Public Markets
Last updated: September 30, 2026, 2:02 PM ET
Global Equities
Global equities steadied on Wednesday as cooler-than-expected US inflation data prompted traders to trim bets on an October Federal Reserve rate hike, with futures pointing higher in early European trade. Asian markets mostly rose on the reduced rate-hike prospects, though gains were capped by persistent oil-price concerns. US stocks ended modestly lower after a worrying monthly survey of consumer confidence, even as a stronger-than-expected GDP reading helped the Dow open higher. Traders pared back their October hike expectations following the PCE data, which showed the Fed's preferred inflation gauge holding firm.
Currencies
The dollar is wrapping up its best month since June as a surge in bond yields spills over to the greenback, with the WSJ Dollar Index rising 0.11% to 96.96. The yen strengthened past 157 per dollar, outperforming all G-10 peers, while the euro rose against the dollar after reaching a recent low. Mexico's peso has become the worst-performing currency in the world this month, sliding 6% as carry traders flee, while the RBI's net short dollar book surged past $200 billion on forex intervention plans.
Fixed Income & Rates
Long-term Treasury yields pushed higher despite a decline in oil prices, while the two-year yield fell as investors found some reprieve. The pace of the bond selloff is now critical for stocks, according to Goldman's Oppenheimer, as strong earnings keep equities on solid footing. Investors are snapping up Australian bonds on signals that rate hikes are nearing an end, while long-term Treasury yields slipped as investors found reprieve. A surge in bond yields is spilling over to the dollar, with the greenback index having its biggest monthly gain since June.
Commodities
Natural gas futures fell below the $3 per million British thermal units threshold, though prices are slowly approaching that level again amid mild US weather forecasts. Gold held steady as traders awaited key US inflation data, with the new front-month contract settling 0.27% higher at $4,147.70, though prices remain headed for a monthly loss. Oil held losses as Middle East exports near pre-war levels, with analysts saying flows through the Strait of Hormuz remain stable. OPEC+ is likely to stick with its plan for steady quotas, according to delegates.
Energy & Industrials
The US oil industry warns that diesel prices will not return to normal for a year, according to a Dallas Fed survey of energy executives. Chinese oil refineries are only using 75% of their capacity, raising questions about potential government intervention in the diesel market.
Equities & Corporate
Turkish stocks are on course to enter a bear market amid fund turmoil, while South Korean stocks are about to lose a key source of support as Samsung and SK Hynix near the end of their buyback programs. Real estate stocks represent a bold bet on monetary policy reversal, with pessimism severe as interest rates remain elevated. AI voice start-up Eleven Labs has doubled its valuation to $22bn in a share sale, while Robinhood is betting on AI trading bots that trade while users sleep.
Regulation & Policy
The EU has backed rules to ban pesticides in imports, while a US chemicals giant criticized the EU's decarbonisation incentives as not adding up. Trump is being sued over a move to claw back $810 million in federal funds set to expire. The UK needs to do more to support its own AI companies, with the prime minister needing a plan to avoid a US ban on Chinese technology.
Sports & Consumer
Manchester City was found to have artificially boosted its finances by more than £900mn, according to an independent commission. Chanel has designed its first Boat Race trophies, while luxury watches must win back wrist space from smartwatches and health-tracking rings.
Emerging Markets
Foreign money is fleeing India again as the oil spike undoes policy gains, while Capitec has increased provisions amid inflation and rate pressures in South Africa. Fintech Zilch has tapped banks for an IPO next year, while Hartford Insurance has named A. Morris Tooker as its next CEO.
Market Strategy
Investors should not own bonds and be cautious with stocks, as balance sheets become unbalanced and growth may suffer. DeepSeek and Huawei are targeting a key source of Nvidia's AI software monopoly, potentially reshaping the competitive landscape.
Private Equity
Last updated: September 30, 2026, 2:04 PM ET
Fundraising
Princeton Equity Group closed its third flagship fund at a $1.3bn hard cap, nearly 50% above its $875m target, underscoring institutional appetite for franchise-focused strategies. Two Google alumni raised $11.3M for BAG Ventures Fund I to back enterprise-ready AI startups. Brenton Point Capital Partners added five hires, growing from seven to 12 employees as the lower middle-market firm scales.
