S&P Global

Corporate Japan's new normal is adapting to structural change. Factors specific to Japan are pushing a transformation. Those factors are a stagnating domestic market and growing emphasis on shareholder value. Global structural shifts related to AI and the energy transition add further impetus for change. We expect Japanese corporations to continue to redefine their core businesses to make strategic decisions around business reorganization and potential acquisitions. Event risk will likely increase as the number and size of acquisitions grow. Changes in business portfolios, as the companies pursue growth and improved capital efficiency, will have an impact on credit quality, too. Read more with @SPGlobalRatings: okt.to/dK0Gs7

Geopolitical shocks, from armed conflict and energy disruptions to trade-route blockages, create an information environment that is fast-moving, interconnected and difficult to assess in isolation. For risk, credit and investment teams, the challenge is not just understanding what is happening, but how events are transmitted across economies, sectors, entities and portfolios in real time.  Discover more with @SPGMarketIntel: okt.to/X1qytc

The global data center sector is experiencing unprecedented demand and growth, driven by rising data usage, cloud migration, and AI adoption. AI has significantly increased the need for data center infrastructure and power, particularly for the initial training of large language models (LLMs) and the expected widespread adoption of AI inference. Global data center construction is set to increase to approximately $280 billion in 2026 and potentially to about $330 billion in 2027, according to 451 Research. @SPGlobalRatings rates approximately $24 billion of data center asset-backed securities (ABS) notes across 17 master trusts globally as of first-quarter 2026, an increase from about $12 billion as of end of 2023. Get more insights: okt.to/b1QyNB

From @SPDJIndices: When Charles Dow published his first industrial average on May 26, 1896, Asia’s great stock exchanges had barely been born. Tokyo’s bourse was just 15 years old; Hong Kong’s exchange had yet to open its doors. Today, many Asian markets take cues from the close of the Dow Jones Industrial Average® (DJIA) before trading begins the next morning. That overnight signal—whether positive or negative—often influences sentiment across Asia-Pacific markets at the open. The Dow® crossed 50,000 for the first time on Feb. 6, 2026, a milestone that triggered a surge across Asia-Pacific indices the following session. The relationship between The Dow and the Asia-Pacific region has only deepened over 130 years as supply chains, capital flows and technology have woven the East and West into a single market fabric. Read more: okt.to/oVu7qX

Just as Latin American musicians dominated global charts in 2025, the region’s equities delivered quite the performance last year. While markets navigated shifting interest rates and economic transitions, Latin America stood out as a top-performing region worldwide. The S&P Latin America BMI hit a high note, surging by 53.8% for the year, outperforming the S&P Global BMI by 31.8% in U.S. dollar terms. Read more with @SPDJIndices: okt.to/kUnpvc

India's decision to raise fuel prices by a modest amount for the first time in four years is unlikely to dent domestic demand for gasoline and diesel, but refiners could come under pressure to increase pump prices further if global crude oil prices remain elevated in the foreseeable future, analysts and refining sources said May 18. The move by state-run refiners to raise retail gasoline and diesel prices by Indian Rupees 3/liter is likely to do little to help them recover a substantial portion of the under-recoveries they have incurred since the start of the conflict in the Middle East. However, it highlights the government's efforts to keep inflationary pressures in check for now, they added. Read more with @EnergySPG: okt.to/7oz1Cm

From @SPGlobalRatings: China's e-commerce and delivery firms see the future and it will be airborne. Entities are pivoting to drones; those that don't may lack differentiation and be left to compete mainly on price. In China's often cutthroat marketplace, that can be perilous. The main players in this sector have different aims. For example, Meituan (BBB+/Negative/--) views drone delivery as an important extension of its push into on-demand delivery (order fulfilment within one hour). We believe JD Logistics views drone adoption as a way to increase efficiency and to cut costs on rural routes. Get more insights: okt.to/YI4vhg

Step into the future of asset management at the 18th Japan ETF Conference in Tokyo on June 2-3! Hosted by @SPDJIndices, the Japan ETF Conference is Asia’s largest passive investing institutional conference. This year’s event will bring together industry leaders and experts to discuss key topics and trends that are top-of-mind for investors in Japan and beyond. From Japanese government initiatives to BOJ policy development and the growing role of ETF solutions, the conference will be packed with engaging discussions and valuable networking opportunities. Throughout the two days, our S&P Global experts will take the stage and share insights on the global economic outlook, AI breakthroughs, the transformative role of DeFi, and more - offering a comprehensive view of the market landscape to help investors navigate today’s complex environment with confidence. Register now: okt.to/WodvUD

In this episode of Look Forward, host Aries Poon discusses the macroeconomic implications of the Middle East conflict with Paul Gruenwald, Global Chief Economist at S&P Global Ratings.   Listen to the full episode: okt.to/8sRjQK

Tough market conditions in China and U.S. tariffs have left a mark on the global auto industry. Both weigh on an already subdued outlook for 2026. As a result of the Middle East war, we have revised our volume forecasts. While our ratings are unaffected for now, the auto industry remains on edge, as competitive pressures and high supply chain costs coincide with mounting inflation-driven demand risk. Trade tariffs and intensifying competition have already pushed the negative rating bias for auto OEMs close to a record 50%. Read more with @SPGlobalRatings: okt.to/23LVpF

