Public Markets 8 Hours

Last updated: May 21, 2026, 11:31 PM ET

Asian Markets

Asian stocks advanced 1.3% in early trade, with Japanese equities boosted by continued hopes for U.S.-Iran peace talks, while regional currencies consolidated against the dollar despite potentially being weighed by higher Treasury yields. The Philippine peso hovered near 63.50 per dollar, a level Governor Eli Remolana described as acceptable as long as the decline remains measured and non-inflationary. Yen traders brace for intervention risk with Monday holidays approaching, which could reduce market liquidity and trigger currency volatility.

Oil & Energy

Oil rose 2.1% in early Asian trade amid high Middle East tensions that could keep supply disruptions elevated, despite a three-day drop earlier in the week. The price movement came as statements from Iran on uranium and the Strait of Hormuz pared earlier optimism over progress in U.S.-Iran negotiations. Meanwhile, U.S. natural gas futures edged up slightly in steady trading following a larger-than-expected inventory build, while Exxon nears a deal to pump oil in Venezuela, marking a significant victory for President Trump's energy policies in the region.

Fixed Income

Japanese government bonds edged lower in early Tokyo session as investors weigh Middle East developments, while South Korea announced cuts to long-term bond sales for its June reduction program. The Philippines plans to sell up to 30 billion pesos ($487.4 treasury bonds on May 26, as several Southeast Asian countries face potential yield curve steepening due to elevated oil prices increasing inflationary pressures. A $50 trillion safe-haven debt market faces significant disruption as the Iran war threatens to reignite inflation concerns among G7 debt investors.

Equities

Indian stocks continue to face foreign selling pressure that may extend into 2027 as Asia's artificial intelligence winners offer stronger earnings prospects at cheaper valuations, according to Bof A Global Research. Meanwhile, China's so-called National Team is poised to cut its holdings of exchange-traded funds that track domestic equities by about 90% during the first half of 2026. In regional tech action, Lenovo Group surged 13% to a 26-year high after reporting strong AI-related growth that offset rising component price pressures, while Zhipu and Minimax may join Hong Kong's tech gauge, potentially attracting billions in additional inflows.

Corporate Finance & IPOs

SpaceX postpones the high-stakes test launch of its latest Starship spacecraft, with the company estimating it has spent $15 billion developing the next-generation rocket. The delayed launch comes as SpaceX prepares what may be the largest stock-market debut in history through its upcoming IPO, with Starlink generating substantial cash flow to support operations. Separately, Tuas Ltd.'s planned $1.1 billion acquisition of Singapore telecom operator M1 Ltd. has collapsed days after regulators halted their review of the transaction, while Fountain Vest is considering selling Swiss micro-tools maker Small Precision Tools in a potential divestiture.

Retail & Consumer

Walmart reported signs that consumers are stressed at the gas pump, with the retailer planning to keep store prices steady despite predicting that rising fuel costs could draw more cash-strapped shoppers. The retail giant's shares later plunged after it revealed customers are rationing petrol due to the Iran war's impact on household budgets, forcing the company to absorb higher fuel expenses. Meanwhile, Ross Stores lifted its outlook after reporting its strongest quarterly same-store sales growth in five years, with the discount retailer now expecting comparable sales to grow 6% to 7% in the current fiscal year, up from a prior forecast of 4% to 5%.