Daily Digest — 23 May 2026

Global markets retreated across risk assets as political turbulence in Washington overshadowed promising developments in the space sector and the Muslim world. Tulsi Gabbard’s resignation as Trump’s intelligence chief to care for her husband battling bone cancer added uncertainty to an administration already managing a controversial $1.8 billion DOJ fund to compensate alleged “lawfare” victims. Bitcoin fell 2.7% to $75,397 while Ethereum dropped 3.1%, even as crypto mining magnate Chun Wang prepares to lead SpaceX’s first Mars mission, controlling 11% of Bitcoin’s hashrate.

The space economy showed mixed signals as SpaceX launched its upgraded Starship V3 successfully despite losing the booster on return, while Blue Origin received clearance to resume New Glenn flights after April’s engine failure. Oil held steady at $96.60 as geopolitical tensions simmered, with Putin vowing retaliation after accusing Ukraine of striking a student dormitory in occupied territory.

In the Muslim world, over 1.6 million pilgrims arrived in Saudi Arabia for the annual Hajj pilgrimage, providing a significant boost to the Kingdom’s economy during Islam’s holiest period. Meanwhile, diplomatic signals between India and Pakistan suggest potential dialogue renewal despite public entrenchment, as Pakistan’s PM heads to China for high-stakes talks with Xi Jinping.

European markets faced their own pressures as the UK’s pitch for single market goods access was reportedly rebuffed by Brussels, while Labour’s decision to slash Olympic legacy sports funding drew criticism. Gold retreated to $4,523 amid the risk-off sentiment, though copper gained 1.4% on infrastructure optimism despite a deadly coal mine explosion in northern China killing at least 82.