Public Markets 24 Hours

Last updated: September 1, 2026, 2:27 PM ET

Global Equities

US stocks fell after renewed hostilities between the US and Iran near the Strait of Hormuz stoked inflation concerns. The Nasdaq 100 Index tumbled on Tuesday, on track for its worst day in two weeks, as traders braced for interest-rate hikes amid oil spikes and bond jitters. Stock futures slipped in early trading with weakness in chip stocks hurting the Nasdaq. The decline capped August as war fears persisted, with oil rising on new fighting in the Strait of Hormuz.

Asia-Pacific Equities

Asian stocks are set to follow Wall Street's decline as oil's surge revives inflation concerns. The Nikkei fell 1.0%, dragged by chip stocks as concerns about the Iran conflict resurfaced. Japanese companies nevertheless boosted capital investment in the second quarter as profits surged, with the corporate sector coping fairly well with the Middle East fallout. India's new closing auction absorbed a record $4.2 billion of MSCI index rebalancing trades, yet sharp price swings persisted — about 60 of 210 stocks hit their 3% limits. India's rupee strengthened to a two-month high as the central bank sold dollars, while HDFC Bank's newly issued dollar bonds slid to record lows after CEO Sashidhar Jagdishan's unexpected departure.

European Equities

European stocks lag the US despite cheaper valuations, largely because policymakers lean toward protecting consumers and taxpayers at the expense of investors. The dynamics keep the bloc in America's shadow. Partners Group shares slid following a drop in performance fees and a CEO change, with the Swiss private-equity group under pressure as clients soured on private markets. David Layton stepped down amid a surge in redemption requests.

Bonds

Global bonds continued their selloff as yields surged Tuesday on US-Iran tensions reinforcing inflation expectations, stoking concerns about rate hikes. Rising energy costs are the inflationary trigger and one key concern pushing yields higher. Government borrowing costs are hitting multi-decade highs around the world, reflecting anxiety about debt levels and deficits. A global selloff sent yields to the highest level since 2008 as traders ramped up Fed rate-hike bets. The US 30-year bond enters September on its worst stretch since 2006, with yields elevated for this long only once in two decades.

Japanese 10-year government bond yields hit 3% for the first time since 1996 with Treasury Secretary Scott Bessent signaling he expects the Bank of Japan to raise rates soon. A subsequent 10-year sale passed smoothly after investors positioned for a hike. The auction tested demand as yields approached the milestone. Japan's 10-year yield — a key return to normality for a debt market that languished for decades.

The selloff spread to emerging markets as investors dumped riskier debt on Fed hike expectations. Malaysian bonds lagged peers in August on supply and rate-hike concerns. One of China's largest Mercedes dealerships saw dollar bond yields surge amid the economic slowdown. Meanwhile, a trillion-dollar dislocation hides in the calmest credit markets.

Global bond yields soared in a challenge to government borrowing. Sticky inflation is roiling bond markets again. Asia and US yields rose as oil stoked inflation fears. UK borrowing costs surged, raising the spectre of Budget tax rises as the prime minister and chancellor prepare the October Budget. Yields on 10-year JGBs also rallied after the Fed chair's speech.

Oil & Commodities

Oil futures pushed higher after the biggest gain in three weeks as fresh US-Iran hostilities raised concerns about prolonged disruptions through the Strait of Hormuz. Two oil tankers were attacked near Oman on Monday, lifting prices more than 2%. A Saudi and a South Korean tanker were hit in a Strait of Hormuz attack after a period of relative calm. Two supertankers attempting to exit the strait were struck by projectiles, the latest sign of renewed hostilities. The oil-flow recovery through Hormuz is imperiled by attacks that threaten higher export levels.

Oil rose on the prospect for prolonged disruptions. President Trump summoned US refiners as the Iran war pushes up fuel prices ahead of a meeting as high living costs sap his popularity. The administration granted oil refiners the highest biofuel waivers since 2017, the biggest level of exemptions from blending mandates in nearly a decade.

Currencies

Asian currencies consolidated against the dollar in early trade but were weighed by ongoing Middle East tensions. Japan's finance minister Satsuki Katayama is navigating mounting pressure to strengthen the yen while balancing demands from Tokyo and Washington. Bessent urged Japan to raise interest rates, telling officials the country's next step should be a hike — a reversal from past policy. Bundesbank president Joachim Nagel criticized the US for selling euros to support the yen.

The Indian rupee strengthened to a two-month high with RBI support. The Colombian peso slumped 2.1% as a 9.4% deficit rattled Wall Street, sparking one of the worst selloffs. Uruguay's peso funds helped drive a dedollarization push as investors park wealth in peso assets, with the trend accelerating via money-market funds.

Commodities

Gold steadied after a two-day decline as Mideast tensions raised Fed rate-hike bets. Gold rose on softer data and easing yield pressures. Gold-miner stocks capped their best August in decades in a debasement trade redux. Soybean futures hit their highest since 2023 after biofuel waivers. Zinc climbed to the highest in four years on supply constraints. Gold miners rallied 33% in August — the best performance since 1994.

Australia raised its wheat crop forecast to 29.9 million tons after strong winter rains, just as the worsening Black Sea crisis creates demand. Cocoa harvests face new threats from El Niño and disease in West Africa.

