Public Markets 3 Hours

Last updated: May 18, 2026, 2:30 PM ET

Energy & Utilities

Next Era Energy’s $67 billion bid for Dominion Energy is poised to create a coast-to-coast power giant while simultaneously shoring up its credit profile, a strategic move that could unlock further consolidation in the sector. The all-stock transaction, which would span from Florida to Virginia, is expected to generate significant cost synergies and diversify regulatory risk, though it faces scrutiny from state and federal agencies. Separately, a surge in aluminum prices lifted the fortune of China Hongqiao’s Zhang Bo past $48 billion, underscoring how raw material inflation continues to create outsized gains for producers with fixed-cost structures.

Commodities & Resources

Ghana is mandating local gold sales by requiring large-scale mines to sell at least 30% of annual output to the central bank, a policy aimed at boosting foreign-exchange reserves and local refining capacity that could pressure global supply chains. In Zambia, the state-controlled mining investment firm is forming a gold venture to formalize the artisanal trade and build processing facilities, a step toward capturing more value from the sector and reducing illicit exports. These moves reflect a broader trend of resource nationalism in Africa as nations seek to leverage commodity wealth amid persistent global demand.

Capital Markets & Private Credit

A $60 billion Texas sovereign wealth fund has been revealed as the record backer behind a dramatic surge in assets for State Street’s private credit ETF, signaling a major institutional push into the sector. Meanwhile, Citigroup is partnering with BlackRock on a €15 billion initiative to finance private equity dealmaking across Europe and the Middle East, providing the bank with added firepower in a competitive lending landscape. The deal highlights how traditional banks are increasingly collaborating with asset managers to meet demand for private market exposure.

Corporate & Geopolitics

Royal Caribbean shares slid on Mexico review after President Claudia Sheinbaum ordered an assessment of the cruise line’s water park project in Quintana Roo, adding to near-term uncertainty around its Mexican tourism investments. In a separate corporate governance move, Mexican leader Sheinbaum is backing judicial selection reforms to address erratic rulings from newly elected judges, a political response to business community concerns over regulatory unpredictability. In Europe, ACS is selling a 6% stake for €2.2 billion to fund data center and AI infrastructure expansion, a capital raise that values the construction giant at roughly €36.7 billion.

International Finance & Tech

The European Union has selected EQT to manage a new €5 billion technology fund targeting quantum computing and artificial intelligence, a flagship initiative to bolster deep tech capabilities and reduce reliance on U.S. and Asian capital. The mandate underscores Europe’s strategic push to build sovereign capacity in critical future technologies, with EQT’s PE and infrastructure expertise seen as key to deploying the capital effectively across early-stage and growth companies.