Multi-Asset Morning Pack – 28 May 2026
Market tone: Risk-off across Asia as Iran/Hormuz escalation drives oil sharply higher, lifts Treasury yields and supports the dollar. US equity futures are weaker, with Nasdaq underperforming.
Overnight narrative: Asia followed Wall Street’s modest gains with a sharp geopolitical reversal. Oil surged after reports of US strikes near Hormuz and Iranian retaliation claims, while equities sold off across Japan, Korea, Hong Kong and Australia. The dollar firmed, sterling and euro softened, and US yields rose across the curve.
Asia-Pacific
| Index | Price | Move |
|---|
| Nikkei 225 | 63,955.34 | -1.61% |
| Shanghai Composite | 4,066.80 | -0.66% |
| Shenzhen Component | 15,584.78 | -0.96% |
| Hang Seng | 24,740.77 | -2.32% |
| ASX 200 | 8,577.10 | -1.61% |
| KOSPI | 7,939.36 | -3.52% |
| Straits Times | 4,991.11 | -0.75% |
| NZX 50 | 13,206.11 | -0.16% |
Overnight Headlines
- US strikes Iranian military targets near Hormuz with no accord in sight
- Oil rises on Iran strikes; stocks drop with bonds
- EU to broaden import quotas and tariffs against China
- Amazon strikes $6bn deal with Snowflake for agentic computing chips
- Fed’s Cook prepared to lift rates if inflation lingers
- Bank of Korea leaves policy rate unchanged at 2.50%, as expected
- JPMorgan and BofA CEOs predict new round of trading windfalls
- Brexit reset deadlocked as UK/EU talks stall on under-30s visas and food deal
US Futures
| Contract | Last | Day Change | Implied Open |
|---|
| Dow Futures | 50,640.0 | -0.17% | -62.28 / -0.12% |
| S&P Futures | 7,514.0 | -0.34% | -20.36 / -0.27% |
| Nasdaq Futures | 29,812.75 | -0.78% | -225.82 / -0.75% |
| Russell 2000 Futures | 2,904.1 | -0.70% | -23.84 / -0.81% |
US Cash Close
| Index | Close | Move |
|---|
| Dow Jones | 50,644.28 | +0.36% |
| Nasdaq Composite | 26,674.74 | +0.07% |
| S&P 500 | 7,520.36 | +0.02% |
| Russell 2000 | 2,919.94 | -0.02% |
| VIX | 16.29 | -4.23% |
US Treasuries
| Maturity | Yield | Move |
|---|
| 6M | 3.783% | +2.6 bps |
| 1Y | 3.831% | +3.4 bps |
| 2Y | 4.074% | +4.1 bps |
| 3Y | 4.128% | +4.6 bps |
| 5Y | 4.228% | +4.7 bps |
| 7Y | 4.365% | +4.9 bps |
| 10Y | 4.528% | +4.7 bps |
| 20Y | 5.055% | +4.3 bps |
| 30Y | 5.049% | +3.8 bps |
5-year auction: high yield 4.182%, bid-cover 2.34 vs 2.33 prior, indirects 74.9% vs 72.3% prior.
Commodities
| Commodity | Price | Move |
|---|
| WTI Crude | $91.99 | +3.73% |
| Brent Crude | $97.67 | +3.58% |
| Natural Gas | 3.076 | -0.61% |
| RBOB Gasoline | 3.202 | +2.18% |
| Heating Oil | 3.6852 | +2.44% |
| Gold | $4,376.13 | -1.78% |
FX
| Pair | Price | Move |
|---|
| USD/JPY | 159.55 | +0.03% |
| EUR/USD | 1.1591 | -0.28% |
| GBP/USD | 1.3378 | -0.36% |
| AUD/USD | 0.7108 | -0.41% |
| NZD/USD | 0.5871 | -0.51% |
| USD/KRW | 1,506.50 | +0.33% |
| USD/CNY | 6.7850 | +0.09% |
| USD/CHF | 0.7892 | +0.31% |
Today’s Calendar
| Time GMT | Event | Forecast | Previous |
|---|
| 07:10 | ECB President Lagarde speaks | | |
| 07:15 | ECB’s Lane speaks | | |
| 11:30 | ECB account of monetary policy meeting | | |
| 12:10 | US Building Permits Apr | 1.442m | 1.363m |
| 12:30 | US Continuing Jobless Claims | 1,780k | 1,782k |
| 12:30 | US Core Durable Goods Orders Apr | 0.5% | 0.9% |
| 12:30 | US Core PCE MoM Apr | 0.3% | 0.3% |
| 12:30 | US Core PCE YoY Apr | 3.3% | 3.2% |
| 12:30 | US GDP QoQ Q1 prelim | 2.0% | 0.5% |
| 12:30 | US Initial Jobless Claims | 211k | 209k |
| 12:55 | FOMC member Williams speaks | | |
| 14:00 | US New Home Sales Apr | 661k | 682k |
| 15:30 | Atlanta Fed GDPNow Q2 | 4.3% | 4.3% |
| 15:45 | ECB’s Schnabel speaks | | |
| 16:00 | US Crude Oil Inventories | -3.800m | -7.863m |
| 17:00 | US 7-Year Note Auction | | 4.175% |
| 20:30 | Fed Balance Sheet | | $6.714tn |
Desk take: The session is being driven less by macro data and more by geopolitical risk premia. Oil is the immediate transmission channel, with equities weaker, yields higher and the dollar bid. The key risk into Europe/US is whether Hormuz headlines fade or broaden into a sustained energy shock.
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