Public Markets 3 Hours

Last updated: May 26, 2026, 11:34 PM ET

Energy & Commodities

Oil declined in early Asian trade as traders weighed prospects of a Hormuz reopening tied to a potential U.S.-Iran deal, while base metals advanced on cautious optimism that diplomacy could ease Middle East tensions. Copper climbed and aluminum was on track for its highest close in four years, tracking the broader risk-on mood. Back in India, a heat wave lifted Adani group shares as energy demand surged, pushing the conglomerate's combined market value toward $200 billion. Separately, copper and aluminum gains reflected bets that easing geopolitical friction could restore shipping routes through the Strait of Hormuz, though fresh hostilities in the Persian Gulf kept sentiment fragile.

Technology & Asian Markets

Memory-chip prices continued to squeeze Asian manufacturers as Xiaomi posted another profit decline, battered by soaring DRAM costs, stiff competition and weak demand. Over in South Korea, Samsung Electronics' union approved a bonus-pay deal that hands chip workers an average bonus of about $340,000, averting a strike that threatened to disrupt global chip supply. The settlement follows weeks of tension at the world's largest memory-chip maker. Meanwhile, BYD is weaning itself off supply-chain finance as Beijing pressures the world's biggest EV maker to change how it treats component suppliers, sending borrowings sharply higher. Xiaomi's profit buckle and Samsung's labor deal together signal how supply-chain costs are reshaping margins across Asia's tech sector.

Fixed Income & Currencies

Superlong Japanese government bond yields rose on persistent expectations that elevated oil prices could lift inflation, extending a trend that has pushed the 30-year JGB higher for weeks. The dollar was little changed against the yen after Bank of Japan Governor Kazuo Ueda gave no signal on the timing of the next policy move at an international conference. In China, bond bears are turning to niche swap trades as they question whether a months-long rally in two-year government bonds has run too far, adopting arbitrage strategies more common in the U.S. and Europe. JGB yield moves and Chinese swap bets reflect a shared concern that inflation could erode fixed-income returns in both Tokyo and Beijing.

Texas Politics

In Texas, Mayes Middleton defeated Chip Roy in the Republican runoff for attorney general after linking his opponent to past criticism of President Trump, advancing to November's general election. Elsewhere on the ticket, Ken Paxton unseated Senator John Cornyn in a high-profile GOP runoff with President Trump's backing, setting up a Senate race that analysts say will hinge on Democratic candidate James Talarico's strengths against Paxton's vulnerabilities. On the Democratic side, Christian Menefee defeated Al Green in a House runoff that had been shaped by a Republican gerrymander, creating what the New York Times called one of several generational clashes consuming Democrats this cycle.

Corporate & Global Trade

Astellas Pharma shares fell to their lowest in about four months after the Tokyo-based drugmaker unveiled a five-year plan that offered few surprises to investors. In Europe, EU firms in China are turning more upbeat about their business outlook despite rising trade tensions, according to a new survey that comes as Brussels prepares action against a swelling trade imbalance. UBS Group's Asia Pacific President Iqbal Khan said artificial intelligence will free up capacity but also impact jobs, adding to growing corporate concern about AI's disruption. Astellas' flat plan and UBS's AI warning point to a broader investor skepticism toward corporate growth narratives in an era of margin pressure.