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Last updated: May 22, 2026, 2:31 AM ET

Global Equity Markets

Global equity markets extended gains as the FTSE 100 positioned itself for a rare daily rise every day this week, while emerging market stocks advanced for a second consecutive day, putting the benchmark on track for a weekly advance. Investors continued pouring into the AI trade as tech stocks rallied, with easing Middle East tensions providing additional support to risk appetite and broad-based market optimism.

Luxury & Wealth Management

Luxury goods sales exceeded expectations as Richemont reported full-year revenue growth driven by resilient demand for Cartier jewelry, while wealth managers signaled improved profitability with Julius Baer Group expecting "substantially higher" first-half profits compared to the previous year, reflecting positive trends in the wealth management sector despite broader market challenges.

Emerging Markets & Currencies

Turkey's policymakers prepared emergency meetings to discuss measures to stem market turbulence after a court ordered removal of the main opposition party's leadership, while India's central bank considered drawing on its 2013 taper tantrum playbook to defend the beleaguered rupee, which has plunged amid global currency volatility and mounting external pressures.

IPO & Private Equity Activity

Wall Street braces for a trading frenzy as blockbuster IPOs from SpaceX, OpenAI, and Anthropic approach the market, with passive investors set to dump billions of shares to make room for new listings. Meanwhile, Brookfield Asset Management emerged among private equity suitors circling Gulf fertility firm Fakih IVF in a potential $1bn deal, while JPMorgan looked to offload exposure to $4bn in private equity-linked loans amid prolonged industry slowdown.

Corporate Governance Shifts

Corporate governance dynamics evolved as BMW moved to convert preference shares into equity with voting rights, a development welcomed by investors, while Harvard's endowment prepared for a transition that will require reckoning with expansion into sluggish private holdings as its CEO NP Narvekar approaches retirement, signaling challenges ahead for institutional investors navigating private equity market headwinds.