Multi-Asset Morning Pack
Friday 15 May 2026 • 06:35 UK
Asia follows the U.S. lower in early trade as yesterday’s Wall Street strength gives way to higher oil, higher Treasury yields and renewed focus on Trump-Xi talks. Energy is the clear macro driver, with WTI above $102 and Brent above $107 after reports that China may increase purchases of U.S. crude. Japan also remains in focus after producer prices jumped sharply, reinforcing the BOJ-hike narrative.
Overnight Headlines
- U.S. officials flag prospect of Chinese energy purchases after Trump-Xi meeting — oil rallied after the White House said Xi expressed interest in reducing reliance on the Strait of Hormuz by buying more U.S. energy.
- Trump says China agreed to buy U.S. oil after talks with Xi — China has not yet confirmed the details, but the headline supported crude and agriculture.
- Japan producer prices jump by most since 2014, backing BOJ hike risk — Japanese inflation pressure keeps rates in focus.
- Adani shares rebound after SEC settlement raises hopes of easing U.S. legal overhang — Gautam and Sagar Adani agreed to pay $18m to settle SEC allegations.
- Andy Burnham launches bid for No 10 — the Greater Manchester mayor is seeking a route back to Parliament via a by-election.
- Burnham path opens, but he must first win the by-election — UK politics risk back on the domestic radar.
- HSBC pauses $4bn private credit investment — FT — credit deployment caution remains a financial-sector theme.
- McKinsey set to cut partner cash in post-AI pay revamp — FT — AI disruption continues to hit professional-services models.
U.S. Close
| Index | Close | Change |
|---|
| Dow Jones | 50,063.46 | +0.75% |
| Nasdaq Composite | 26,635.22 | +0.88% |
| S&P 500 | 7,501.24 | +0.77% |
| Russell 2000 | 2,863.09 | +0.67% |
| VIX | 17.26 | -3.41% |
Asia Markets
| Index | Last | Change |
|---|
| Nikkei 225 | 61,536.75 | -1.78% |
| Shanghai | 4,166.23 | -0.28% |
| Shenzhen | 15,670.58 | -0.48% |
| Hang Seng | 26,071.81 | -1.20% |
| ASX 200 | 8,625.20 | -0.18% |
| KOSPI | 7,546.98 | -5.44%on |
| STI | 4,987.81 | -0.16% |
| NZX 50 | 12,965.01 | -0.46% |
U.S. Futures
| Contract | Last | Implied Open |
|---|
| Dow Futures | 50,010.0 | -0.27% |
| S&P Futures | 7,489.0 | -0.47% |
| Nasdaq Futures | 29,431.75 | -0.86% |
| Russell Futures | 2,842.9 | -1.19% |
Rates
| Treasury | Yield | Move |
|---|
| U.S. 1Y | 3.811% | +2.1bp |
| U.S. 2Y | 4.060% | +6.8bp |
| U.S. 3Y | 4.103% | +7.3bp |
| U.S. 5Y | 4.199% | +7.8bp |
| U.S. 7Y | 4.359% | +7.7bp |
| U.S. 10Y | 4.526% | +6.7bp |
| U.S. 20Y | 5.074% | +6.4bp |
| U.S. 30Y | 5.066% | +5.3bp |
FX
| Pair | Last | Change |
|---|
| USD/JPY | 158.55 | +0.13% |
| AUD/USD | 0.7170 | -0.69% |
| NZD/USD | 0.5867 | -0.74% |
| EUR/USD | 1.1644 | -0.21% |
| GBP/USD | 1.3352 | -0.35% |
| USD/CNY | 6.7986 | +0.20% |
| USD/CAD | 1.3752 | +0.24% |
Commodities
| Commodity | Last | Change |
|---|
| WTI Crude | 102.64 | +1.45% |
| Brent Crude | 107.03 | +1.24% |
| Natural Gas | 2.915 | +0.73% |
| RBOB Gasoline | 3.6354 | +0.82% |
| Heating Oil | 3.9439 | +0.98% |
| Uranium | 86.00 | Unch |
| Gold | 4,603.87 | c.-1% |
Economic Calendar
| Time UK | Event | Estimate | Prior |
|---|
| 13:30 | U.S. Empire Manufacturing | -7.5 | -8.1 |
| 13:30 | Canada Manufacturing Shipments | +0.6% | -0.2% |
| 14:15 | U.S. Industrial Production | +0.2% | +0.3% |
| 14:15 | U.S. Capacity Utilisation | 78.5% | 78.4% |
| 15:00 | University of Michigan Sentiment | 78.2 | 77.9 |
| 15:00 | U.S. Inflation Expectations | — | 3.2% |
Desk View:
The handover is more defensive than yesterday’s U.S. close suggests. The key change overnight is the rates/energy mix: crude is higher, the Treasury curve is backing up and Asian equities are red across the board. The Trump-Xi story is supportive for commodities but not yet cleanly risk-positive, especially with Taiwan, tariffs and Hormuz still unresolved. Into Europe, watch whether U.S. futures stabilise or whether higher yields start to cap the AI-led equity rally.
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