Daily Update — May 18, 2026
Europe’s Energy Resilience; Emerging Markets Monthly Highlights; and Wealth vs. Institutional Investing
Today is Monday, May 18, 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.
Energy Expansion
Listen: From crisis to resilience: How renewables are strengthening Europe’s energy security
The Middle East war has put energy security back at the top of Europe's political agenda, mirroring concerns triggered by Russia’s invasion of Ukraine in 2022. But this time, something’s different. Alex Blackburne, senior reporter at S&P Global Energy, joined “Energy Evolution” podcast host Eklavya Gupte to discuss his interview with EDP CEO Miguel Stilwell d’Andrade. Portugal-based EDP is one of Europe's largest utilities and a major player in renewable energy.
Stilwell d'Andrade explained why Europe's power system is more resilient than four years ago, driven by the region's massive expansion of wind, solar and storage. But progress hasn't been uniform. The CEO said that consistent policy execution, rather than new measures, is what Europe needs most to secure its energy independence.
Global Trade
Emerging Markets Monthly Highlights: Oil Prices Stay High, Ripples Spread
S&P Global Ratings revised up its oil price assumptions in expectation of a further delay in meaningful supply via the Strait of Hormuz through the end of May. We project Brent crude to average $100/barrel for the remainder of 2026, $15/b higher than previously forecast, resulting in lower GDP growth and higher inflation for emerging markets. Oil price shocks and supply disruptions are extending into other goods, including fertilizers. While fertilizer trade is generally small relative to emerging markets' GDP, secondary spillovers via agriculture, food prices and employment could be significant.
A prolonged shock from the Middle East war would create uneven but significant credit pressure on emerging market corporations. Energy-intensive industries such as refining, petrochemicals, airlines and utilities would face the most direct stress, especially in Egypt, Turkey and some emerging markets in Asia. If disruptions persist, the effects could spread to logistics, manufacturing and agribusiness through higher costs, weaker demand and tighter financing.
Private Markets
Listen: Exploring the Nuances of Wealth vs Institutional Investing
In this episode of the “Private Markets 360°” podcast, Kurt Nye, chief investment officer and managing partner at MAI Capital Management, joined hosts Chris Sparenberg and Jocelyn Lewis to discuss how private market investing is evolving from an institutional-only allocation to a core component of wealth client portfolios. Nye also shared insights on the importance of education, transparency, expectations for the J curve and the role of secondaries in smoothing returns.
In case you missed it
- Austerity calls to curb energy use have risen in India as supply chain disruptions from the Middle East war increase freight and insurance rates and the depreciation of the rupee makes imported inputs more expensive.
- African swine fever has weighed on European animal feed demand since April, according to Spanish feed traders and brokers. Officials said May 8 that they detected a new outbreak of the virus in wild boars.
- The onset of the US summer driving season could tighten Europe’s jet fuel supply as refiners decide between maximizing road or aviation fuel yields, according to industry experts.
Upcoming events
- AI Could Be A Boon For Australian Banks | May 19 (Webinar)
- Defaults Down, Credit Quality Up: Analyzing Global Risk Shifts in the 2025 Default Study | May 19 (Webinar)
- Insurance In Focus: U.S. Private Credit Exposure and Capital Model Comparisons | May 19 (Webinar)