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Public Markets

Last updated: June 25, 2026, 5:30 AM ET

Global Equity Markets

U.S. stock futures pointed higher as Micron Technology's better-than-expected earnings report revived enthusiasm for the artificial intelligence sector. Asian markets broadly followed suit, with semiconductor-heavy benchmarks leading gains after the previous day's selloff. Thailand's stock market has emerged as a surprise winner in Southeast Asia, posting the best year among its regional peers due to investor discovery of AI exposure. In Europe, German dealmakers are experiencing one of their busiest M&A periods in decades, with transactions in engines and elevators pushing the country's deal value past $120 billion.

Technology & AI

Micron Technology's shares surged after-hours following strong third-quarter earnings, driven by the global memory chip shortage and the AI boom. This performance is expected to drive a 30% upside for SK Hynix ADRs as the valuation gap narrows with its U.S. rival. SK Hynix itself plans a U.S. listing in spring 2027, aiming to capitalize on investor demand for AI-linked semiconductor shares via depositary receipts. The company's shares jumped 12% following the announcement of its $29 billion U.S. listing plans, fueling valuation hopes. Meanwhile, Alibaba Group Holding Ltd. saw its shares slide to a 16-month low after AI firm Anthropic accused the Chinese tech giant of illicitly accessing its artificial intelligence model. Meta is accelerating plans to replace human content moderation with AI, utilizing large language models across its platforms for content and ad review.

Energy & Commodities

Oil futures fell toward prewar levels as Gulf shipping routes resumed, with Brent crude dropping below $72.48 a barrel, the price seen before the Iran conflict erupted. This easing of tensions has also led insurers to slash war premiums for ships in the Strait of Hormuz by more than half. Qatar has joined other Persian Gulf nations in reviving crude sales, with the nation selling LNG to Asia as regional producers ramp up activity post-U.S.-Iran peace deal. Iraq has warned it might consider leaving OPEC unless granted a higher oil production quota, just months after the UAE's departure. U.S. oil shale executives are concerned that the White House's communications regarding the Iran conflict are sowing market chaos and making future planning difficult due to erratic messaging. Palm oil futures saw their biggest drop in over a month, tracking declines in crude and soy oil, with a strengthening ringgit also contributing to headwinds in demand.

Financial Markets & Banking

All of the largest U.S. banks cleared the Federal Reserve's annual stress test, immediately enabling them to increase share buybacks and dividends. Commerzbank stated that a small portion of its institutional investors have accepted UniCredit’s takeover offer, a shift from previously reporting no tenders for shares. China is urging domestic rating firms to reduce the concentration of top-tier AAA ratings in its bond market, a move to improve credit risk assessment after years of record issuance. China has also begun marketing up to €5 billion ($5.7 of sovereign bonds, potentially its largest euro-denominated deal ever on record. Hungarian bonds have rallied to yields approaching those in the UK, signaling investor confidence in the new government's economic plans and potential Eurozone entry amidst economic fixes.

M&A & Corporate Deals

Germany's dealmakers are seeing a resurgence in M&A activity, with transactions in the engine and elevator sectors driving the country towards its busiest year in decades for deals. Bain Capital is nearing a deal to acquire a controlling 51% stake in Volkswagen AG’s heavy diesel engine unit, Everllence, concluding a competitive private equity auction for the division. H.B. Fuller Co. is reportedly close to acquiring Advanced Medical Solutions Group Plc for £628 million ($827 , valuing the British maker of tissue-healing medical products at that equity level. Hollywood power broker Ari Emanuel is in advanced talks to purchase theatre group ATG Entertainment for £4.5 billion, eyeing expansion into Broadway and the West End for the group.

Currencies & Rates

Japan’s government is signaling increasing willingness to intervene in currency markets to support the yen, which has seen a significant tumble to historic lows. The weak yen could provide Japan's carmakers with an estimated $5.8 billion profit windfall this year, even as authorities attempt to curb its slide from 40-year lows. The Hong Kong dollar is nearing the weak end of its trading range due to low volatility and cheap borrowing costs, making it easier for traders to short the currency against the U.S. dollar at this time. The European Central Bank's priority remains inflation control, a task aided by retreating oil prices, according to Governing Council member Ante Zigman on price stability. Meanwhile, ECB Executive Board member Isabel Schnabel indicated that further interest rate hikes may be necessary to meet the 2% inflation target for the bank.

