Traders work on the floor of the New York Stock Exchange during morning trading on May 21, 2026 in New York City.
Michael M. Santiago | Getty Images
Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.
What a difference a week makes.
On Monday, this newsletter was focused on how equities were showing signs of catching the bond market’s cold, with downside moves across major stock indices as borrowing costs spiked.
Fast forward to Friday, and Wall Street looks set to end the week in the green, back at record levels.
What you need to know today
It looks set to be a winning week for U.S. stocks, despite a volatile bout of trading over the last few days amid broader bond market jitters.
Asia-Pacific markets are also trading higher as investors assess diplomatic efforts to reach a peace deal between the U.S. and Iran. However, oil prices are also elevated on a Reuters report suggesting Iran wants to keep enriched uranium within the country.
Meanwhile, President Donald Trump on Thursday said he postponed an upcoming signing ceremony for his administration’s much-anticipated executive order on the artificial intelligence industry.
The event, which was set for later Thursday afternoon, was delayed “because I didn’t like certain aspects of it,” Trump told reporters in the Oval Office.
In Europe, earnings season is drawing to a close, with luxury giant Richemont one of the final companies to report. The high-end fashion house, which includes the brands Cartier and Chloé, posted a strong set of full-year sales and the launch of a new buyback programme.
Also in the beauty space, shares in Estée Lauder look set for big gains at the open on Friday, after the cosmetics giant said it was ending merger talks with Spanish rival Puig. A deal would have formed a group worth almost $40 billion.
Travel stocks remain in focus as the prolonged disruption to jet fuel supply chains continues to concern investors and travelers alike. China’s so-called “Big Three” airlines, Air China, China Eastern and China Southern Airlines have suffered more than their rivals due to a lack of hedging against fuel price swings.
— Leonie Kidd
And finally…
Crypto bros, scalpers and Logan Paul: Inside the world of Pokémon where cards are sold for millions
From 2004 to 2020, Pokémon card prices rose 282%, according to an index compiled by Collectors, which owns card grading agency Professional Sports Authenticator (PSA). Since 2020, prices have risen by an incredible 1,350%, per the index.
Prices have surged and even outperformed traditional asset classes, attracting the attention of people looking to make a quick buck and ultra-high net worth individuals seeking investment assets to protect or grow their wealth.
People who have made money from cryptocurrency are piling into the market, market watchers told CNBC, as prices reach unprecedented levels.
— Arjun Kharpal
