Multi-Asset Morning Pack – 19 May 2026
06:00 UK
Asia Overnight
Asian markets traded mixed overnight. Korea underperformed sharply as chip-sector concerns hit sentiment, while Australia and New Zealand outperformed. Japan GDP surprised to the upside, but the Nikkei still slipped modestly.
| Index | Last | Chg | % |
|---|
| Nikkei 225 | 60,625.20 | -190.75 | -0.31% |
| Shanghai Comp | 4,132.459 | +0.931 | +0.02% |
| Shenzhen Comp | 15,408.723 | -121.507 | -0.78% |
| Hang Seng | 25,774.11 | +98.93 | +0.39% |
| ASX 200 | 8,581.90 | +76.60 | +0.90% |
| Kospi | 7,227.36 | -288.68 | -3.84% |
| Straits Times | 5,031.74 | +34.99 | +0.70% |
| NZX 50 | 12,974.32 | +211.40 | +1.66% |
Overnight Headlines
US Futures
| Contract | Last | Day Chg | Implied Open |
|---|
| Dow Fut | 49,678.0 | -90.00 (-0.18%) | -73.12 (-0.15%) |
| S&P Fut | 7,405.25 | -20.50 (-0.28%) | -16.80 (-0.23%) |
| Nasdaq Fut | 28,960.0 | -136.00 (-0.47%) | -124.37 (-0.43%) |
| Russell 2k Fut | 2,774.1 | -8.60 (-0.31%) | -12.00 (-0.43%) |
US Close
| Index | Last | Chg | % |
|---|
| Dow Jones | 49,686.12 | +159.95 | +0.32% |
| Nasdaq Comp | 26,090.734 | -134.411 | -0.51% |
| S&P 500 | 7,403.05 | -5.45 | -0.07% |
| Russell 2000 | 2,775.102 | -18.197 | -0.65% |
| VIX | 17.82 | -0.61 | -3.31% |
Bonds
| Treasury | Yield | Move |
|---|
| US 2Y | 4.067% | -0.025bp |
| US 3Y | 4.139% | -0.025bp |
| US 5Y | 4.255% | -0.026bp |
| US 7Y | 4.427% | -0.025 |
| US 10Y | 4.603% | -0.020bp |
| US 20Y | 5.152% | -0.009bp |
| US 30Y | 5.140% | -0.007bp |
Commodities
| Commodity | Last | Chg | % |
|---|
| WTI Crude | 106.99 | -1.67 | -1.54% |
| Brent Crude | 109.70 | -2.40 | -2.14% |
| Natural Gas | 3.02 | -0.004 | -0.13% |
| RBOB Gasoline | 3.7011 | -0.0596 | -1.58% |
| Heating Oil | 4.0604 | -0.0541 | -1.31% |
| Uranium | 85.15 | UNCH | UNCH |
Currencies
| Pair | Last | Chg | % |
|---|
| USD/JPY | 158.98 | +0.15 | +0.09% |
| AUD/USD | 0.7128 | -0.0038 | -0.53% |
| NZD/USD | 0.5851 | -0.0023 | -0.39% |
| EUR/USD | 1.1635 | -0.0020 | -0.17% |
| EUR/GBP | 0.8678 | +0.0002 | +0.02% |
| GBP/USD | 1.3402 | -0.0031 | -0.23% |
| USD/KRW | 1,505.80 | +16.63 | +1.12% |
| USD/CNY | 6.8018 | +0.0018 | +0.03% |
Economic Calendar
| Time UK | Cur. | Event | Forecast | Previous |
| 07:00 | GBP | Average Earnings Index +Bonus (Mar) | 3.8% | 3.8% |
| 07:00 | GBP | Claimant Count Change (Apr) | 23.1K | 26.8K |
| 07:00 | GBP | Employment Change 3M/3M (Mar) | 107K | 25K |
| 07:00 | GBP | Unemployment Rate (Mar) | 4.9% | 4.9% |
| 08:30 | GBP | Labour Productivity (Q4) | — | 1.1% |
| 09:00 | EUR | Trade Balance (Mar) | 5.4B | 11.5B |
| 12:00 | USD | Fed Waller Speaks | — | — |
| 12:00 | EUR | ECB's Lane Speaks | — | — |
| 12:10 | EUR | German Buba Vice President Buch Speaks | — | — |
| 12:15 | USD | ADP Employment Change Weekly | — | 33.00K |
| 14:00 | USD | Pending Home Sales (MoM) (Apr) | 1.0% | 1.5% |
| 20:30 | USD | API Weekly Crude Oil Stock | — | -2.188M |
Market Takeaway
Risk tone was mixed into the European open. Softer oil prices helped ease immediate Middle East risk, but US futures were lower and Korean chip weakness weighed on Asia sentiment. Treasuries were firmer, with yields slightly lower across the belly of the curve, while the dollar was broadly firmer against AUD, NZD, GBP and EUR.
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