Public Markets 8 Hours

Last updated: May 17, 2026, 2:31 AM ET

Energy & Geopolitics Record drone attacks struck Moscow overnight, leaving three dead and over a dozen wounded while targeting a refinery, escalating regional tensions that continue to impact global energy markets. Meanwhile, coal made a surprising comeback as countries return to the highly polluting but reliable power source after the Iran war effectively shut the Strait of Hormuz, contributing to an oil shock causing a $45 billion rupture in the global economy. Adding to market volatility, a Vietnam-bound supertanker resumed its journey carrying 2 million barrels of Iraqi crude after being halted by US forces in the Gulf of Oman, highlighting ongoing disruptions to Middle East oil supplies.

Financial Markets Record high Japanese government bond yields triggered bets on capital repatriation as fund managers expect Japanese investors to sell out of US Treasuries to invest domestically. Meanwhile, Wall Street traders embraced tax-loss harvesting as the stock market surge created opportunities to generate gains while minimizing tax liabilities, a strategy that has become increasingly popular amid rising market volatility.

AI & Technology The first graduating class of AI-powered students demonstrated capabilities that are reshaping educational paradigms, while Chinese AI companies pulled ahead of US rivals in the video generation race, with ByteDance and Kuaishou outperforming western competitors and lifting AI video quality across advertising and entertainment sectors. However, AI chip mania is sowing seeds of its own destruction as investors grapple with the cyclicality of the chip industry, a trend that has contributed to India's decline as a market darling as the artificial intelligence trade reshapes global investment flows.

Investing & Capital Flows Bain Capital closed its largest Asia fund after raising $10.5 billion, exceeding its target by $2.1 billion from external investors, demonstrating continued confidence in Asian markets. Separately, Chinese data center company Day One plans a dual IPO targeting a $5 billion valuation in Singapore and the US, taking advantage of new rules intended to boost Asian listings in the city-state.

Economic Policy Australia's Treasurer Jim Chalmers announced tax changes aimed