Other Markets & Developments

The Chicago Mercantile Exchange plans to launch wind derivatives across the U.S., Europe, and Australia, reflecting the growing role of renewable energy in power generation globally. China's central bank is introducing an overnight tenor into its open-market operations as part of a policy shift aimed at reshaping how it steers short-term borrowing costs in the market. Some major Chinese banks are shutting down retail precious metals trading services following a reversal in gold and silver prices after a multiyear rally in those metals. Bitcoin is facing pressure from a massive options expiry, potentially exacerbating current market struggles caused by fading institutional demand and macroeconomic headwinds for the asset. Bitcoin's slide below $60,000 again is reviving concerns about market liquidity when major buyers face pressure from retail shifts. Australia's housing downturn has erased A$185 billion ($128 from the nation's top two markets this quarter, a factor likely to impact consumer wealth and spending nationwide.

Global Incidents & Geopolitics

Two powerful earthquakes struck Venezuela, causing death and destruction, with the largest quake estimated to be deadlier than a 1900 event of similar magnitude. Hospitals in Europe are canceling operations due to a lack of air conditioning amid record June temperatures, with up to 4,000 surgeries at risk from the heat. Record heat waves across Europe have led to temperature records being broken in several countries this week. In the U.S., Senate Republicans rejected a resolution directing the president to end the war against Iran, a day after a bipartisan rebuke, in a late-night vote aimed at appeasing the president on the matter. The U.S. Justice Department and a bipartisan group of states are nearing a resolution with Cal-Maine Foods Inc. and other egg suppliers regarding an investigation into alleged illegal price coordination in the market.

Private Equity

Last updated: June 25, 2026, 5:30 AM ET

Automotive & Industrial Carve-Outs

Bain Capital is poised to acquire a 51% majority stake in Everllence, a Volkswagen Group unit, in a deal valued at €7.4 billion. The transaction signals a significant carve-out within the automotive giant's operations. In a separate industrial move, Tikehau plans to divest Aubert & Duval, a specialist in complex metallic materials, to aerospace consortium Airbus and Safran. Meanwhile, One Equity Partners has bolstered its industrial footprint by acquiring automotive glass distributor Windshield Surgeons through its portfolio company PGW.

Consumer & Retail Investments

Quadrivio & Pambianco, Capdesia are set to acquire Alice Pizza, a fast-casual chain with 231 sites across Italy and internationally. The deal marks a significant expansion for the Italian pizza brand. HSG has finalized its acquisition of luxury brand Golden Goose, with Temasek and True Light Capital joining as minority shareholders. In a move reflecting the growing interest in franchise models, Orangewood Partners, Great Hill, and Bessemer are investing in businesses that leverage AI for customer feedback and service in the restaurant and retail sectors.

Technology & AI Focus

Abu Dhabi's MGX has secured nearly $50 billion for a new fund dedicated to artificial intelligence infrastructure and technology, positioning itself as a major player in the sector. This significant capital raise underscores the global surge in AI investment. In a related development, Innovius Capital led a $46 million Series B round for XCures, a startup utilizing AI to streamline medical records and patient data. Visionaries' general partner Judith Dada has also joined AI startup Langdock as co-CEO, indicating continued senior talent movement into the AI space.

Venture Capital & Fundraisings

The British Business Bank is backing 10 venture capital funds with a £90 million allocation

Sector Investment

Last updated: June 25, 2026, 5:30 AM ET

Real Estate

Prologis launched a $16.6 billion hostile bid for rival UK real estate investment trust Segro, after the target's board "unequivocally" rejected the U.S. logistics giant's initial offer. The bid is now proceeding directly to Segro's shareholders. In a separate development, Schroders’ Asia real estate head is set to step down less than a year after joining the firm, although he will remain in an advisory capacity for several months.

Infrastructure & Private Equity

Infrastructure funds are heralding a "phoenix moment" for Uniper, signaling renewed investor interest in the sector. Allianz Global Investors, through its co-heads of infrastructure funds and co-investments, has identified "a lot of attractive opportunities" in the infrastructure secondaries market, driving increased focus on this segment. Meanwhile, LLR Partners has completed a strategic investment in Axis Care, a move underscoring ongoing private equity activity within the healthcare and life sciences technology space.