Public Markets 3 Hours

Last updated: May 21, 2026, 5:30 AM ET

Energy & Geopolitics

Oil futures edged 0.7% higher after Saudi Arabia's oil export revenue surged to a three-year high of $24.7 billion in March, driven by the Iran war disrupting alternative supplies. The rally pressured airlines, with easy Jet widening its pretax loss as Middle East conflict fueled booking delays and fuel volatility, while BT Group posted a revenue decline partly from weaker international performance. In Europe, German private-sector activity contracted for a second month and French business activity slumped at its fastest pace since 2020, both citing higher energy prices and war-related uncertainty. The Sri Lankan rupee weakened to a three-year low as oil gains compounded external imbalances.

Corporate & Credit

Rheinmetall priced a €500 million bond, its first public debt sale since 2010, capitalizing on strong investor demand for European defense assets. In a separate maneuver, Manus is weighing a $1 billion raise to unwind its controversial takeover by Meta Platforms, aiming to appease Beijing’s demands. In the UK, Tate & Lyle posted a fall in annual profit citing a "disappointing" fiscal year, while BT lost fewer broadband customers than feared and expanded its cost-cutting target as its turnaround continues.

Markets & Sentiment

U.S. stock futures pointed lower as the post-Nvidia earnings rally lost steam, with investors cautious on valuations amid geopolitical tensions. The downbeat eurozone PMI data, showing UK business activity falling for the first time in over a year due to domestic political uncertainty and Middle East war fallout, added to the risk-off tone. In corporate news, SoftBank shares surged on optimism around a potential OpenAI IPO, though the overall market backdrop remained fragile with oil volatility and mixed earnings.