Valuations & IPOs
Oura delayed its $2.2bn Nasdaq IPO, putting investor exits on hold as market uncertainty persists. Eleven Labs doubled its valuation to $22bn via a tender offer, while a16z-backed Elise AI raised $350M at a $4B valuation. Anthropic’s prospectus revealed the true cost of its AI ambitions as the company preps for a public offering.
Energy & Infrastructure
Arc Light Capital took a 50% stake in the 5.4GW IATP power portfolio, comprising 11 North American power infrastructure assets. Antin Infrastructure Partners sold Vicinity Energy to Harrison Street at a $2.9bn enterprise value. Center Rock Capital closed a continuation vehicle for Power Services Group, led by New 2ND Capital.
Technology & AI
Sequoia-backed Juicebox landed in London to challenge Jack & Jill in the childcare marketplace. Backed and SOSV backed AI world models lab Zenithon. H Company cofounder Charles Kantor launched a new AI neocloud startup called Blackfuel. Tapestry VC warned that the safety debate is missing the risks of physical AI.
M&A & Buyouts
Apollo completed its acquisition of Japanese glassmaker Nippon Sheet Glass. HIG Capital acquired UK safety equipment distributor Arco, founded in 1884. Investindustrial hired Lone Star’s Shinichi Takahashi to lead its Japan office. EQT sold Acuon to a consortium of Hanwha Life and Centroid PE. KKR agreed a majority investment in Indian liquid storage platform Cisternina. Aspirity Partners agreed a majority stake in IoT connectivity company Onomondo.
Consumer & Services
Charlesbank-backed Spectrotel closed its merger with managed network services provider Aire Spring. Wynnchurch Capital’s EMS acquired Florida fencing and hurricane shutter distributor AMD Supply. Fusion Capital Partners snapped up Pioneer Power Group. Blue Sage Capital backed janitorial services firm Clean Team in a founder partnership. Sterling Group’s AGS acquired Chicago-area glazier Mark Industries. Gemspring Capital’s TRG acquired Ohio cybersecurity firm Fentron. LDC reinvested in UK water specialist Stonbury, with Federated Hermes co-investing. Livingbridge backed Elevare’s launch with two housing tech buys as BGF exited.
Regulation & Policy
The SEC opened the door to performance fees, pushing private markets toward retail investors. The UK’s AI minister is working “extremely rapidly” on non-compete changes. The EU’s €5bn Scaleup Fund can back UK and even US companies. Legora’s CEO said UK stock options make London expansion a “no-brainer” while Sweden is “almost impossible.”
Global Expansion & Secondaries
Pantheon planted its flag in Abu Dhabi, appointing Firas Mallah as head of Middle East, as Gulf appetite for secondaries grows. CVC DIF named former Morgan Stanley Infrastructure exec Chris Koski as North America chair. European pensions look south for climate investment opportunities. Side Letter reported that CV persons complicate key person clauses.
Carve-Outs & Sector Trends
Aurelius and Yellow Wood lead carve-out momentum in the consumer sector, with an 18% YoY increase in corporate carve-out deals. Chicago Pacific Founders Pet Fund exited CoVet in a sale to IDEXX. The VCs that could run the UK’s £1bn Scale-Up Fund are competing for the mandate.
Events & Culture
Three days left to exhibit at Tech Crunch Disrupt 2026. A day in the life with Imagi founder Dora Palfi. AI helped make a new cologne, as reported from the Human X conference. Sifted Summit’s moderators put big questions on sex, money, power, and EU Inc. How to build stress intelligence into your business model.
Sector Investment
Last updated: September 30, 2026, 2:05 PM ET
Infrastructure Secondaries
Infrastructure LPs are increasingly turning to the secondaries market, driven by high IRRs that make shorter hold periods and co-investments more attractive.
Healthcare Saa S
Noah Lewis argues that reports of Saa S's death in the AI era are exaggerated, emphasizing its continued relevance in healthcare software.
Infrastructure Rising Stars
The deadline for nominations for Infrastructure Investor's Rising Stars has been extended, offering a final opportunity to recognize emerging talent in the sector.