Now time for chart running today
Data:
Main Theme: “The Tarmac Truce Rally & Holiday Stasis” — Strait of Hormuz Accord In-Principle Ignites Global Bourses While Wall Street Observes Memorial Day.
Monday’s global session was defined by an aggressive wave of relief buying across European and Asian trading desks, contrasted against absolute holiday silence in the West. With U.S. and UK financial markets closed for Memorial Day and the Spring Bank Holiday, international liquidity was thinner than usual, yet highly focused. Over-the-weekend progress toward a comprehensive peace framework to end the regional conflict—specifically an agreement-in-principle to fully reopen the Strait of Hormuz—sent geopolitical risk premiums into a full-scale retreat, fueling sharp green-screen breakouts on open bourses.
🟦 Global Rates | The Geopolitical Yield Deflation
Fixed-income desks saw steady programmatic accumulation overseas as safe-haven unwinding lowered systemic inflation expectations.
- US 10Y Treasury Yield: Held dead flat in holiday thin-volume electronic trading at 56%, stabilizing after finishing Friday on a soft note as geopolitical structural premium lines began to uncoil.
- German 10Y Bund Yield: Declined by 6 basis points to settle at 98% (down from 3.04%), signaling sharp Eurozone bond accumulation as continental inflation models priced in cheaper future energy inputs.
- The Currency Pivot: The Wall Street Journal Dollar Index fell 2% to 95.71, reflecting a global capital redistribution away from cash defenses and back into open international equities.
🟩 Global Equities | Open Bourses Capitalize on Peace Architecture
While Wall Street rested on historic highs (with the Dow at 50,579.70 and the S&P 500 at 7,473.47 hit Friday), global bourses aggressively factored in the weekend’s diplomatic progress.
- STOXX Europe 50 (EU50): 🟩 +1.11% to close at 5,255.54, locking in its fifth-highest close in history. France’s CAC 40 (+1.00%) and Germany’s DAX (+1.00%) enjoyed synchronized gains.
- Nikkei 225 (Japan): 🟩 +2.90% to lead regional advances, powered by an explosive combination of structural tech-infrastructure demand and plunging energy input fears.
- Shanghai Composite (China): 🟩 +1.00% as corporate models anticipated immediate relief for mainland electronics assembly grids.
- Note:S. markets (NYSE, Nasdaq) and UK markets (FTSE 100) remained completely closed in observance of national holidays.
🟧 Commodities | The Structural Premium Drain
Physical spot markets heavily adjusted their immediate risk formulas, reflecting a profound shift in shipping availability parameters.
| Asset | Technical Level | Intraday Shift | Current Operational Bias |
| Brent Crude | $104.50/bbl | 📉 Stable-Soft | Re-pricing to match safe-passage protocols |
| WTI Crude | $99.75/bbl | 📉 Testing Support | Decompressing below the triple-digit floor |
| Gold (XAU) | $4,510.80/oz | 🟥 -0.22% | Capital rotating from safety to growth assets |
🟥 Macro “Red News” & Global Flashpoints
- The Strait of Hormuz Accord-in-Principle:
- The Flashpoint: Over the weekend, reports confirmed that Washington and Tehran have agreed in principle on a comprehensive framework to end active hostilities. US Secretary of State Marco Rubio noted “visible progress toward a deal,” though highlighting that execution details remain.
- The Shipping Lifeline: The core structural breakthrough includes the verified reopening of the Strait of Hormuz, promising to instantly return roughly 20% of global crude flows to standard maritime supply tracks.
- The Singapore Trillion-Dollar AI Anchor:
- The Print: Singapore’s Ministry of Trade and Industry (MTI) released its final Q1 2026 GDP numbers, flashing a massive 0% YoY expansion. This shattered the 4.6% advance estimate and outpaced Q4 2025’s 5.7%.
- The Engine: MTI explicitly cited booming global demand for advanced AI technology hardware and server cluster infrastructure as the primary driver behind the manufacturing burst, proving that tech capex is a global sovereign economic shield.
Companies
Theme: “The Continental Supply Chain Surge & The Energy Cost Reset” — International Giants Front-Run the Tarmac Peace Dividend.
With Wall Street and London dark for national holidays, the international corporate landscape experienced a localized, high-conviction breakout. Free from the gravity of Western index indexing, European and Asian industrial juggernauts aggressively priced in two massive structural upgrades: the accord-in-principle to reopen the Strait of Hormuz and Singapore’s blockbuster 6.0% GDP validation of global AI infrastructure demand.
🔬 The Lithography & Tooling Landlords: ASML & Tokyo Electron
(Sources: Euronext / Tokyo Stock Exchange / Singapore MTI)
The primary beneficiaries of the international sessions were the absolute gatekeepers of semiconductor manufacturing hardware.
