Public Markets 8 Hours

Last updated: May 25, 2026, 2:31 AM ET

Energy & Commodities

Oil prices fell amid prospects for reopening of the Strait of Hormuz as US-Iran talks advanced, with futures dropping further in Asian trade as investors priced in potential supply increases. The declining oil prices boosted emerging-market assets, with stocks and currencies rising across developing economies. Precious metals gained on hopes for a US-Iran deal to end the conflict, with gold and silver rising on safe-haven demand easing. A coal price surge followed a deadly mining accident in China, with coking coal futures hitting the daily limit and mining stocks rallying on supply disruption fears.

Fixed Income & Currencies

Japanese government bonds faced homegrown risks despite oil retreats, with bond yields rising fastest among major markets since the US-Iran war began. India's bond investors tapped soaring swap rates to boost returns, as multi-year high rates drove fund managers into trades aimed at maximizing fixed-income gains. The Indian rupee strengthened on oil relief and central bank comments suggesting the currency may be undervalued, while the RBI Governor confirmed potential undervaluation following recent depreciation. Meanwhile, China's crackdown on cross-border trading is expected to have limited impact on the yuan's trajectory, though analysts warned it could affect as much as $32 billion of Hong Kong assets according to Citic.

Equities & Market Structure

The AI boom drove momentum stocks to their best performance in decades, with the world's hottest technology companies powering ahead despite concerns over slower growth from the Iran conflict. SoftBank tapped individual investors with a $1.6 billion yen bond deal, its second retail offering in two months aimed at Japan's individual investors. Jardines signaled a strategic pivot with a $2.4 billion acquisition of I-MED, marking Hong Kong-based conglomerate's first deal since a strategic overhaul. In Japan, retail traders flocked to AI investments, with average daily trading volume on the Tokyo Stock Exchange's prime market almost doubling in 12 months as technology fever gripped investors.

Emerging Market Developments

India's state-controlled banks wilted as Iran war tensions pushed