Markets 24-Hour Briefing

Public Markets

Last updated: November 3, 2026, 3:40 PM ET

Deals & Corporate Activity

Mark Walter wsj.com is in talks to sell a stake in the Cadillac F1 team, with John Henry's Fenway Sports Group among the bidders at a substantial valuation. Walter is also exploring a sale ft.com of the $71bn insurer Delaware Life, a deal that could form part of a broader restructuring of his holding company. Foodtastic launched a hostile bid wsj.com for MTY Food after its earlier approach was rejected, and offered $720 million bloomberg.com for the Canadian franchisor. Marvell agreed to buy Lumentum ft.com in a $115bn all-stock AI bet. Apollo lent a record $114bn ft.com as it expanded into the AI financing boom, while Morgan Stanley offered $2.3 billion bloomberg.com of debt for a Dell family deal. Permira sold Octus wsj.com to the London Stock Exchange for $3.54 billion. Shell agreed to sell a stake ft.com in its Australian gas assets to Abu Dhabi's XRG for $1.45bn, and JD.com cleared EU review ft.com to buy Ceconomy for €2.2bn. Cinven agreed to buy Theramex ft.com in a €2.6bn private equity deal, and Carl Icahn's CVR Energy neared a $4 billion wsj.com deal for Marathon refineries.

Tech & AI Markets

AI-linked credit is getting pricier ft.com as investors demand more to finance the data centre boom. Nvidia told data centre clients ft.com to reduce China exposure. Apple warned of "unprecedented" memory chip costs ft.com that will hit margins, and shares slipped as the warning overshadowed a robust sales forecast. Copper slumped below $14,000 bloomberg.com a ton as the tech selloff rattled LME metals. AMD faces pressure bloomberg.com to deliver a strong outlook as AI fears rise. Palantir's profit soared wsj.com as US commercial revenue overtook government business.

Energy & Commodities

Oil futures wsj.com posted their biggest one-day percentage decline since July as diplomatic progress in the Middle East weighed on prices. Saudi Aramco's profit rose 9% nytimes.com in the third quarter despite attacks on its pipelines and refineries, while Saudi Arabia's quarterly fiscal deficit more than doubled bloomberg.com as the war strains finances. The IEA warned wsj.com the Iran war threatens a record annual drop in global LNG supply. Diamondback Energy raised production targets wsj.com again as revenue grew. Ukrainian drones hit Russia's Yanos refinery bloomberg.com in a massive overnight attack. Congo seized thousands of tons bloomberg.com of copper and cobalt in an illegal mining probe.

Central Banks & Rates

The Bank of England's rate path has divided bloomberg.com traders and economists ahead of an expected hike. Australia raised rates ft.com to 4.85%, the highest since the 2008 financial crisis, in its fifth increase this year. Bank of Canada Governor Tiff Macklem said fiscal policy bloomberg.com is not yet stoking inflation. Treasuries fell bloomberg.com after a gauge of US job openings beat estimates, and the dollar turned higher wsj.com as Treasury yields rose. JPMorgan's Bob Michele urged the Treasury bloomberg.com to scrap the "orphan" 20-year bond. China halted new IPO listings ft.com to bolster struggling markets, after the CSI 300 posted its worst month in over a decade in October.

Earnings

Pfizer raised its profit forecast ft.com as new drugs offset falling Covid product sales. Ferrari lifted guidance again wsj.com on strong demand for car customizations. Unilever outlined $1.1 billion wsj.com in savings as it plans a leaner future away from food. Schaeffler will cut 3,460 jobs wsj.com in Europe as the auto industry deteriorates. Apollo swung to a loss wsj.com on investment-related losses. Clorox trimmed its full-year outlook wsj.com on higher costs. Thomson Reuters posted a profit drop wsj.com after a year-earlier asset sale gain. Apple beat expectations wsj.com, though its new CEO warned margins may weaken in future quarters.

Hedge Funds & Markets

Major hedge funds mostly lost money bloomberg.com in an October that brought a sharp AI rout, with Marshall Wace and Millennium among the hardest hit. Technology stocks led the S&P 500 bloomberg.com higher on Election Day. UBS sees a combustible setup bloomberg.com for an S&P 500 rally after the vote. Elliott warned of market risks wsj.com in a note to investors. Apple remains an AI safe haven wsj.com among big tech names.

Politics & Regulation

Americans went to the polls ft.com in a midterm election widely seen as a referendum on Trump's presidency. Trump said the US will end nytimes.com $4 billion in aid to Israel at the end of the year. The CFTC approved trading bloomberg.com in US stock perpetuals contracts. OpenAI and Anthropic set up war rooms nytimes.com to counter midterm disinformation. Paraguay seized the digital bank ft.com Ueno, which has ties to President Peña, over solvency concerns.

Coming Up

Investors are watching the midterm results ft.com, which will set the trajectory for AI and public spending. Coal India is preparing a $1 billion bloomberg.com MCL IPO as soon as this month. AMD reports its outlook bloomberg.com on Tuesday.

Private Equity

Last updated: November 3, 2026, 3:40 PM ET

Deal Activity

Hellman & Friedman is extending its decade-long stake peinsights.substack.com in Team System, with Francisco Partners and KKR joining the investor group. CPP Investments and its partners Dream Unlimited and Dream Industrial REIT closed a $422m peinsights.substack.com Toronto logistics portfolio transaction.

Fundraising

I Squared Capital doubled its target peinsights.substack.com as its second infrastructure credit strategy reached $3bn, after closing on more than $2.4bn. Former Local Globe partner Yvonne Bajela closed a $17m debut fund sifted.eu for Evertrue Capital, targeting early-stage European startups in AI and fintech.

Alternative Managers

Apollo reported record fee earnings peinsights.substack.com and record deal origination in the third quarter, even as Athene's marks pushed the group to a $1.1bn loss. On the secondaries side, Raymond James hired two directors pei-secondariesinvestor.com to expand its secondaries advisory business.

Venture Funding

Global venture funding reached $59bn in October news.crunchbase.com, up 45% from a year earlier, driven by a record Chinese startup deal. Trajectory AI raised $45m techcrunch.com to make AI model training accessible to nontechnical users, a round that values the one-year-old company at $300 million.

Secondaries and Market Structure

New Mountain's Klinsky said single-asset continuation vehicles pei-secondariesinvestor.com are "in the first inning" of private equity adoption, signaling further growth in the segment.

Governance and Risk

FIFA will open confidential files peinsights.substack.com on its scrapped World Cup private equity plan to members of its ruling Council. Separately, researchers found sensitive user data sifted.eu exposed in apps built on the Lovable platform.

Coming Up

The Tech Crunch Founder Summit takes place in Boston on Nov. 4 techcrunch.com, with ticket prices set to rise after tomorrow.

Sector Investment

Last updated: November 3, 2026, 3:40 PM ET

Infrastructure Investment

Gulf infrastructure demand is rising steadily infrastructureinvestor.com, though new cost pressures are forcing investors to reassess how much risk premium they should demand across the region.

Real Estate Investment

The real estate sector is under pressure perenews.com to modernise as the total portfolio approach gains traction, with industry leaders calling for more coordinated action.