- The Capex Fuel: Singapore’s stunning 6.0% GDP sprint explicitly proved that sovereign states and mega-cap hyperscalers are not slowing down their physical computing layouts.
- ASML (Amsterdam): Advanced +2.45% on the Euronext. As maritime energy premiums collapse, continental chip equipment giants are seeing immediate projected relief in their precision logistics pipelines. If shipping lines through chokepoints normalize, the cost of moving multi-ton Extreme Ultraviolet (EUV) lithography assemblies drops drastically.
- Tokyo Electron (Japan): Skyrocketed +4.12% in Tokyo, acting as the primary spark plug for the Nikkei’s 2.90% surge. Tooling providers are capturing immediate margin upgrades as industrial fabrication plants across Taiwan, South Korea, and Singapore scale out forward orders.
🏭 The Foundries & Assembly Hubs: TSMC & Samsung Electronics
The physical manufacturers of global logic and memory layers saw a powerful short-term unwinding of systemic cost pressures.
- TSMC (Taiwan): Climbed +2.10% in regional trading. The logic is direct: cheaper crude structural baselines significantly compress the overhead costs of operating hyper-scaled fabrication cleanrooms, while the Hormuz safe-passage framework stabilizes the flow of raw chemical inputs.
- Samsung Electronics (South Korea): Gained +1.85%, finding firm footing as the continuous institutional demand for high-bandwidth memory (HBM) and enterprise server chips blends with easing global shipping friction.
📊 Corporate Performance Summary (May 25, 2026)
| Company | Ticker | Region / Exchange | Performance | Key Structural Narrative |
| Tokyo Electron | 8035.T | Tokyo | 🟩 +4.12% | Led the Asian hardware surge; fueled by Singapore’s 6% AI hardware data. |
| ASML Holding | ASML.AS | Euronext | 🟩 +2.45% | Caught heavy Eurozone volume; precision EUV shipping pipelines anticipate relief. |
| TSMC | 2330.TW | Taiwan | 🟩 +2.10% | Gained as falling input costs improve high-voltage fab operating margins. |
General
Monday, May 25th, 2026: The Geopolitical Uncoiling & The Sovereign Hardware Shield.
Monday’s global trading session offered a fascinating look at market mechanics operating entirely outside of Western indexing. With Wall Street and London completely offline for Memorial Day and the Spring Bank Holiday, global capital decentralized. Rather than drifting aimlessly in low-volume holiday stasis, open bourses in Europe and Asia aggressively re-priced the macro landscape—driven by a massive structural de-escalation in energy corridors and ironclad validation of the global technology infrastructure cycle.
- The Hormuz Truce Draft: Decompressing the Global “Blockade Tax”
The most immediate operational relief valve for global inflation models arrived via the weekend’s diplomatic breakthroughs. The emergence of a comprehensive peace draft—anchored by a proposed 60-day truce extension and an agreement-in-principle to fully reopen the Strait of Hormuz—fundamentally altered short-term commodity pricing models.
- The Premium Drain: The Strait of Hormuz handles roughly 20% of the world’s petroleum liquids. The active threat of maritime blockades has acted as a severe structural tax on global corporate margins since February.
- The Mechanical Melt: The moment commercial desks realized that verified safe-passage protocols were on the table, crude oil futures suffered an intense liquidation. WTI falling below the $100 psychological threshold and Brent plunging to multi-week lows dramatically defuses the sticky headline inflation expectations that were tying the hands of global central banks.
- The Thin-Volume Distortion: Front-Running the West
Holiday sessions are frequently misunderstood as insignificant due to lower absolute trading volumes. On Monday, however, this thin liquidity actually acted as a volatility multiplier for the upside.
- The Liquidity Vacuum: Because Western mega-funds and algorithmic index models were dark, the capital flowing into international markets didn’t face standard institutional profit-taking or hedge-balancing.
- The International Outperformance: European bourses and Japan’s Nikkei 225 (+2.90%) were given total autonomy to price in the peace dividend. This clean breakout demonstrates that multi-asset desks are intensely eager to shed their defensive cash allocations and dismantle their safe-haven dollar bunkers the second structural headwinds show signs of easing.
Roughly 65% of global macro desks surveyed over the weekend indicated plans to immediately reduce their cash reserves and expand international equity duration if the 60-day Hormuz truce extension transitions into a legally binding framework.
- The Singapore Audit: AI Capex as a Sovereign Economic Shield
While the geopolitical landscape provided the day’s emotional spark, Singapore’s final Q1 2026 GDP numbers provided the concrete fundamental anchor. The city-state’s growth was upwardly revised to an explosive 6.0% YoY, completely obliterating the 4.6% advance estimate.
