Public Markets 3 Hours

Last updated: May 18, 2026, 5:30 AM ET

Energy & Commodities

Oil futures extended gains toward $85 a barrel as a tenuous cease-fire in the Middle East kept supply risks elevated, while European natural gas prices surged past 50 euros a megawatt-hour on stalled Iran peace talks. The rally in energy prices fueled inflation concerns, with analysts noting that prices for oil and beef are making little sense to markets amid conflicting supply and demand signals. Gold prices fell sharply as rising real yields and a stronger dollar overshadowed safe-haven bids, with the metal dropping below $2,340 an ounce.

Fixed Income & Currencies

Global bond markets suffered a sharp sell-off as investors priced out potential Fed rate cuts, pushing the 10-year German Bund yield to a fresh 15-year high of.85%. The surge in eurozone yields intensified pressure on the euro, which faced downward pressure amid expectations that further yield rises could prompt capital outflows. In the U.S., Treasury yields climbed alongside energy inflation fears, while Japanese government bonds tracked global peers lower as the Bank of Japan’s policy stance was tested by rising import costs.

Geopolitical & Market Sentiment

Stock index futures pointed to a lower open as mounting Middle East conflict costs weighed on investor sentiment, overshadowing tentative optimism from recent trade talks. The outbreak of Ebola in central Africa, which has affected a small number of Americans, added a layer of public health risk to an already volatile geopolitical landscape. President Trump’s renewed warning to Iran kept markets on edge, with analysts warning that prolonged hostilities could trigger a sustained risk-off environment.

M&A & Corporate Activity

Anglo American completed its exit from steelmaking coal by selling Australian assets for up to $3.875 billion, a move aimed at simplifying its portfolio ahead of a proposed merger with Teck Resources. In a separate deal, the Qatari billionaire Al-Khayyat family’s Power International Holding bid for African infrastructure, targeting an Ethiopian airport and a Congolese road project to expand its continental footprint. Meanwhile, Swiss contract drugmaker Poly Peptide shortlisted EQT and IDG for a potential buyout, signaling renewed private equity interest in specialty manufacturing assets.

Company News & Sector Moves

Ryanair shares tumbled after warning of weaker summer pricing, late bookings, and a surge in jet fuel costs, prompting the airline to suspend its financial guidance. The carrier is now negotiating new fuel contracts to mitigate the impact of an 8% spike in oil prices. In South Korea, retailer Homeplus objected to creditor loan terms tied to a 100 billion won ($67 bridge facility, creating uncertainty around its short-term funding. In India, authorities are exploring options to revive the stalled $8 billion privatization of IDBI Bank after interest from buyers waned amid market volatility.