Public Markets 3 Hours

Last updated: May 24, 2026, 2:30 AM ET

Energy & Geopolitics

A naphtha shortage disrupted manufacturing across Japan and South Korea as the Strait of Hormuz blockade tightened, forcing petrochemical firms to declare force majeure on deliveries. Meanwhile, Iran’s procurement network used a UAE front company to acquire satellite gear, revealing how Tehran circumvents sanctions even as it later attacked the same Gulf state. The crisis is sparking a global race to secure alternative narrow-sea chokepoints, from the Bab el-Mandeb to the Malacca Strait. In China, a deadly coal mine blast killed 14 workers, testing Xi Jinping’s energy security push just as domestic coal output—which had shielded the economy from the Iran war shock—faces new safety scrutiny.

Corporate Strategy & Legal

McKinsey & peers are rethinking fee models as AI tools push clients to demand success-based pricing over traditional hourly rates. In telecom, the UK’s top mobile carriers suffered record losses of 1.3 million subscribers in 2023, ceding ground to virtual operators like Voxi and giffgaff. Commerzbank rallied shareholders at its annual meeting, securing support to remain independent from UniCredit despite the Italian bank’s lingering stake, as the German lender highlighted its first dividend since 2008.

Sector Shifts

Turkish Airlines capitalized on Gulf disruptions to overtake Emirates in international passenger traffic, with Istanbul’s hub operating normally during regional conflicts. UK housing data showed the London-price gap narrowing to its smallest since 2009 as affordability pressures cool the capital while Manchester and Liverpool see price growth fueled by population inflows. A French ban on nicotine pouches triggered a diplomatic spat with Sweden, which called it an “attack on our way of life” just as Swedish Match eyed expansion. In Japan, “kidult” collectors are fueling a capsule toy boom, with 1,400 gacha gacha stores filling vacant retail space left by Covid-era closures.