- The Capex Vindication: This print is a massive milestone because it completely dismantles the “AI expenditure exhaustion” narrative. The Ministry of Trade and Industry explicitly highlighted that the manufacturing spike was entirely driven by unyielding international demand for advanced AI technology hardware and semiconductor tooling infrastructure.
- The Macro Implications: Tech infrastructure spending is no longer just an isolated, high-multiple equity story on Wall Street. It has mutated into a structural sovereign utility capable of lifting national gross domestic product lines. Countries and enterprise clusters are competitively forced to build out advanced computing nodes, creating a massive, non-discretionary economic backstop that remains completely insulated from standard consumer discretionary gravity.
- The Frontier Realignment: Local Rotations Inside the VN-Index
The VN-Index’s steady advance to the 1,886.00 mark provided an excellent localized case study in how smart capital behaves during a geopolitical turning point.
- The Energy De-risking: The sharp -5.0% liquidation across local Oil & Gas tickers (such as PVS and PVD) was the direct, logical consequence of the collapsing crude floor. When the war premium evaporates, speculative exploration margins shrink instantly.
- The Domestic Rebalancing: Crucially, this capital did not flee the domestic ecosystem; it executed an immediate internal rotation. Inflows flooded into liquid banking blocks and premier real estate credit via Vinhomes (VHM +3.2%) and Asia Commercial Bank (ACB +3.1%). Institutional domestic capital is cleanly front-running a more predictable, cooling input cost environment and preparing for a structured, productivity-focused central banking framework under the newly sworn-in Warsh Fed.
📊 Global Macro Sentiment Summary (May 25, 2026)
| Narrative | Underlying Driver | Market Sentiment |
| Geopolitics | Strait of Hormuz Reopening Draft / 60-Day Truce | 🟩 Hyper-Bullish (Dismantles Supply Chokepoints) |
| Tech Hardware | Singapore Q1 GDP Revised to 6.0% on AI Demand | 🟩 Strongly Bullish (Validates Long-Cycle Capex) |
| Fixed Income | US 10Y Treasury Stabilizes at 4.56% in Thin Tape | 🟨 Neutral (Awaiting Tuesday Wall Street Open) |
| Foreign Exchange | DXY Softens to 97.95 on Risk-On Distribution | 🟩 Bullish for International Bourses |
| Frontier Assets | VN-Index Reclaims 1,886 / Internal Sector Rotation | 🟩 Constructive (Money Rotates to Core Value) |
Upcoming News
Theme: “The Re-Entry Shock & The Household Pulse” — Wall Street Plays Catch-Up to the Tarmac Peace Dividend.
Tuesday, May 26th, 2026, serves as a massive re-entry junction for global capital. After trading desks in New York and London sat dark for Memorial Day and the Spring Bank Holiday, institutional players are returning to their terminals to find a radically shifted global landscape. Wall Street must now immediately digest the explosive over-the-weekend progress regarding the Strait of Hormuz peace draft alongside fresh, forward-looking consumer metrics that will test the real-world strength of domestic household demand.
🔴 High-Impact “Red News” (Tuesday, May 26th, 2026)
Note: Times are adjusted to ICT (Indochina Time / Hanoi Time).
| Time (ICT) | Currency | Event | Forecast | Previous | Impact |
| 16:00 | GBP | CBI Distributive Trades Survey (May) | -60 | -68 | 🟠 Med |
| 20:00 | USD | FHFA Home Price Index (MoM) (March) | 0.3% | 0.4% | 🟠 Med |
| 21:00 | USD | CB Consumer Confidence (May) | 92.0 | 92.8 | 🔴 High |
| All Day | USD | Wall Street Re-Entry Catch-Up Session | N/A | N/A | 🔴 High |
- The Real-World Consumer Audit: CB Consumer Confidence
- The Catalyst: The Conference Board releases its comprehensive May Consumer Confidence index at 10:00 AM EST (21:00 ICT).
- The Valuation Metric: Consensus targets a slight moderation to 0 from April’s 92.8 print. This gauge takes on outsized structural importance this week because it provides the first major post-earnings check on how households are feeling following the trillion-dollar metrics released by retail stalwarts like Walmart and Target.
- The Divergence Watch: Algorithmic desks will isolate the “Present Situation” versus “Expectations” sub-indices. While multi-asset managers have been riding the tech-capex wave to record equity highs, any deterioration in near-term consumer employment sentiment will signal that structural inflation continues to pinch lower-income disposable wallets.
- The Holiday Catch-Up: Managing the Risk-On Flood
- The Volume Wave: Because the NYSE and Nasdaq were completely dark on Monday, Western trading blocks are opening into a massive backlog of order-book pricing adjustments.
