Public Markets 3 Hours

Last updated: May 18, 2026, 8:30 AM ET

Utilities & Energy

Next Era Energy’s agreement to buy Dominion for $67 billion in stock creates an East Coast energy colossus spanning Florida to Virginia, the largest U.S. power sector deal ever. The transaction comes as commercial oil inventories are falling at an accelerated pace, IEA Executive Director Fatih Birol warned, while European LNG imports extended April’s drop as flows to Asia climbed amid Iran war disruptions. In commodities, aluminum prices surged this week, lifting China Hongqiao’s Zhang Bo to a $48 billion fortune.

Geopolitics & Rates

Tensions in the Middle East escalated as President Trump warned Iran the ‘clock is ticking’ over nuclear talks, with an emboldened Tehran rebuffing his terms. The standoff pushed 30-year UK gilt yields to a 26-year high and 10-year yields to a 16-year peak, while the Czech central bank governor signaled readiness to hike rates if inflation risks intensify. The yield surge propelled concerns over war-driven inflation, buckling bonds from the UK to the US and testing the logic behind stocks’ recent rally.

Markets & Credit

S&P 500 futures pointed to a lower open, down 0.4% ahead of the bell as investors watched for extension of Friday’s yield spike. In credit, Commerzbank advised shareholders to reject UniCredit’s offer, calling it undervalued, while Lufthansa sought a Euro bond as fuel costs climbed. The planned sale of Chicago municipal bonds is testing investor appetite amid the broader risk-off tone. In corporate news, Thyssenkrupp will close a U.S. plant as part of its automotive restructuring.

Asia & Currencies

India is considering an edible oil import duty hike to support farmers, potentially increasing taxes on another major commodity after recent gold tariff rises. In China, graduation ceremonies were interrupted by student protests over AI job fears, highlighting growing anxiety about the technology’s economic impact. The dollar weakened modestly against majors, providing slight support to gold, which held near $2,340 per ounce.