Public Markets 3 Hours

Last updated: May 24, 2026, 8:30 PM ET

Energy & Commodities

Oil futures dropped 1.3% in early Asian trade as the U.S. and Iran signaled a pending deal to reopen the Strait of Hormuz, though President Trump maintained the blockade until a final agreement. The prospect of restored crude flows pressured prices, with Brent crude briefly falling below $80 a barrel. Gold and silver rose on safe-haven demand amid lingering geopolitical uncertainty, with spot gold advancing 0.7% to $2,343 an ounce. European natural gas declined sharply on similar optimism, with Dutch TTF futures shedding 4.2% as traders priced out risk premiums for supply disruptions through the critical waterway.

Fixed Income & Currencies

Japanese government bonds extended their rally as the yield on 10-year JGBs fell 6 basis points to 0.85%, tracking a broader Asian sovereign debt advance after dovish signals from the Federal Reserve. The yen strengthened 0.4% against the dollar, while the dollar index slipped 0.2% on reduced haven flows. Analysts noted the JGB move could widen the regional bank stock divide, as lenders with heavy holdings of domestic government bonds saw portfolio values rise, contrasting with peers holding foreign debt that suffered mark-to-market losses.

Policy & Politics

Indonesia’s government will outline its commodity export policy within weeks, according to a senior trade official, ending months of uncertainty that had roiled markets for nickel, bauxite, and copper. The delayed framework has already impacted investment decisions, with a major Chinese-backed nickel smelter project in Sulawesi pausing construction pending clarity. Separately, the Trump administration’s abrupt new rule requiring green card applicants to be in their native country sparked confusion among immigrants, creating legal uncertainty for thousands of employed foreign workers and their employers in tech and healthcare sectors.