US Morning Update

A daily briefing on global markets highlighting positive performance in Asian and European equities driven by AI sentiment, while focusing on the impact of higher US Treasury yields on corporate credit.

Key Takeaways

• 1.Global markets traded mostly higher as investors digest strong AI infrastructure earnings from NVDA and steadying energy prices.
• 2.Rising sovereign bond yields are pressuring corporate credit total returns, though the improving growth outlook may mitigate credit risk.
• 3.Brent crude futures are consolidating around $105/bbl, potentially reaching a short-term equilibrium after period of shortages.

Table of Contents

• Looking Ahead
• Performance of Global Indices (as of May 22, 2026)
• Rating & Conviction List Changes (as of May 22, 2026)
• Today's Events (May 22, 2026)
• US Morning Call for May 22, 2026:
• Walmart Inc. (WMT, Buy), McShane
• Target Corp. (TGT, Neutral), McShane
• Ross Stores Inc. (ROST, Buy), Roach
• Amer Sports Inc. (AS, Buy), Roach
• Biotechnology, Johnson
• Golar LNG (GLNG, Buy – on CL), Mackay
• Pipelines and MLPs, Mackay
• Notable Research not on the Morning Call: MACRO
• INDUSTRIALS
• HEALTHCARE
• CONSUMER
• TMT
• FINANCIALS
• Listening in: Webinars, Conferences & Podcasts
• Upcoming Webinars
• Recent Podcasts
• Upcoming Conferences
• Webinar Replays
• Global Market Intelligence
• Resource Corner
• In the News
• Market Themes
• Macro Publications & Features
• Micro Publications & Features
• Listening in at Goldman Sachs
• Disclosure Appendix

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