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Daily Update — May 12, 2026

M&A Deals Defy Volatility; Data Reshapes TV Upfronts; and APAC Broadband Solution Emerges

Today is Tuesday, May 12, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Private Markets

Large M&A deals defy volatile market

 

Market volatility — triggered by private credit concerns and intensified by the Middle East war — has cast a shadow over dealmaking prospects.

 

The Chicago Board Options Exchange's CBOE Volatility Index, which measures expected volatility in the S&P 500, recorded an average close of 20.5 in the first quarter, up from 17.8 in the previous quarter and 18.6 a year earlier. March proved especially turbulent, with the average close surging to 25.6.

 

This spike coincided with the outbreak of war in the Middle East, following US and Israeli strikes against Iran on Feb. 28. As uncertainty grew, global M&A activity dropped to its lowest level since 2023, and equity transactions slowed dramatically.

 

Despite these disruptions, large deals continued to come to market, propping up overall deal values for M&A and equity transactions. Notably, three of the quarter's five largest equity deals closed in March, and the two biggest M&A transactions were announced March 31. This trend of large deals driving activity echoes patterns seen throughout 2025, but the scarcity of smaller transactions indicates the dealmaking landscape remains far from robust.

Data

Listen: From Households to Humans: How First-Party Data Could Reshape the Upfronts


The 2026 upfront season is underway, with media companies unveiling their upcoming content and advertisers competing for placements before millions of viewers. This strategic window not only shapes the TV season’s trajectory but also drives buying decisions and serves as a barometer for the health of the advertising ecosystem.

 

In this episode of S&P Global Market Intelligence’s "MediaTalk" podcast, host Mike Reynolds sat down with Sean Cunningham, president and CEO of the Video Advertising Bureau, to examine the evolving media landscape. From streaming giants reshaping consumer expectations to the rise of connected TV, the discussion highlighted why premium video content — characterized by professional production, emotional resonance, brand safety and transparency — continues to set the standard for marketers across platforms.

 

However, the industry faces a significant challenge: Long-standing measurement currencies are starting to be questioned, leading to uncertainty — especially for cable entertainment and key audience segments. Cunningham weighed in on whether first-party data from media companies could offer a solution.

 

As the upfront unfolds, critical questions remain. Will this season deliver stability to video advertising, or will there be further marketplace uncertainty? And with nonhuman traffic increasingly dominating the internet, how can marketers ensure their premium video investments reach real consumers?

Technology & Innovation

State of FWA in Asia-Pacific, last-mile connection success stories

 

Fixed-wireless access (FWA) has emerged as a vital broadband solution in Asia-Pacific, projected to grow to 38.4 million households by 2032 from 23.6 million in 2025. Substantial progress has been made in last-mile FWA rollouts and monetization across the region as operators harness 5G technology in conjunction with existing 4G LTE infrastructure.

 

Deployment strategies vary based on local market dynamics. In India, operators offer unlimited data bundled with over-the-top and TV services, positioning FWA as a cost-effective, full-home broadband solution. In Cambodia and Pakistan, FWA is a practical alternative where fiber deployment is limited, though it is often subject to data caps and tiered pricing due to network constraints. In New Zealand, Japan and Australia, FWA is mainly used to complement existing broadband infrastructure, for example, in rural or remote areas.

 

Despite this momentum, widespread expansion faces challenges. Operators must navigate limited spectrum availability, fluctuating network performance during peak hours and the cost of customer premises equipment, which strains profitability in lower-income regions.

 

FWA is not expected to replace fiber entirely. Instead, it will likely remain hybrid — competitive in developing markets and complementary in mature ones — depending on local economics, infrastructure and demand.

In case you missed it

  • Global private equity investment in autonomous vehicles in the first four months of 2026 reached a decade high of $23.26 billion, spurred by a significant funding round for Waymo.
  • Russia's seaborne crude exports rose 8% in April as US sanctions relief and Middle East tensions prompted buyers to seek alternative sources, even amid potentially weaker demand from India and China.
  • Global sulfuric acid and elemental sulfur prices surged in April, driven by Middle East supply disruptions and stricter Chinese export restrictions tightening spot availability across key markets, according to S&P Global Energy CERA analysts.

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