Public Markets 8 Hours

Last updated: May 11, 2026, 11:30 PM ET

Geopolitics & Currency Markets

Middle East tensions drove oil prices higher as markets digested the prolonged effective closure of the Strait of Hormuz, prompting the U.S. to unleash another wave of emergency supply, awarding 53.3 million barrels to entities including Trafigura Group. In currency markets, the Singapore dollar weakened against the greenback amid the ongoing geopolitical uncertainty, even as Japan reaffirmed coordination with the U.S. on forex monitoring. Meanwhile, investors are cautiously optimistic that the anticipated summit between Xi Jinping and Donald Trump will sustain the trade detente supporting stocks and the yuan, though President Trump’s dismissal of a truce plan as “garbage” left nations bracing for economic woes.

Asian Equities & Fixed Income

Asian stocks looked set to climb on persistent enthusiasm for AI-related trades, even as bond markets reacted to rising geopolitical risk; JGBs fell tracking overnight declines in U.S. Treasurys. In Tokyo, the finance minister confirmed that April’s foreign reserves tally likely does not reflect recent intervention, suggesting any action occurred too late in the month to be recorded. Elsewhere in Asia, Japanese metals refiner JX Advanced Metals Corp. slid after announcing plans to issue ¥250 billion ($1.6 in convertible bonds to finance share buybacks, while central banks globally tapped PBOC swap lines the most in two years, signaling surging international demand for the yuan.

US Corporate & Regulatory Action

Corporate America faced regulatory scrutiny and internal disputes, with DroneShield plunging after the Australian regulator initiated a review of its disclosures and share trades from November. In M&A, prosecutors alleged a job-hopping lawyer recruited peers at elite firms to illegally tip traders about pending deals, shaking confidence in the sector. Separately, Hims & Hers Health swung to a first-quarter loss, citing escalating costs associated with its pivot to weight-loss drugs amid increasing market competition, while wearable camera maker GoPro began reviewing a possible sale following external acquisition inquiries.

Financial Sector Transactions & Legal Battles

Major financial institutions continued portfolio adjustments: BMO Financial Group agreed to sell its transportation- and vendor-finance businesses to Stonepeak, involving a combined loan and lease portfolio valued at approximately $10.6 billion as of late March. In litigation, Pershing Square moved to dismiss a shareholder lawsuit alleging founder Bill Ackman coerced Howard Hughes Holdings Inc. directors into a favorable deal. In the burgeoning investment space, Franklin Templeton is banking on rising investor interest in fixed income to drive its growth in India, aiming to recover footing after a credit crunch six years prior, while BlackRock CEO Larry Fink expressed optimism regarding investment opportunities in Venezuela post-Maduro.

Political Turmoil & Policy Proposals

Political instability flared across the Atlantic, as UK Prime Minister Keir Starmer faced mounting resignation calls from within the Labour Party, leading to several government aide departures. Domestically, lawmakers grappled with inflation; President Trump proposed suspending the federal gas tax, a move quickly followed by legislation introduced by Senator Josh Hawley, as US officials considered fuel tax suspension. In media freedom matters, the Justice Department subpoenaed The Wall Street Journal regarding leaks concerning deliberations on Iranian military action, drawing criticism over press liberty, while an FCC Commissioner accused her agency of attempting to censor Disney.

Real Estate, Media & Philanthropy

In media and real estate, Byron Allen secured a controlling stake in Buzz Feed for $120 million, leading to co-founder Jonah Peretti stepping down as CEO to assume the role of President of A.I. Meanwhile, mall operator Simon Property Group is seeing strong traffic driven by Gen Z shoppers and the brands catering to them. On the philanthropic front, the Bezos Foundation committed $100 million to Robin Hood to fund early childhood education initiatives in New York, aligning with Mayor Mamdani’s stated goals for free child care. Elsewhere, the Supreme Court cleared the way for Alabama’s new voting map, potentially eliminating a majority-Black district, while Justice Alito paused a ruling that would restrict mail access to mifepristone until at least Thursday.