Morning Update-05/20/2026

Research evidence excerpt

Morning Update-05/20/2026

Morning Update

20 MAY 2026

Close +/- % YTD% Rates & Currency Close +/- % YTD% Commodities Close +/- % YTD%

Dow Jones 49,364 -322 -0.6 2.7 US 10Y 4.66 0.05 1.2 49bp Brent 1M (USD/bbl) 110.7 -0.6 -0.5 104.4

S&P 500 7,354 -49 -0.7 7.4 Germany 10Y 3.19 0.05 1.6 34bp WTI 1M (USD/bbl) 103.7 -0.4 -0.4 97.6

NASDAQ 25,871 -220 -0.8 11.3 Norway 10Y 4.53 -0.01 -0.2 38bp Henry Hub 1M (USD/mmbtu) 3.11 0.1 3.0 -15.5

VIX 18.1 0 1.3 20.8 SOFR 3M 3.6 0.0 0.0 -1bp Dutch TTF Nat Gas 1M (EUR/MWh) 52.3 0.4 0.8 85.5

Nikkei 225 59,537 -1,008 -1.7 14.9 USD 3Y Swap 4.26 0.08 2.0 65bp Nordic Electricity 1D (EUR/MWh) 65.0 0.0 0 -21.0

Shanghai SE Comp 4,151 -19 -0.4 4.6 NOK 3Y Swap 5.00 0.03 0.6 91bp UK Electricity 1M (EUR/MWh) 126.7 3.4 2.7 71.6

Hang Seng Index 25,655 -142 -0.6 0.1 Dollar Index (DXY) 99.3 0.1 0.1 1.0 CO2 Price (EUR/t) 75.1 0.2 0.2 -14.1

FTSE 100 10,331 7 0.1 4.0 EUR/USD 1.16 -0.00 -0.4 -1.3 Gold 3M (USD/ozt) 4,465 -45.9 -1.0 1.4

DAX 24,401 93 0.4 -0.4 USD/JPY 159.1 0.2 0.1 1.5 Aluminium Cash (USD/t) 3,665 28.0 0.8 23.5

OSEBX 2,057 17 0.9 21.9 USD/NOK 9.30 0.03 0.3 -7.8 Copper Cash (USD/t) 13,410 -18 -0.1 7.2

Stockholm (OMX) 3,061 6 0.2 6.2 EUR/NOK 10.78 -0.00 -0.0 -9.0 Baltic Dry Index 3,054 -38 -1.2 62.7

Euro STOXX 50 5,851 2 0.0 1.0 GBP/NOK 12.45 0.04 0.3 -8.2 Steel Spot China (USD/st) 1,080 0.0 0.0 15.5

MSCI World Index 3,661 -14 -0.4 6.6 SEK/NOK 0.99 0.00 0.2 -9.8 Iron Ore China (USD/t) 110.3 -0.2 -0.2 3.0

S&P Sectors Close % YTD% International Peers Close +/- % YTD% International Peers Close +/- % YTD%

Aerospace & Defence 2,322 -0.9 -2.4 Technology & other Large-Cap Renewable Power Producers & Supply Chain

Airlines 306 -3.4 -10.1 Adobe 255.0 -0.6 -0.3 -27.1 Boralex 36.9 -0.0 -0.0 45.5