Market Commentary: Wednesday 20th May

Global equities remain under pressure as the bond selloff continues to dominate the market narrative. MSCI’s All Country World Index is on track for a fourth straight decline, slipping 0.2% overnight. South Korea’s Kospi fell 1.5%, led by Samsung. The 30-year Treasury yield briefly reached 5.20%, a level last seen during the global financial crisis, reinforcing concerns that higher energy prices could force the Fed toward a more hawkish stance.

Brent crude is holding near $111, with no clear easing in the Iran conflict, feeding inflation concerns and pushing long-end yields higher. US President Donald Trump has threatened to resume strikes on Iran if a deal cannot be reached in the coming days.

The focus today will be Nvidia’s first-quarter earnings, as investors seek reassurance that the AI growth story remains strong enough to justify elevated valuations and offset the worsening macro backdrop. A strong result could stabilise sentiment, but any disappointment would risk extending the pullback across tech and broader equities, especially while oil remains elevated and bond yields continue to challenge risk appetite.

• Bitcoin rose 0.2% to $77,129.20
• Ether rose 0.4% to $2,124.44
• Spot gold fell 0.2% to $4,467/oz

**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.