India's frozen shrimp exports rose 8% on year to a record 719,985 mt in 2025 despite a 50% US tariff introduced in August. Shipments to the US fell 13% over the year, while exports to China, Vietnam and the EU increased. India's shrimp exporters are likely to see a gradual recovery in shipments to the US in the second half of 2026 following trade flow disruptions due to tariffs announced in last year, according to Willem van der Pijl, co-founder and managing director of the Global Shrimp Forum. Read more with @EnergySPG: okt.to/yGZ1zl

From @SPGMarketIntel: Input costs across Asia rose sharply in April amid the war in the Middle East and surging energy prices. While output prices also increased accordingly, analysis of PMI® data suggests that companies are not passing on rapid cost increases in full. The gap between what firms are paying and what they are charging has important implications for inflation and interest rates. Input costs rose across all 12 Asian manufacturing economies surveyed in April, the bulk of which are emerging markets. Taiwan, Myanmar and South Korea posted the steepest rates of inflation. With the sole exception of Malaysia, output price inflation remained well below that seen for input costs in every country, signalling that firms are absorbing a meaningful share of the rising cost burden. Get more insights: okt.to/3f6mVR

The following list ranks the global portfolio of investment-grade aerospace and defense companies rated by @SPGlobalRatings, from strongest to weakest. The cohort includes 25 investment-grade companies, with 13 based in North America, nine in Europe, two in the Middle East, and one in South America. We have ranked these companies by rating, outlook, stand-alone credit profile (SACP), and business risk and financial risk profiles. Companies are then listed in alphabetical order if not distinguished by these factors. Discover more: okt.to/bBoiWE

From @SPGMarketIntel: In this episode of Private Markets 360°, we welcome Kurt Nye, CIO and Managing Partner at MAI Capital Management. Having helped grow MAI from a $2 billion boutique to roughly $70 billion in assets under management, Kurt shares his insights into how private market investing is evolving from an institutional-only allocation to a core component of wealth client portfolios. He discusses the importance of education and transparency, setting expectations around the J curve, the role of secondaries in smoothing returns and more. Listen to the latest Private Markets 360° podcast episode: okt.to/xDPTiR

From @EnergySPG: Singapore Airlines Group has warned that the full impact of the Middle East fuel shock will weigh on its earnings in the next financial year, as elevated jet fuel prices are billed on a delayed basis and broader macroeconomic conditions could affect demand amid a prolonged crisis. The remarks come even as SIA posted strong FY2025/26 results for the year ended March 31, when its fuel hedging resulted in a S$218 million (US$170 million) gain in the second half of the year, compared with a S$13 million loss in the same period the year prior, according to exchange filings on May 14. Get more insights: okt.to/7RxL5T

In this episode of "MediaTalk," the @SPGMarketIntel team brings together reporters from around the globe to unpack the seismic shifts underway in the space technology sector. With SpaceX’s highly anticipated IPO on the horizon, the team explores how this historic event could reshape not just the space industry, but the broader IPO market. Key insights include the changing dynamics between SpaceX and the US government, with Defense Department contracts now outpacing NASA’s. The team examines how these factors complicate investor visibility and legal protections — especially as SpaceX considers waiving traditional lock-up periods. Listen to the latest MediaTalk podcast episode: okt.to/2InyH9

The European Union's decision to remove Brazil from its list of approved exporters of animals and animal products over non-compliance with antimicrobial use rules, which is due to come into effect Sept. 3, would have the greatest impact on beef and poultry sectors in the South American country. The EU announcement May 12 -- which comes just days after Brazil registered its first transactions under the Mercosur-EU tariff-rate quotas that took effect May 1 -- leaves Brazilian producers with just over three months to demonstrate compliance with EU sanitary and antimicrobial standards. Read more with @EnergySPG: okt.to/t7QBlm

From @SPGMarketIntel: Securities lending revenues surpassed $1.5billion during the month of April, the highest monthly total of the year so far 2and a 42% increase when compared with April 2025. Average fees climbed 6% year-on-year to 46bps as balances continued to grow, topping $4trillion on April 28th. Equity revenues continued to grow when compared year-on-year across all regions. The strongest growth was seen across Asia (+84%) and EMEA (+44%). Americas equity revenues also outperformed but to a more modest extent (+16%).  Get more insights: okt.to/iRPayx

The 2026 men’s FIFA World Cup is scheduled to take place in Canada, Mexico and the US from June 11 to July 19. Forty-eight national teams will compete at venues in 16 host cities: two in Canada (Toronto and Vancouver), three in Mexico (Mexico City, Guadalajara and Monterrey), and 11 in the US (Atlanta, Boston, Dallas, Houston, Kansas City, Los Angeles, Miami, New York, Philadelphia, Seattle and San Francisco Bay Area).  The World Cup is designated by the US Department of Homeland Security (DHS) as a Special Event Assessment Rating (SEAR) Level 1 event, the highest federal security classification, requiring the integration of physical barriers, surveillance and emergency protocols. Approximately 50,000 police and security personnel will be deployed across all US venues, increasing capacity for intelligence collection/fusion, investigative disruption and interagency coordination. Read more with @SPGMarketIntel: okt.to/fzitK6

Energy access and reliable grids are prerequisites for AI development and compute sovereignty. We estimate the global buildout of planned data center facilities could exceed $200 billion per year, notably excluding the cost of IT equipment and electrical infrastructure. Read our latest research: okt.to/7LSCBl