Public Markets 3 Days

Last updated: May 29, 2026, 5:30 AM ET

Energy & Commodities

Oil prices plunged 1.9% on signs of a U.S.-Iran ceasefire extension, with Brent crude heading for its largest monthly drop since 2020, while gold futures rose to $4,500 as inflation fears eased. A tentative 60-day deal to extend the ceasefire and reopen the Strait of Hormuz fueled risk appetite, though aluminum prices surged to an 11-month high, lifting China Hongqiao’s Zhang Bo’s fortune past $48 billion. Industrial metals followed suit, with copper and nickel climbing 3-5% as traders priced in restored Iranian oil flows, while freight costs soared for U.S. LPG exports to Asia, forcing some buyers to cancel cargoes.

Fixed Income

Japanese government bonds stabilized as the yield on two-year notes edged higher following a lukewarm auction, signaling potential BoJ tightening. The dollar index slipped against major currencies as the DXY hovered near 104.50, pressured by expectations of Federal Reserve rate cuts, while U.S. Treasury yields recovered from war-driven volatility. European Central Bank’s Fabio Panetta stressed the case for rate hikes without committing to a preset path, bolstering the euro, which strengthened 0.3% against the dollar. Meanwhile, AT1 bond issuance surged among European lenders, with Credit Agricole issuing ¥106.5 billion in samurai bonds at wider spreads amid rising yen rates.

Equities

U.S. stock futures held steady as the S&P 500 hovered near 5,300, while Dell shares soared 7% on a $9 billion Pentagon cloud deal and robust data-center revenues. SpaceX’s IPO valuation target dropped to $1.8 trillion, down from earlier estimates, as US Bitcoin ETFs bled $2.8 billion in their longest outflow streak. Ocado Group surged 12% after securing a major grocery supply deal with Asda, offsetting losses from its U.S. operations. In Asia, Jupiter Fund’s AI-focused portfolio outperformed 92% of peers, while Taiwan’s 2026 growth outlook jumped to 9.1% on AI-driven tech demand. BioMar Group’s IPO in Denmark raised $1.2 billion, marking the country’s largest listing since 2018.

Currencies & Inflation

The rupee hit a record low of 87.50/USD as India faced tougher investor scrutiny over foreign-exchange strategy, prompting quadrupled gas purchases by power firms to meet summer cooling demand. French inflation accelerated to 2.9%, the fastest since 2022, backing the ECB’s rate hike stance, while Kenyan inflation jumped to 9.8% on surging fuel prices. New Zealand business sentiment improved slightly but remained near three-year lows as fuel costs weighed on growth. The yen edged toward 160/USD as traders awaited Japan’s finance ministry intervention data, with currency volatility persisting amid geopolitical uncertainty.

Technology & AI

AI-driven tech stock picking revitalized China’s consumer-focused funds, while Kirkland & Ellis committed $500 million to build proprietary AI technology. Japan’s two-year bond yield rose as investors bet on imminent BoJ tightening, and Samsung unions approved a pay deal favoring chip workers, highlighting inequality in the AI era. Europe’s electrification push powered Jupiter’s outperformance, while Olive Young opened its first U.S. store to capitalize on the $40 billion K-beauty market. AI chip demand buoyed Taiwan’s growth outlook, even as El Niño risks loom over global crops and supply chains.

Geopolitical Risks

The ECB warned of underpriced geopolitical risks, as oil prices stabilized following the Iran ceasefire extension, though NATO condemned Russia’s drone strike on Romania and defense orders surged to near-record levels. Trump’s unpredictable Iran approach sowed confusion as U.S. and Iran neared a draft agreement, with Shrey Parikh winning the spelling bee providing rare calm in turbulent times. Global markets remained wary of prolonged Middle East tensions, with inflation expectations rising in the euro zone and credit-card delinquencies hitting a 16-year high as families struggle with $1.25 trillion in debt.

Market Sentiment & IPOs

IPO activity cooled as India prepared a $1 billion LIC stake sale and Malaysia’s Big Caring sought $750 million in its pharma chain offering. Hungary’s political shift and Texas’s runoff results underscored Trump’s influence on GOP races, while Democratic incumbents clashed post-redistricting. UK retailers urged a £2.60 small parcels charge to curb Chinese competition, and France’s inflation accelerated to 2.9%, the highest since 2022. Investors raced to SpaceX funds, with ETFs launching daily for AI and defense exposure, as U.S. consumer confidence slipped amid price worries.