Public Markets 3 Days

Last updated: May 29, 2026, 2:32 AM ET

Global Equities & Benchmarks

Stock indices rallied to records after the U.S. and Iran reached a tentative ceasefire extension, with Goldman Sachs targeting 8,000 for its year-end S&P 500 forecast alongside Morgan Stanley and Deutsche Bank, projecting a 17% annual return. European bourses neared records as technology shares climbed and oil prices retreated, while Dell surged on Pentagon deals, with shares up roughly 150% since President Trump’s accounts purchased more than $1M worth.

IPOs & Capital Markets

The new-issues calendar is filling from Southeast Asia to Scandinavia, with Malaysian pharmacy leader Big Caring Group seeking $750M and Shanghai-based Zhengxin Food Group weighing Hong Kong listing that could raise about $300M. Copenhagen’s biggest listing since 2018 delivered early gains after Bio Mar Group climbed in debut, while Canadian generic drugmaker Apotex Health filed Toronto IPO on the back of stronger revenue. Speculative appetite has been more fickle, as Enhanced Group sank to lows after a glitch-ridden debut event, though Elon Musk’s SpaceX lowered IPO target to at least $1.8tn even as investors pour a net $14bn into funds with pre-IPO exposure.

Commodities & Energy

Energy and raw materials are diverging as geopolitical risk premium oscillates, with Brent crude set for 19% collapse, its steepest since 2020, after Washington and Tehran tentatively agreed to extend a ceasefire by 60 days, while gold held above $4,500 as eased inflation concerns curbed haven demand only modestly. Industrial metals face their best month since January on hopes that Gulf shipping lanes will reopen, though iron ore is set for monthly loss as a fatal Chinese coal-mine accident failed to sustain a rally. The relief remains uneven, as some buyers of U.S. liquefied petroleum gas canceled Asian cargoes after freight rates spiked, and China’s export prices climbed at the sharpest pace in three years as the oil shock and an AI chip boom filter through factory gates.

Fixed Income & Rates

Rising benchmark yields are reshaping debt issuance from Tokyo to New York, with Japan’s two-year government bond yield edging higher after a lukewarm auction cemented bets on a near-term Bank of Japan rate hike, prompting domestic lenders to prepare hybrid issuance for their busiest fiscal year in over a decade to meet stricter capital requirements. International issuers are finding demand in yen paper, with Crédit Agricole setting samurai terms for ¥106.5bn ($670M) at wider spreads than comparable domestic debt. In the U.S., inflation anxiety has left investors pouring into ultrashort funds as BlackRock warned traditional diversifiers are challenged, while mortgage rates hit highest since August, crushing home-purchase and refinancing activity. Indian regulators are trying to deepen local credit markets, with SEBI planning bond reforms to strengthen corporate issuance and reduce reliance on bank loans.

Currencies & Monetary Policy

The dollar recovered from losses as hopes for a swift U.S.-Iran deal diminished, though strategists remain wary of gains after this month’s rally priced in elevated Federal Reserve rates. Asian currencies consolidated against dollar as traders assessed ceasefire prospects, with regional central banks turning aggressive on interest-rate hikes that have shown little success in stabilizing exchange rates. Japanese authorities reiterated they can intervene should volatility intensify, with markets awaiting ministry data that will reveal the scale of recent yen support operations as the currency drifts back toward 160 per dollar. Even South Korea, where AI investment has driven a record trade surplus, finds the won trading at crisis levels, underscoring how geopolitical risk is overwhelming chip-driven fundamentals.

Consumer & Corporate Health

Household balance sheets are showing cracks even as equities rally, with Americans falling behind on a $1.25tn credit-card tab as interest rates push delinquencies to their highest since the financial crisis, and confidence slipping in May on Iran-war price worries. The disconnect between labor and capital is widening, as labor’s share of output hit record low while profits neared a record. Retailers are bifurcating, with Gap cutting its outlook and American Eagle flagging falling sales in core women’s lines, though Dollar Tree logged higher profit on value-seeking traffic.

Asia Corporate

Asian manufacturers and retailers are navigating diverging demand trends, with Chinese EV maker XPeng posting a loss after slipping back into the red despite stronger margins, while South Korea’s Samsung Electronics unions approved pay deal that guarantees hefty bonuses for chip employees and leaves other workers feeling left out. Japanese drugmaker Astellas Pharma fell to lows after its five-year strategic plan offered few surprises to investors.

M&A and Leveraged Finance

Corporate deal-making is providing selective distractions from macro headlines, as Alpac Capital agreed to buy Adria News Network with Balkan media assets from United Group, and billionaire Vincent Tan mulling stake sale of his remaining 30% in Prudential Assurance Malaysia after offloading 19% earlier this year. In leveraged finance, Worthington Steel raised $1.4bn to fund its acquisition of German metals distributor Klöeckner & Co., while JPMorgan chief Jamie Dimon could spend $20bn on a new acquisition, citing the Trump administration’s lighter regulatory touch that has freed as much as $50bn in excess capital.

Private Markets & Governance

European defense ventures are commanding premium valuations even as governance controversies rattle incumbents, with the CSG NV founder seeking €200M for a new contractor-style business and German drone start-up Stark seeking €2.5bn valuation in a round aiming to secure at least €300M. In regulatory clashes, Disney’s ABC slammed FCC demands as unconstitutional retaliation meant to suppress speech, while KPMG Australia CEO resigned after the firm admitted its whistleblower investigation lacked rigour, and Deutsche Bank investors rejected pay hike for Supervisory Board Chairman Alexander Wynaendts.

Emerging Markets & Fiscal Policy

Fiscal pressures are intensifying across emerging economies, with India preparing LIC sale of as much as 100bn rupees ($1bn) next month and stepping up divestment as the Iran war strains public finances, while leading economist Charles Goodhart warned on demography, saying fiscal pressures will constrain independent monetary policy and make life progressively harder for finance ministries.