Public Markets 3 Hours

Last updated: May 20, 2026, 11:30 PM ET

Asian Currencies & Forex

The Indian rupee slumped 0.7% to 83.95 per dollar, extending this year's decline toward the psychologically crucial 100 level as record foreign outflows from local equities persist. Elsewhere, Asian currencies were mixed against the greenback amid conflicting signals, though risk-on sentiment from U.S.-Iran nuclear talks provided some support. Australia's unemployment rate jumped to 4.5%, a 4-1/2 year high, cooling labor market momentum and prompting traders to pare back rate hike expectations, which pressured the aussie.

Equities & Risk Sentiment

Asian equities rallied across the region following President Trump's optimistic comments on U.S.-Iran negotiations, with the MSCI Asia Pacific index climbing 0.8%. Japanese shares got an extra boost from SoftBank Group, which soared nearly 20% on reports that its portfolio companies OpenAI and SB Energy are preparing U.S. IPOs. Foreign investors also returned to Chinese stocks in April, snapping a months-long streak of outflows, signaling renewed appetite after the initial Iran-war-driven selloff. In South Korea, the Kospi jumped sharply after Samsung Electronics reached a tentative wage deal with its union, averting a strike that threatened global AI supply chains.

Fixed Income & Oil Prices

Japanese government bonds extended their rally, tracking overnight gains in U.S. Treasurys as oil prices declined and rate-cut expectations firmed. The drop in crude, which fell over 2% on lingering demand concerns, also pressured U.S. airline bonds and provided a tailwind for sovereign debt. U.S. insurer Aflac joined the rush into Japan's yen bond market, pricing a ¥65.9 billion ($415 multi-tranche deal, reflecting strong foreign demand for Japanese credits amid the country's ultra-loose monetary policy.

Corporate Moves & Geopolitics

SpaceX's ambitious interplanetary expansion plans were laid bare in a confidential IPO filing, outlining a vision that includes asteroid mining and a Starlink-powered global internet, potentially creating new billionaire fortunes beyond Earth. In Indonesia, President Prabowo Subianto's surprise crackdown on tycoons has unsettled his own officials as he pressures oligarchs for back taxes to offset a budget gap strained by surging oil subsidies. In Hong Kong, the operator of the iconic Sogo department store raced to refinance a looming loan with less than a month to deadline, highlighting the refinancing pressures on leveraged firms in the city's tighter credit environment. Meanwhile, Australia's corporate regulator sued a major pension trustee over its role in a failed fund that impacted thousands of retirees, underscoring heightened scrutiny of the country's $3 trillion superannuation sector.