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Public Markets

Last updated: June 26, 2026, 11:30 AM ET

Technology & AI

The artificial intelligence sector, a primary driver of recent market gains, is showing signs of turbulence, with chip stocks resuming declines and prompting a broad selloff in emerging markets. OpenAI is reportedly weighing an IPO as early as 2027, a timeline that could place its public debut after that of Anthropic, while also signaling a potential shift in the AI landscape. Separately, Apple's decision to raise prices on its devices and a potential delay in OpenAI's IPO have contributed to a global market downturn, with Asian markets tumbling and US stock futures resuming declines. Investors are growing increasingly skeptical of high AI valuations, leading to significant outflows from tech funds, marking the first investor withdrawal from US equities since March. Despite the broader tech selloff, Goldman Sachs strategists see opportunity in big tech stocks amidst chip volatility, suggesting a potential rotation within the sector. Meanwhile, DeepSeek plans a hiring spree as China escalates its AI talent war, aiming to commercialize frontier research.

Energy & Commodities

U.S. natural gas futures extended their gains for a second day, driven by forecasts of above-normal temperatures across the country for the next two weeks, with the July contract expiring amid this rally as prices increased. Saudi Arabia is ramping up crude oil exports, restarting loadings at its major Persian Gulf terminal after a nearly four-month halt, while also increasing shipments from Red Sea outlets. This increase in supply comes as oil prices return to pre-war levels four months after the conflict began, though traffic through the Strait of Hormuz continues despite an attack on a cargo ship near Oman. In a separate development, China Three Gorges Corp. is in talks to acquire a portfolio of German wind assets from NEAG Norddeutsche Energie AG.

International Markets & Trade

The U.S. merchandise-trade deficit widened to its largest in over a year in May, as exports fell and imports climbed, signaling a potential drag on economic growth. Meanwhile, Indonesia, the Philippines, and the UAE will begin accession talks to join a regional trade bloc, marking a significant step in their efforts to expand free-trade agreements. In Europe, Denmark's Export and Investment Fund has committed €200 million to the €5 billion Scaleup Europe Fund, aiming to support European tech scale-ups. Germany is urging the EU to suspend methane rules for imported gas after facing pressure from the U.S., with warnings that planned import regulations could risk gas supplies. In China, despite global climate concerns, the country plans to allow coal consumption to grow in its new five-year energy plan, prioritizing market stability.

Corporate & Dealmaking

Volkswagen is deepening its cost-cutting overhaul, with reports suggesting potential job cuts of up to 100,000 positions as part of a sweeping restructuring. Unilever is exploring a bid for supplement maker Thorne, valued at $4 billion, as it seeks to bolster its health and wellness portfolio. In the automotive sector, Bosch CEO Stefan Hartung is unexpectedly stepping down after leading efforts to cut jobs and improve competitiveness at the world's largest automotive supplier. Bed Bath & Beyond, Inc. has gained a new bull who sees upside potential based on a transformation into a one-stop shop for home improvement and financing. Boeing secured an order from China Southern Airlines valued at $3.62 billion, a significant win for the U.S. manufacturer in Asia's largest aviation market.

Financial Services & Regulation

Cantor Fitzgerald's Bitcoin SPAC is allowing investors to commit less capital than initially pledged as the cryptocurrency market experiences a significant downturn. The cryptocurrency veteran market is grappling with the question of whether the current bear market presents a buying opportunity, following a rout that erased $1.3 trillion. In the UK, regulators are proposing tighter rules for investment trusts that could make it more difficult for activist investors to gain control of listed closed-end companies. Germany's financial regulator has launched an antitrust probe into Sanofi, examining whether the French drugmaker implemented a misleading campaign against a rival flu vaccine. Wise shares surged on the Stoxx 600 index after reporting a profit beat and announcing a $500 million buyback program.

Economic Indicators & Consumer Sentiment

U.S. consumer sentiment rose in June, aided by lower gasoline prices which provided some relief amid persistent high inflation. However, sentiment remains close to record lows. In the Eurozone, consumers' short-term price expectations have fallen sharply, even before the resolution of hostilities in the Middle East. The U.S. goods trade deficit widened significantly in May, reaching its largest level in over a year due to a fall in exports and a rise in imports.

