<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

紫金礦業

GOLD

歐洲股指期貨下跌，因為美國股市回落，債券因與油價上漲相關的通脹擔憂而遭到拋售。美國銀行的一份報告顯示，股票配置創下歷史新高。美元在美聯儲會議紀要發佈前走強，而儘管面臨拋售壓力，美國國債保持穩定。由於地緣政治緊張局勢，油價小幅下跌，黃金因收益率上升和美元堅挺而下跌。鐵礦石價格下滑，反映出對中國基礎設施投資及其對鋼鐵出口潛在影響的擔憂

EMEA Morning Briefing: Bond Selloff Deepens

- 歐洲股指期貨下滑，受亞洲股市下跌影響。  
- 美國國債保持穩定，美元走強，金油價格下跌。  
- 中東局勢持續緊張，影響能源價格和全球經濟增長。

MorningStar

Gold.com

中金黃金

紐蒙特礦業

美國銀行

阿尼科伊格爾礦業

山東黃金

Kinross Gold

易方達黃金礦-R

2 倍做多金礦指數 ETF - Direxion

SPDR 金 ETF

YieldMax Gold Miners Opt Inc Strgy ETF

華夏中證滬深港黃金產業股票ETF

煉油公司指數 ETF - VanEck Vectors

華夏黃金ETF

標普全球能源股指數 ETF - iShares

黃金 ETF - iShares

能源業 ETF - Vanguard

美國 WTI 原油 ETF

美國油氣勘探與生產 ETF - iShares

能源業 ETF - SPDR

2 倍做多小型金礦指數 ETF - Direxion

易方達黃金礦業ETF

金礦股 ETF - VanEck Vectors

黃金和貴金屬礦商 ETF - U.S. Global

黃金礦 ETF - Sprott

全球黃金礦業股 MSCI ETF - iShares

美國石油設備與服務 ETF - iShares

油氣服務 ETF - Market Vectors

2 倍做多彭博原油 ETF - ProShares

金屬採礦 ETF - SPDR

金礦小盤股 ETF - VanEck Vectors

實物黃金股 ETF - ETFS

標普油氣設備與服務 ETF - SPDR

3 倍做多黃金礦業 ETN - MicroSectors

2 倍做多黃金 ETF - ProShares

初級黃金礦股 ETF

Roundhill Gold Miners Weeklypay ETF

黃金勘探商 ETF - GlobalX

油氣開採 ETF - SPDR

黃金 MiniShares 信託 - SPDR

美國布倫特原油期貨基金

易方達黃金礦-U

British Land Company PLC

Experian PLC

Severn Trent Plc

Marks and Spencer Group plc

英偉達

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 地區晨間簡報：債券拋售進一步加劇