<div id="readability-page-1"><div> MARKET WRAPS Watch For: Eurozone CPI, UK PPI and CPI; trading updates for British Land Company, RS Group, Experian, Severn Trent, Marks and Spencer Group Opening Call: European stock futures were lower, after Asia stocks fell. U.S. Treasurys were steady, the dollar strengthened. Gold and oil fell. Equities: European equity futures fell as U.S. stocks retreated overnight and bonds sold off amid concerns that without a diplomatic breakthrough on Iran, oil prices will keep rising, pushing up inflation. Bank of America's monthly report on global fund managers showed a record rise in equity allocations and a big reduction in overall cash levels as stocks hit a series of all-time highs. Nearly three-quarters of respondents cited &#34;long global semiconductors&#34; as the market's most-crowded trade, while most cited &#34;tail risk&#34; to the market was deemed to be a credit event, which some said could come from artificial intelligence and the hyperscalers. Nvidia's first quarter earnings will be closely watched, including its outlook and commentary on demand. &#34;I think they're going to be asked, in a number of different ways, to comment on what they're seeing in some pockets of the semiconductor market that have gone crazy over the last several weeks, specifically memory and CPUs,&#34; said John Belton, portfolio manager at Gabelli Funds. Forex: The U.S. dollar strengthened as investors awaited for the release of Fed minutes. Guy LeBas, chief fixed-income strategist at Janney Capital Management, said the most interesting thing to watch for in the minutes is whether Fed officials see hints of a &#34;pass-through&#34; from surging energy prices into the core measure. &#34;Regional Federal Reserve banks have frequent contact with businesses in their districts that have direct insight into whether and how much they'll increase their prices based on higher energy costs,&#34; LeBas said in an email. Bonds: U.S. Treasurys held steady after selling off again as the Strait of Hormuz remains closed, keeping energy prices--and inflation fears--at high levels. Rising yields mean municipal bonds are cheaper, creating a window to buy bonds and benefit when the tide turns, said Neuberger Berman's Jamie Iselin. &#34;We made a decision to move from...a duration positioning that was shorter than our respective benchmarks and moved it back to neutral,&#34; he said. He noted that new bonds keep coming to market, creating more options for investors, adding that he expects the Fed to stay put for a while, keeping the buying opportunity open. &#34;I think it would be a pretty decent backdrop for munis.&#34; Energy: Oil edged lower as traders assessed Middle East developments. Iran's position in negotiations with the U.S. to end the conflict hasn't changed much from earlier iterations that failed to yield progress toward a deal, The Wall Street Journal reported, citing regional mediators and U.S. officials familiar with the terms. &#34;Oil prices dipped on reports that NATO is discussing the possibility of helping ships pass through the Strait of Hormuz if the waterway is not reopened by early July,&#34; ANZ Research analysts said. Metals: Gold edged lower, with front-month gold futures settling down 1% overnight. The precious metal's gains are expected to be limited, as U.S. and Iran remain far apart on a potential peace deal, with President Trump calling of the use of force and then threatening it again. &#34;Gold prices could remain under some pressure amid higher yields and a firm U.S. dollar,&#34; FFA Kings' Fadi Al Kurdi said. &#34;Constant uncertainty over the geopolitical situation in the Middle East and the resulting elevated oil prices could continue to support the dollar and Treasury yields, weighing on non-yielding assets like gold,&#34; the founder and CEO said. - Iron ore fell in early trade, with the most-traded iron-ore contract on the Dalian Commodity Exchange trading lower. Recent China economic data showed that investment in infrastructure resumed its decline in April, ANZ Research analysts said. There are also concerns that higher energy prices will hit consumers globally, hurting Chinese steel exports, ANZ said. Aluminum prices edged higher. Prices were likely supported by rising tensions in the Middle East, raising the prospect of ongoing disruption to supplies, said ANZ Research. TODAY'S TOP HEADLINES The Global Bond Rout Is Accelerating. Here's What to Know. A weekslong selloff in government bonds has intensified in recent days, threatening to drive up borrowing costs across the globe and knocking some momentum out of what had been a furious stock rally. With bond prices sliding, the yield on the 10-year U.S. Treasury note, a key benchmark for mortgage rates and other borrowing costs, reached as high as 4.687% Tuesday, its highest intraday level since January 2025. UN Lowers Growth Forecasts as Middle East Conflict Extends The global economy is set for one of its weakest expansions this century as the conflict in the Middle East pushes energy prices higher, but could grow even more slowly if the Strait of Hormuz remains closed, the United Nations said Tuesday. However, the body left its growth forecast for the U.S. economy this year unchanged at 2%, citing support from strong consumer spending and investment in technologies driven by artificial intelligence. Andrej Karpathy, Tesla Alum and OpenAI Co-Founder, Joins Anthropic Andrej Karpathy, an OpenAI co-founder and former Tesla executive, has joined Anthropic. Karpathy announced his move in a Tuesday post on X. &#34;I think the next few years at the frontier of LLMs will be especially formative,&#34; he wrote. &#34;I am very excited to join the team here and get back to R&amp;D.&#34; Write to singaporeeditors@dowjones.com Expected Major Events for Wednesday 04:30/NED: Apr CPI 06:00/GER: Apr PPI 06:00/DEN: 1Q Preliminary GDP 06:00/UK: Apr Producer Price Index 06:00/UK: Apr CPI 07:00/SVK: Apr Harmonized CPI 07:00/AUT: Apr CPI 07:00/CZE: Apr PPI 08:30/UK: Mar UK House Price Index 09:00/CYP: Apr Harmonised CPI 09:00/MLT: Apr Harmonised CPI 09:00/EU: Apr Harmonised CPI 09:00/LUX: Apr Unemployment 09:00/BEL: May Consumer Confidence Survey 10:00/UK: Apr Aluminium Production report 15:59/UKR: Mar Trade 17:59/POR: Mar ICSG Copper Report 23:01/UK: BRC Consumer Sentiment Monitor All times in GMT. Powered by Onclusive and Dow Jones. Write to us at newsletters@dowjones.com We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https://newsplus.wsj.com/subscriptions. This article is a text version of a Wall Street Journal newsletter published earlier today. <pre></pre> (END) Dow Jones Newswires May 20, 2026 00:14 ET (04:14 GMT)Copyright (c) 2026 Dow Jones &amp; Company, Inc.</div></div>

