Daily Update — May 20, 2026
India-EU Energy Collaboration; Subdued Private Equity Sentiment; and Stagflation Risks
Today is Wednesday, May 20, 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
India, EU eye collaboration to build energy supply chains, port infrastructure: Modi
Geopolitical conflicts and the resulting energy crisis are disrupting supply chains and threatening economies worldwide. To counter these disruptions, India and the EU are partnering to build supply chains that focus on clean and renewable energy, according to Indian Prime Minister Narendra Modi.
"First came COVID-19, and then came wars, and now an energy crisis. This is turning out to be a decade of disasters. If things don't normalize soon, a lot of efforts and successes that we achieved over many decades will go to waste and hit the world economy," Modi said during his visit to Europe. "The growing strategic convergence between India and Europe underscored the importance of trusted partnerships in an increasingly complex and uncertain global environment. India and Europe must work together to build resilient and diversified supply chains."
Private Markets
Big Four private equity sentiment tanks on slow exits, private credit stress
A slow exit market and high redemption requests from retail investors concerned about potential private credit losses weighed on the sentiment of the four largest private equity firms by assets under management. In the first quarter, the average net positivity score for Blackstone, Apollo, Carlyle and KKR declined to its lowest mark since the fourth quarter of 2023 and was below the S&P 500’s average score for the third consecutive quarter, according to an S&P Global Market Intelligence analysis.
"The significant recent market volatility and broader uncertainty [have] had the effect of pushing out exit pipelines and slowing realization activity in the near term," Blackstone CFO Michael Chae said on the firm’s April 23 earnings call.
Economy
Listen: PMI in Focus: Stockpiling and the Shadow of Stagflation
The Middle East war is reshaping the global economic landscape and creating supply chain disruptions, oil price hikes and greater uncertainty in the manufacturing and service sectors across key regions.
In this episode of “The Decisive” podcast, S&P Global Market Intelligence economists Paul Smith, Eleanor Dennison and Andrew Harker analyzed the latest Purchasing Managers’ Index data to highlight trends in stockpiling and the growing risk of stagflation. The economists also discussed how businesses are responding to mounting inflationary pressures and sluggish growth, with many companies opting to build up safety stocks as a cushion against supply chain uncertainties.
In case you missed it
- Input costs increased across all 12 Asian manufacturing economies surveyed in April, led by emerging markets, according to the latest Purchasing Managers’ Index data.
- Deep-sea mineral mining could begin next year as the US is expected to issue a permit as early as the first quarter of 2027, Ilya Epikhin, head of global natural resources at consultancy Arthur D. Little, said in an interview with Platts, part of S&P Global Energy.
- China’s bank-affiliated leasing companies are vulnerable to oil shocks through their exposures to airlines and shipping firms, but sufficient capital and strong parental support should bolster their defenses against volatility, according to S&P Global Ratings.
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