Public Markets 8 Hours

Last updated: May 14, 2026, 11:31 PM ET

Energy & Commodities

Copper extended its retreat from record highs as accelerating US inflation dampened rate-cut hopes, while a stronger dollar made the metal more expensive for international buyers. Oil prices wavered amid conflicting forces: supply fears from the Strait of Hormuz closure pushed values higher, but profit-taking and diplomatic efforts—including President Trump urging Xi to influence Iran—capped gains. Gold swung lower for the week, pressured by the inflation-driven surge in real yields, though geopolitical uncertainty continued to underpin prices near $2,340 an ounce. In a move to curb domestic demand and limit losses, India raised gasoline and diesel prices for the first time in four years, a direct response to elevated global crude costs.

Asian Markets & AI

JPMorgan upgraded its Taiwan Taiex bull-case target to 50,000, citing the island’s unparalleled exposure to the global AI buildout, marking its second hike in under a month. The AI rally propelled Asian stocks toward a Friday gain, mirroring Wall Street’s fresh records driven by semiconductor and technology shares. However, caution grew around Chinese chipmakers, whose lofty valuations now rank among the world’s most expensive, prompting investors to reassess risk. In Japan, a 12-year high in corporate goods inflation bolstered the case for a Bank of Japan rate hike, though foreign investors grew wary of potential governance reform rollbacks that have underpinned the equity rally. The AI-driven market concentration also crushed active stock pickers, with fewer than one in four managers beating benchmarks as megacap tech dominance intensified.

Geopolitics & Trade

At their first summit in nine years, Trump and Xi displayed friendly body language despite deep rifts over trade and Taiwan, with Trump noting Xi’s interest in purchasing more US oil. The meeting occurs against a backdrop of a frozen trade war, now an uneasy truce, while rare earths have emerged as Beijing’s critical leverage in the technological rivalry. Efforts to resolve the Iran conflict remain deadlocked, with the Strait of Hormuz effectively closed and global oil inventories burning through their safety net at a record pace, setting the stage for prolonged supply disruptions.

Fixed Income & Currency

Japanese government bonds extended their rally, tracking US Treasury gains as markets increasingly priced in a September Federal Reserve rate cut. The WSJ Dollar Index rose 0.31% to 95.49, strengthening for a fourth straight session on inflation-driven rate-hike bets and safe-haven demand. Asian currencies mostly weakened against the dollar as traders monitored the Trump-Xi summit for any trade or geopolitical cues. Treasury yields recovered from an early decline to settle mixed, with inflation data supporting expectations of tighter monetary policy for longer. Private equity-backed West Technology entered exclusive talks to sell its remaining operations, reflecting continued deal activity in leveraged markets.

Legal & Fintech

The SEC settled its case against Gautam and Sagar Adani for a total of $18 million, resolving allegations of misleading disclosures related to Adani Green Energy. A Hong Kong listings boom is spurring a hiring spree across law firms, rebuilding teams after a surge in IPO activity. Law practices across Asia-Pacific are increasingly developing proprietary AI tools, with some eyeing commercialization, while in-house legal teams are accelerating AI strategy adoption. Gemini received a $100 million strategic investment from the Winklevoss twins, providing a lifeline to the battered crypto exchange.