Energy and Utilities

Natural gas prices in Europe rose as Qatar LNG disruptions stretch into winter, leaving the market vulnerable. Restricted Gulf flows threaten Qatari supply heading into the Northern Hemisphere winter, ING said. Gas will be needed for decades despite the UK's push, argues an FT commentary. Australia's Beetaloo shale gas started commercial production as debates rage on fossil fuels versus AI demand. Medtronic raised its outlook and invested over $780 million in heart tech and robotics. Fervo secured its largest-ever geothermal power deal with Google.

Deals and M&A

The great British takeover trend has passed $100 billion after a summer deal surge. Bodycote agreed to a £1.84bn US buyout by Veritas, the latest in a flurry taking UK companies off the London market. Veritas Capital agreed to buy Bodycote for £1.65 billion after raising its bid to trump CVC. GoPro is being acquired for $285mn in cash after a decade-long decline — shares jumped as much as 80%. James Dyson's new venture includes a $499 smart toothbrush.

Frasers Group plans to increase its Hugo Boss stake above 50%. A joint venture between Ares and Scion bought US student housing properties for about $435 million — the second deal in their partnership. Ares also raised $3.8 billion for a Japan-focused logistics fund in its largest real estate raise.

Jollibee is eyeing Hong Kong as a listing venue for its overseas arm, advancing a plan to split international and domestic businesses. The FTC filed a lawsuit against Amazon, with more than 20 states, alleging deceived advertisers. The FTC's suit covers Amazon's secret ad pricing system that raised price floors after bids, costing advertisers billions. The commission claimed Amazon overcharged about 1.2 million businesses to promote their products. The European Union is accelerating its €90 billion ($104 billion) loan to Ukraine as a funding shortage hits Kyiv. Senegal will rework debt under a new $2.2 billion IMF deal, sending its eurobonds down.

IPOs and Capital Markets

Shein's shares slid 10% in a Hong Kong debut at a bargain-basement valuation after raising $1.7bn at an effectively lower $26bn valuation. The lackluster debut shows the fast-fashion model is being left behind by investors. The company had 4.4 billion reasons to speed its IPO along, avoiding paying out billions to early investors. Westinghouse Electric wants to ring a nuclear revival to an IPO with the US government as an ally. SB Energy filed for an IPO with Nvidia backing, planning to trade on Nasdaq under the symbol SBE.

WPP is cutting 1,000 more jobs as AI reshapes the advertising and marketing industry. UK shop price inflation hit a two-year high after the energy spike. IKEA is cutting prices by 15% to 25% across Europe with an investment of €1.2 billion — 1,500 products in 20 countries to counter living costs. MISC, Maersk and the latest auto & transport roundup covered key moves.

Central Banks and Policy

Efforts to fight the economic war against Iran are receiving support, per Treasury Secretary's remarks at the G20. Wells Fargo analysts joined JPMorgan traders in turning cautious on US stocks heading into September — historically the worst month for equities — amid midterm elections looming. Ares raised $3.8 billion for its Japan logistics fund. Private markets funds face delays in tapping German pension cash after the €500 billion pension reform. Hedge fund disclosure deadlines were delayed again by the SEC and CFTC for the fourth time. India's central bank stepped in with dollar sales to sustain the rupee.

Blockchain and Crypto

The London Stock Exchange is preparing to launched tokenized stocks with a 2027 launch. A consortium of 21 firms including megabanks will launch a stablecoin to guard against competition from digital assets. Polymarket got a $1 billion funding round led by Trump Jr.'s firm 1789 Capital, valuing the prediction market at $21 billion up from $15 billion. The firm will invest around $300 million in the round.

The US government awarded a no-bid crypto contract to an analytics firm, sparking a legal fight and criticism. Kalshi suspended a Republican House candidate for betting on her own race and fined her nearly $2,600; she called it a "dumb mistake."

Tech

Apple named John Ternus CEO, replacing Tim Cook — Cook's 2,275% stock gain is a tough act to follow. Ternus inherits an asset-light, option-rich legacy. Anthropic signed a $35 billion cloud deal backed by Nvidia — which will supply chips to a Texas data center. America can't win the AI race if the rollout lacks public support — says FT: a national dialogue is needed. Data center panic and US decline — anxiety is more reality than panic; Trump is finally speaking up.

Executive Changes

Swiss finance minister Karin Keller-Sutter criticized lawmakers' compromise proposal for a US-style capital plan "in favor of the bank and against taxpayers." Hedge fund Elliott has taken a stake in Air Liquide to boost margins — a move that clarifies a pressure campaign. UPS shook up its operating model and named a chief global operations officer. Swiss Life plans to cut around 600 positions by end-2028.

Political Economy

On the trial front, Duane Keith Davis was convicted of orchestrating Tupac Shakur's murder. The FDIC defeated an investor claim to SVB deposits as a federal judge ruled creditors of SVB Financial aren't entitled. The FHA's mortgage insurance fund is financially sound — it protects homeowners and prevents expensive foreclosures. A whistleblower says USPS is secretly proceeding on Trump's mail voter plan before midterms imperiling millions of ballots. Nepal is seeking $5 billion from a UN climate fund, blaming climate change for a disaster costing 5 billion.