601899

GOLD

European stock futures fell as U.S. stocks retreated and bonds sold off amid inflation concerns linked to rising oil prices. A Bank of America report indicated a record rise in equity allocations. The U.S. dollar strengthened ahead of Fed minutes, while U.S. Treasurys remained steady despite selling pressure. Oil prices dipped amid geopolitical tensions, and gold fell due to higher yields and a firm dollar. Iron ore prices declined, reflecting concerns over China's infrastructure investment and potential impacts on steel exports.

- European stock futures are lower due to retreats in Asia and U.S. stocks, with concerns over rising oil prices and inflation remaining high.  
- Bank of America's report shows a record increase in equity allocations, while geopolitical tensions impact commodities like gold and oil.  
- The UN predicts weakened global economic growth, attributing the slowdown to ongoing Middle East conflicts affecting energy prices.

MorningStar

Occidental Petroleum

Zijin Mining

Gold.com

ZHONGJIN GOLD

Newmont

Bank of America

Agnico Eagle Mines

SD-GOLD

Kinross Gold

EFUND GOLD MI-R

Direxion Daily Gold Miners Bull 2X

SPDR Gold Shares

YieldMax Gold Miners Opt Inc Strgy ETF

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

VanEck Oil Refiners ETF

ChinaAMC Gold ETF

ISHRS S&P Glb Engy

iShares Gold Trust

VG Energy

United States Oil Fund LP

iShares US Oil & Gas Expl & Prod

SPDR Energy Select

Direxion Daily Jr Gold Miners Bull 2X

EFUND GOLD MI ETF

VanEck Gold Miners ETF

Us Gbl GLD & Met

Sprott GLD Miners Etf

iShares MSCI Global Gold Miners

iShares US Oil Equip & Svcs

VanEck Oil Services ETF

Pro Ultr Bloomberg Crude Oil

SPDR S&P Mtls & Mng

VanEck Junior Gold Miners ETF

Abrdn Gold ETF Trust

SPDR O&G Equip

Microsectors Gold Miners 3x Leveraged ETN

Pro Ultr GLD

Sprott JR Gold Miners ETF

Roundhill Gold Miners Weeklypay ETF

GLOBAL X Gold Explorers

SPDR O&G Ex & Prd

SPDR Gold Minishares

Us Brent Oil

EFUND GOLD MI-U

British Land Company PLC

Experian PLC

Severn Trent Plc

Marks and Spencer Group plc

NVIDIA

Australia and New Zealand Banking Group Limited

Experian plc

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

NVIDIA Corporation

ANZ Group Holdings Limited

EMEA Morning Briefing: Bond Selloff Deepens