Public Markets 3 Hours

Last updated: May 28, 2026, 5:31 AM ET

Energy & Commodities

Oil prices jumped 2.1% Thursday morning after the U.S. military shot down four Iranian attack drones, escalating tensions in the Persian Gulf and threatening a fragile cease-fire. The surge follows fresh U.S. strikes on Iranian targets after Tehran launched drones at commercial shipping in the Strait of Hormuz, pushing Brent crude toward $85 per barrel. While gold held steady near $2,340 per ounce, investors rotated into defensive assets as equity markets faced headwinds from the renewed hostilities.

Equities & M&A

Global equities retreated from record highs as investors pulled back from risk following the U.S.-Iran flare-up, with major indexes reversing gains from a trifecta of recent record closes. MiniMax Group, the Chinese AI upstart, saw its annualized revenue more than double over two months ahead of a flagship model launch targeting enterprise clients. In European aerospace, Belgian gunmaker FN Browning agreed to acquire a UK sniper rifle producer to compete for British government contracts. Meanwhile, Soitec shares jumped after the semiconductor materials maker restored free cash flow, extending a sevenfold rally this year.

Banking & Financial Services

Societe Generale CEO Slawomir Krupa acknowledged efficiency challenges, stating the French bank's performance "is at the bottom of class" after three years at the helm amid ongoing restructuring. Nomura Holdings raised annual profit targets by 50% following record earnings as CEO Kentaro Okuda pushes for stable growth. On the IPO front, BioMar Group rose in its Copenhagen debut, marking Denmark's largest offering since Netcompany's 2018 listing. Australia-founded Airwallex relocated staff out of China while pursuing U.S. expansion amid intensifying Washington-Beijing rivalry.

Legal & Regulatory

Australia's government filed a landmark $1.4 billion lawsuit against 3M, alleging the company hid harmful effects of PFAS chemicals used at military bases—the largest such action in the nation's history. UK regulators fined BDO £2 million for "pervasive breaches" in auditing collapsed construction firm NMCN, citing significant and serious mistakes. Former BP Chairman Albert Manifold disputed criticism of his conduct during the FTSE oil group's leadership transition, claiming he "pushed hard" while rejecting allegations of improper behavior.