<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>

西方石油

紫金矿业

GOLD

欧洲股指期货下跌，因为美国股市回落，债券因与油价上涨相关的通胀担忧而遭到抛售。美国银行的一份报告显示，股票配置创下历史新高。美元在美联储会议纪要发布前走强，而尽管面临抛售压力，美国国债保持稳定。由于地缘政治紧张局势，油价小幅下跌，黄金因收益率上升和美元坚挺而下跌。铁矿石价格下滑，反映出对中国基础设施投资及其对钢铁出口潜在影响的担忧

EMEA Morning Briefing: Bond Selloff Deepens

- 欧洲股指期货下滑，受亚洲股市下跌影响。  
- 美国国债保持稳定，美元走强，金油价格下跌。  
- 中东局势持续紧张，影响能源价格和全球经济增长。

MorningStar

Gold.com

中金黄金

纽蒙特矿业

美国银行

阿尼科伊格尔矿业

山东黄金

Kinross Gold

易方达黄金矿-R

2 倍做多金矿指数 ETF - Direxion

黄金 ETF - SPDR

YieldMax Gold Miners Opt Inc Strgy ETF

华夏中证沪深港黄金产业股票ETF

炼油公司指数 ETF - VanEck Vectors

华夏黄金ETF

标普全球能源股指数 ETF - iShares

黄金 ETF - iShares

能源业 ETF - Vanguard

美国 WTI 原油 ETF

美国油气勘探与生产 ETF - iShares

能源业 ETF - SPDR

2 倍做多小型金矿指数 ETF - Direxion

易方达黄金矿业ETF

金矿股 ETF - VanEck Vectors

黄金和贵金属矿商 ETF - U.S. Global

黄金矿 ETF - Sprott

全球黄金矿业股 MSCI ETF - iShares

美国石油设备与服务 ETF - iShares

油气服务 ETF - Market Vectors

2 倍做多彭博原油 ETF - ProShares

金属采矿 ETF - SPDR

金矿小盘股 ETF - VanEck Vectors

实物黄金股 ETF - ETFS

标普油气设备与服务 ETF - SPDR

3 倍做多黄金矿业 ETN - MicroSectors

2 倍做多黄金 ETF - ProShares

初级黄金矿股 ETF

Roundhill Gold Miners Weeklypay ETF

黄金勘探商 ETF - GlobalX

油气开采 ETF - SPDR

黄金 MiniShares 信托 - SPDR

美国布伦特原油期货基金

易方达黄金矿-U

British Land Company PLC

Experian PLC

Severn Trent Plc

Marks and Spencer Group plc

英伟达

Australia and New Zealand Banking Group Limited

益百利

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 地区晨间简报：债券抛售进一步加剧