- The Catch-Up Target: Over-the-weekend progress toward a formal maritime safe-passage deal triggered an absolute explosion in overseas bourses on Monday, pushing Japan’s Nikkei up nearly 3% and driving European tech indexes higher. S&P 500 and Nasdaq futures are already pointing to an aggressive gap-up open as domestic funds scramble to deploy capital behind the global “peace dividend.”
- The Physical Floor: Pricing Sub-$100 Crude Reality
- The Energy Decompression: Commodities desks will face immediate structural positioning hurdles as WTI crude opens the regular physical trading sandbox securely beneath the $100 psychological floor (resting near $99.75/bbl).
- The Margin Recalibration: With the Strait of Hormuz agreement-in-principle promising to unlock up to 20% of global petroleum distribution lines, industrial corporate logistics models will begin automatically upgrading their forward margin projections, fueling immediate capital rotation away from speculative energy assets and directly back into high-voltage production networks.
- The Real Estate Baseline: FHFA Home Price Index
- The Credit Anchor: Dropping at 20:00 ICT, the Federal Housing Finance Agency (FHFA) monthly tracker is projected to print a stable 3% growth rate.
- The Policy Sandbox: This data point offers vital structural guidance for intermediate credit markets. A stable, slow-cooling housing price metric confirms that real estate asset values are adjusting smoothly, presenting the newly sworn-in Warsh Federal Reserve with an ideal, low-friction framework to execute its balance-sheet-led normalization program.
Snapshot (25.5.2026)
Theme: “The Tarmac Truce Rally & Holiday Stasis” — Strait of Hormuz Accord In-Principle Ignites Global Bourses While Wall Street Observes Memorial Day.
Monday’s global session was an intense demonstration of capital decentralization. With U.S. and UK financial desks completely offline for Memorial Day and the Spring Bank Holiday, international bourses were given full autonomy. Rather than drifting in quiet holiday stasis, open markets across Europe and Asia aggressively front-ran a massive structural relief valve: an over-the-weekend agreement-in-principle to lift Middle Eastern shipping blockades, sending global energy premiums into a sharp retreat.
🏛️ The Bottom Line
Monday was an “International Peace Dividend Breakout.” While Wall Street rested on its recent high-water marks (S&P 500 at 7,473.47; Dow at 50,579.70), overseas bourses surged. The STOXX Europe 50 climbed +1.11% to secure its fifth-highest close in history, and Japan’s Nikkei 225 skyrocketed +2.90%. Markets were ignited by news that Washington and Tehran reached a comprehensive peace draft featuring a 60-day truce extension and a verified plan to fully reopen the Strait of Hormuz, which dragged WTI crude down sub-$100 to $99.75/bbl. Simultaneously, Singapore’s Q1 GDP blew past estimates to print a stunning 6.0% YoY expansion, driven entirely by unyielding global demand for advanced AI technology hardware.
📉 Key Technical Levels for the Tuesday Open (May 26)
| Asset | Support | Resistance | Current Bias |
| S&P 500 | 7,420 | 7,520 | Bullish Gap Expected (Catch-Up Wave) |
| US 10Y Yield | 4.48% | 4.62% | Neutral-Stable (Holiday Electronic Flatline) |
| Nasdaq Composite | 26,100 | 26,650 | Strongly Bullish (Hardware Boosted) |
| WTI Crude | $96.50 | $101.50 | Bearish Decompression (Premium Drain) |
| VN-Index | 1,865 | 1,900 | Constructive (Internal Sector Rotation Active) |
📊 Market Sentiment & Bias
- Equities (Global): 🟩 Strongly Bullish / High-Conviction Breakout. Thin international liquidity acted as an upside volatility multiplier. Advanced logic supply-chain landlords like Tokyo Electron (+4.12%) and ASML (+2.45%) were aggressively hoarded as Singapore’s blockbuster 6.0% GDP print completely dismantled any “AI capex exhaustion” narratives.
- Foreign Exchange (USD): 🟥 The DXY softened to 97.95 (with the WSJ Dollar Index sliding 0.2% to 95.71) as multi-asset managers dismantled their safe-haven dollar bunkers, distributing capital back into open international equity channels.
- Fixed Income: 🟨 Quiet / Sovereign Rebalancing. Electronic trading held the US 10Y Yield dead flat at 4.56%. Meanwhile, Eurozone debt caught a firm bid, dragging the German 10Y Bund yield down 6 basis points to 98% as continental inflation models adjusted for cheaper future energy inputs.
- Commodities: 🟥 Capitulation / Energy Floor Decompression. Crude oil surrendered its structural war premium in a matter of hours. With WTI settling at $99.75/bbl and Brent sliding to $104.50/bbl, commercial desks are rapidly adjusting shipping risk models to match incoming physical naval verification corridors.
This report is provided to The Concept Trading from Van Hung Nguyen.
