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Deutsche Bank

May 22, 2026

Early Morning Reid

Daily UpdateEquitiesRates Govt BondsCommoditiesInformation TechnologyConsumer Staples

Global markets are navigating volatility driven by conflicting Iran nuclear deal headlines and weak European activity data. While US equities continue a multi-week winning streak, sovereign yields and oil prices remain sensitive to shifting geopolitical narratives.

Key Takeaways

  • 1.Conflicting headlines regarding a potential US-Iran nuclear deal have injected volatility into oil markets and sovereign bond yields.
  • 2.US equities remain resilient, with the S&P 500 on track for its eighth consecutive weekly gain despite mixed corporate earnings results.
  • 3.Flash PMIs indicate a deepening economic downturn in Europe, with contractionary activity levels across the Eurozone, France, and the UK.

Table of Contents

  • Other Market Data
  • Key Economic Data
  • Topical Deutsche Bank publications
  • Appendix 1
  • Analyst Certification
  • Important Disclosures
  • Additional Information
  • International Production Locations

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Authors

Jim ReidHenry AllenPeter Sidorov, CFAAsim Kaul

Securities

SPXBrent OilIBMNVDAWMT

Themes

Geopolitical Volatility (Iran Deal)Central Bank Policy RepricingEconomic Growth Divergence (US vs Europe)Corporate Earnings Impact

Regions

North AmericaEuropeMiddle EastUnited StatesIranJapan