Public Markets 8 Hours

Last updated: May 22, 2026, 2:31 AM ET

Global Equity Markets

The FTSE 100 extended its rally to a fifth consecutive day of gains, while emerging-market stocks poised for weekly advances as investors continued pouring into AI-related equities. Tech stocks rose on AI trade momentum with Lenovo shares nearing all-time highs after the company reported strong growth in AI-related earnings that offset rising component prices. The Chinese tech giant aims to hit $100 billion in annual revenue within two years, fueled by its AI expansion. Meanwhile, blockbuster IPOs from SpaceX, OpenAI, and Anthropic are expected to ignite a trading frenzy as passive investors dump billions of existing shares to make way for new listings.

IPO & Tech Sector Focus

SpaceX's IPO plans are taking shape after the company scrubbed a high-stakes test launch of its latest Starship spacecraft, with filings revealing the CEO's strategy remains "highly dependent" on the massive rocket. DeepSeek, meanwhile, declared an AGI goal as its $10 billion funding round advances, signaling prioritization of groundbreaking AI research over short-term commercial returns. As investors look beyond TSMC for AI exposure, China's hottest AI stocks like Zhipu and Minimax may join Hong Kong's tech gauge, potentially triggering billions in inflows through trading links.

Fixed Income Developments

Swiss wealth manager Julius Baer expects substantially higher first-half profit as it progresses through restructuring, while traders bet on RPA pause with rising curve-steepening trades following Australia's weak employment report. Renault joined foreign firms in rushing to sell yen-denominated bonds, pricing its second-largest Samurai offering ever as volatility in government bond markets fueled demand for stable assets. South Korea will trim long-term bond sales for its planned June reduction, focusing mainly on longer-dated tenor notes, while yield curves may steepen further in Southeast Asian markets as elevated oil prices increase inflationary pressures.

Currency Markets

India's central bank may turn to its 2013 taper tantrum playbook to defend the beleaguered rupee, which has plunged amid foreign selling that Bank of America sees extending into 2027. In Southeast Asia, currencies feel the strain from soaring oil prices and a surging dollar, testing foreign exchange reserves built up after the 1997 crisis. The Singapore dollar weakened slightly amid uncertainty over U.S.-Iran talks, while the Philippine peso at 63.50 per dollar might be acceptable if the decline remains measured and not inflationary. Yen traders brace for intervention risk as Monday holidays from London to New York reduce market liquidity.

Commodity & Energy Markets

Oil rose in Asian trade amid high Middle East tensions that could keep supply disruptions elevated, while France stated countries need clarity on war before tapping oil reserves. Copper and other base metals advanced as optimism grew that the U.S. and Iran may reach a peace agreement, supporting risk assets. Gold edged lower amid mixed sentiment, while steady prices kept rate hike bets simmering as conflicting signals emerged on U.S.-Iran ceasefire talks progress. Indonesia is listening closely to the market as it builds a body to oversee key commodity exports, with the sovereign wealth fund's CIO noting the importance of market alignment.

Geopolitical Market Impact

Private equity firms grapple with a prolonged slowdown as JPMorgan seeks to offload exposure to $4 billion in private equity-linked loans, while Brookfield circles Gulf fertility firm Fakho IVF in a potential $1 billion deal that highlights