Global equity markets closed the week of 15 May on a historic note, with the S&P 500 setting an all-time high for the second consecutive session, closing at 7,501.24, and the Dow Jones Industrial Average crossing 50,000 for the first time since the Iran war began. The Nasdaq 100 also reached a fresh record, driven in part by Nvidia’s continued climb toward a $6 trillion market capitalization following the resumption of US-China chip sales.
The Trump-Xi summit in Beijing generated notable headlines. Trump announced that China had agreed to purchase 200 Boeing aircraft, its first US-made acquisition in nearly a decade, though the figure falls short of earlier speculation of up to 500 737 MAXs plus widebodies, and the deal’s final terms remain to be confirmed. Meanwhile, the offshore yuan advanced for an eleventh consecutive session against the dollar, reaching its strongest level since February 2023.
In Washington, Kevin Warsh was confirmed as the new Federal Reserve chair, with bond markets already repricing higher interest rates ahead of his tenure. US retail sales rose 0.5% month-on-month in April 2026, in line with forecasts, while weekly jobless claims came in at 211,000, above the 205,000 estimate but still below last year’s averages, pointing to a labour market that remains broadly resilient.
- The S&P 500 closed at 7,501.24, setting an all-time high for the second consecutive session.
- The Dow Jones Industrial Average crossed 50,000 for the first time since the Iran war began.
- Nvidia extended gains toward a $6 trillion market capitalization following the resumption of US-China chip sales.
- China agreed to purchase 200 Boeing jets at the Trump-Xi summit, its first US-made acquisition in nearly a decade.
- The offshore yuan advanced for an eleventh consecutive session, its longest winning streak against the dollar since 2017, reaching 6.7816 per dollar.
- The British pound fell 0.9% versus the dollar to 1.3436, its steepest single-day drop since 5 February.
- The US 10-year Treasury yield held at 4.468%, near its highest level of the year.
- South Korea’s Kospi has surged 200% over the past year, outpacing every other market globally.
- Singapore’s Straits Times Index gained 1.2%, closing at 5,003.96.
- WTI crude edged toward $102 a barrel, with oil on track for a weekly gain of nearly 7%.
- Brent crude closed near $106 a barrel.
- Gold traded near $4,650 an ounce, declining 1.2% on the week.
- US retail sales rose 0.5% month-on-month in April 2026, in line with forecasts.
- US weekly jobless claims came in at 211,000, above the 205,000 forecast but below last year’s averages.
Energy markets continued to reflect the strain of the Iran conflict. WTI crude edged toward $102 per barrel and Brent neared $106, with oil on track for a weekly gain of nearly 7% as the Strait of Hormuz remained effectively closed. Gold traded near $4,650 an ounce but declined 1.2% on the week as rising Treasury yields and a stronger dollar weighed on the metal.
In Asia, South Korea’s Kospi extended its remarkable run, up 200% over the past year, though the report flagged concerns over the pace of retail speculation, with locals borrowing record sums and trading volumes at all-time highs. Japan’s Nikkei dipped mid-week before futures indicated a recovery. Singapore’s Straits Times Index gained 1.2%, while European bourses advanced broadly, with Germany’s DAX posting its largest single-day gain since 6 May.
Source: Saxo Bank APAC Research, Asia Market Quick Take – 15 May 2026
