Public Markets 3 Hours

Last updated: May 18, 2026, 11:30 AM ET

Energy & Commodities

Oil futures extended gains toward $90 a barrel as Bank of America’s chief commodities strategist warned that Brent crude’s best-case scenario is averaging $90 for the rest of the year, with risks tilted to the upside due to Middle East supply disruptions. The rally was underpinned by Iran’s oil export blockade, which left Kharg Island devoid of tankers for a tenth day, and Ryanair’s warning that European airline “casualties” are likely if jet fuel costs remain elevated. Meanwhile, US natural gas futures surged past $3 for the first time since March on forecasts for hotter weather, boosting demand expectations for power generation.

Corporate Finance & Deals

S&P Global’s Mobility unit priced a $2 billion bond offering ahead of its planned spinoff, testing investor appetite for auto-sector debt. In a major AI infrastructure play, French ad giant Publicis agreed to buy LiveRamp for $2.55 billion, its largest deal since 2019, to bolster its data capabilities. Elsewhere, NextEra Energy struck a $400 billion tie-up with Dominion to create a utility behemoth poised to capitalize on surging electricity demand from AI data centers. In contrast, Bitcoin Depot filed for bankruptcy, signaling the collapse of the crypto ATM niche.

Geopolitics & Defense

Pakistan deployed 8,000 troops and fighter jets to Saudi Arabia under a mutual defense pact, a move reflecting deepening military ties amid regional tensions. The deployment follows Belarus’ announcement of snap nuclear drills with Russian forces, triggered by Kyiv’s warnings of potential retaliation. These developments add to market anxiety over the Strait of Hormuz, with insurers already raising premiums for vessels transiting the critical choke point.

Credit & Fixed Income

Merck launched a seven-part high-grade bond sale to fund its $6.7 billion acquisition of Terns Pharmaceuticals, testing the investment-grade market’s resilience. Blue Owl Capital returned to the bond market with a $400 million offering, following a similar sale last month that helped ease liquidity concerns. In distressed credit, Frigorífico Concepción bonds plunged to 19 cents on the dollar as the meatpacker’s cash reserves dwindled, highlighting ongoing stress in emerging market corporate debt.

Sector Strategies

Ford detailed a European growth strategy centered on software, services, and energy infrastructure, signing an EDF energy-storage agreement to expand beyond traditional auto manufacturing. The automaker’s shares rose on the announcement. In biotech, Japanese startup Sound Wave Innovation raised $17 million for ultrasound-based Alzheimer’s therapy, part of a wave of capital flowing into novel medical technologies. Meanwhile, Chile’s economy contracted in Q1 despite investor optimism over President Kast’s market-friendly reforms, underscoring the lag between policy announcements and growth.

Banking & Regulation

The UK government plans to relax post-2008 banking ringfencing rules, potentially freeing up £80 billion for extra lending, a move that could boost bank profitability but raises concerns about systemic risk. In private credit, Citi and BlackRock’s HPS signed a €15 billion collaboration agreement to target direct-lending deals across Europe, reflecting strong demand for alternative financing. Separately, Morgan Stanley hired JPMorgan’s Sebastian Bladt to strengthen its German-speaking M&A coverage, poaching a key rainmaker from a rival.

Market Structure & Anomalies

Poland delayed the phase-out of its Wibor loan benchmark to 2036, bowing to pressure from commercial lenders wary of switching to a new index. The decision affects €600 billion in existing loans and provides regulatory certainty. In a separate development, Adani Enterprises reached a $275 million settlement with the US Treasury over Office of Foreign Assets Control violations, closing a protracted investigation.