Multi-Asset Morning Pack – 20 May 2026
06:00 UK snapshot | Asia lower, US futures softer, long-end Treasury stress remains the dominant market theme.
Asia handover
Asian equities traded broadly lower after a weaker US cash session, with Japan, Korea, Australia and New Zealand all down more than 1%. The tone remains risk-off as bond-market pressure and elevated long-end yields keep equity futures under pressure ahead of Nvidia.
Asia-Pacific
| Index | Price | Change |
|---|
| Nikkei 225 | 59,557.59 | -993.00 (-1.64%) |
| Shanghai | 4,150.98 | -18.56 (-0.45%) |
| Shenzhen | 15,512.08 | -57.83 (-0.37%) |
| Hang Seng | 25,655.44 | -142.41 (-0.55%) |
| ASX 200 | 8,492.20 | -112.50 (-1.31%) |
| KOSPI | 7,153.66 | -118.00 (-1.62%) |
| STI | 5,031.10 | -41.24 (-0.81%) |
| NZX 50 | 12,768.02 | -206.30 (-1.59%)
|
Overnight headlines
- U.S. Treasurys are now firmly in the “danger zone,” strategists say
- Stocks extend drop before Nvidia; bonds in focus
- US 30-year yield hits highest since 2007 as selloff deepens
- 30-year Treasury yield tops 5.19%, highest since before the financial crisis
- Goldman Sachs said to lead SpaceX’s mega-IPO bank lineup
- Iran war exposes weak spots in the AI supply chain
- Thomas Massie defeated in GOP primary after attacks from Trump
- PBoC keeps loan prime rate steady: 1Y at 3.00%, 5Y at 3.50%
US futures
| Future | Last | Day change | Implied open |
|---|
| Dow Fut | 49,353.0 | -106.00 (-0.21%) | -88.88 (-0.18%) |
| S&P Fut | 7,363.25 | -14.75 (-0.20%) | -9.36 (-0.13%) |
| Nas Fut | 28,876.0 | -48.25 (-0.17%) | -31.84 (-0.11%) |
| Russell 2k Fut | 2,744.4 | -8.80 (-0.32%) | -14.67 (-0.53%) |
US cash close
| Index | Close | Change |
|---|
| Dow Jones | 49,363.88 | -322.24 (-0.65%) |
| Nasdaq Comp | 25,870.71 | -220.02 (-0.84%) |
| S&P 500 | 7,353.61 | -49.44 (-0.67%) |
| Russell 2000 | 2,747.07 | -28.03 (-1.01%) |
| VIX | 18.06 | +0.24 (+1.35%) |
Bonds
| Treasury | Yield | Move |
|---|
| US 2Y | 4.108% | -1.4bp |
| US 5Y | 4.316% | -1.4bp |
| US 7Y | 4.488% | -1.2bp |
| US 10Y | 4.659% | -1.0bp |
| US 20Y | 5.196% | -0.4bp |
| US 30Y | 5.177% | -0.4bp |
Commodities
| Commodity | Price | Change |
|---|
| WTI crude | 103.97 | -0.18 (-0.17%) |
| Brent crude | 110.92 | -0.36 (-0.32%) |
| Natural gas | 3.109 | -0.005 (-0.16%) |
| RBOB gasoline | 3.6601 | -0.0361 (-0.98%) |
| Heating oil | 4.1383 | -0.0242 (-0.58%) |
| Uranium | 84.80 | UNCH |
Currencies
| Pair | Price | Change |
|---|
| USD/JPY | 158.96 | -0.08 (-0.0503%) |
| EUR/USD | 1.1599 | -0.0005 (-0.0431%) |
| GBP/USD | 1.3393 | UNCH |
| EUR/GBP | 0.8659 | -0.0001 (-0.0115%) |
| USD/CHF | 0.7896 | +0.0008 (+0.1014%) |
| USD/CAD | 1.3756 | +0.0012 (+0.09%) |
| USD/CNY | 6.8107 | -0.0037 (-0.0543%) |
Macro notes
- PBoC left 1Y LPR at 3.00% and 5Y LPR at 3.50%, as expected.
- Reuters Tankan: Japan manufacturers index +8 vs +7 prior; non-manufacturers +29 vs +31 prior.
- BoJ flagged that latest GDP data were broadly in line with forecasts, while Middle East risks are beginning to have an impact.
- Japan’s Katayama said authorities are ready to take decisive action on FX.
Today's Economic Calendar – Wednesday 20 May 2026
| Time (UK) |
Event |
Estimate |
Prior |
| 07:00 |
UK CPI YoY (Apr) |
3.1% |
3.3% |
| 07:00 |
UK Core CPI YoY |
3.5% |
3.7% |
| 10:00 |
Eurozone CPI Final YoY |
2.2% |
2.2% |
| 12:00 |
US MBA Mortgage Applications |
— |
-1.2% |
| 15:30 |
EIA Crude Oil Inventories |
-1.8M |
+3.5M |
| 19:00 |
Fed's Williams speaks |
— |
— |
| After Close |
Nvidia Earnings |
EPS est. $8.12 |
$7.01 |
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