businesses fell to a 30-year low due to weak growth and tighter regulation, while the government prepares a Strait of Hormuz mine-hunting mission at Gibraltar. British American Tobacco slumped after a FTSE index cut, and South Africa’s Pick n Pay delayed a turnaround target, sending shares lower.

Deal Talk & Liquidity

Delivery Hero revealed a Uber takeover approach at a €10bn valuation, also attracting interest from Door Dash. Private equity firm Centerbridge is in talks to buy a stake in $3bn real estate firm Merritt Properties. Rapid-commerce firm Zepto plans a June IPO targeting $1 billion, while Saudi Arabia’s sovereign wealth fund is raising $2.5 billion for a new tech vehicle. U.S. stock market volatility remains near historic lows even as consumer sentiment hits 70-year lows, creating a stark disconnect.

Local & Idiosyncratic

A Ford F-150 remains stuck at a Kansas dealership after a protected robin’s nest was found on a tire. In New York, the “Bing Dong” Knicks celebration was shut down by police amid influencer-driven chaos. The Brooklyn Park Slope Food Co-op descended into dysfunction ahead of a boycott-Israel-products vote. And in a Memorial Day reflection, families of Iraq War dead offered advice to today’s military families amid the Iran conflict.