Real Estate & Infrastructure

China Three Gorges Corp. is reportedly in talks to acquire a German wind portfolio from NEAG Norddeutsche Energie AG, signaling continued international investment in renewable energy infrastructure. In Italy, Metinvest Holding is seeking a new investor for a €3 billion ($3.4 steel plant project, aiming to reduce its own commitment.

Legal & Regulatory

Bayer received a significant victory from the Supreme Court regarding its Roundup litigation, granting the German company more leverage in settling outstanding cases. The European Union is planning a 15% tax on aluminum scrap exports to protect domestic producers and prevent valuable metal from being diverted to the U.S. and Asia. In New York City, Mayor Zohran Mamdani's pledge to freeze rents for rent-stabilized apartments has been approved by a city panel.

Geopolitical Developments

Ukraine has intensified threats against Belarus, accusing its neighbor of aiding drone attacks by allowing its radio relay stations to be used for guiding Russian drones. An attack on a cargo ship in the Strait of Hormuz has prompted traffic to continue flowing through the vital waterway, though some shipowners are reviewing their exit plans amid renewed concerns about safe passage. Iran has asserted its claim to authority over the Strait of Hormuz following the container ship attack. Separately, Crimea has declared a state of emergency following weeks of intense Ukrainian strikes that have disrupted daily life on the peninsula.

Capital Markets & Listings

Permira-backed womenswear retailer Reformation has filed for a U.S. initial public offering, disclosing growing sales. Lingyi iTech Guangdong Co., a Chinese maker of electronic devices, is set to debut in Hong Kong after raising HK$8.3 billion ($1.06 in a share sale, part of the city's busiest IPO period. Elroy Air Inc., a cargo drone startup, is in advanced talks to go public through a SPAC merger, aiming for an enterprise valuation of approximately $800 million.

Private Equity

Last updated: June 26, 2026, 11:30 AM ET

Fundraising & Investor Activity

Main Capital Partners has closed a record €5.25bn in new funds, marking the largest private equity buyout fundraise in the Netherlands, achieved in under six months. Separately, Ohio STRS is planning a $1.5bn private equity pacing for its 2027 fiscal year, signaling continued institutional commitment to the asset class. Carlyle has launched a dedicated defense and reindustrialization fund, registering Carlyle Defense and Reindustrialization Partners in June, indicating a strategic focus on specific sectors. Meanwhile, EQT has secured a sustainability-linked credit facility, reflecting a growing trend in impact-focused fund finance.

Buyouts & Acquisitions

Permira and Warburg Pincus have finalized the $8.4bn take-private of Clearwater Analytics, a US investment management software provider. In a significant move within the online platform space, CVC Capital Partners is set to invest in Chess.com, the world's largest online chess platform, through its Fund IX. Warburg Pincus is acquiring Network Plus, a UK-based utility and infrastructure service provider. Partners Group-backed SureWerx has acquired Italy’s Genesi, a company specializing in work-at-height and confined space safety products. In the healthcare sector, Advent International is set to acquire Japanese home care operator JWB from MBK Partners.

Exits & IPOs

Permira is nearing an exit from Reformation, the sustainable womenswear brand, which has filed for a New York Stock Exchange IPO after approximately seven years of backing. L Catterton is exploring the sale of its stake in US supplements maker Thorne, with a potential valuation of up to $4bn, drawing interest from bidders including Unilever. JFLCO-backed Doncasters has successfully listed on the New York Stock Exchange under the ticker symbol “DPC.” Notably, KKR has flagged accelerating exits, reporting over $900m in monetization activity between March 31 and June 24, 2026, indicating a pickup in capital returns.

Sector Investments & Strategic Moves

The radiology sector is seeing significant private equity interest, with Archimed and Kain Capital among firms pursuing transactions. Latticework Capital and an Edgehill-backed entity are involved in add-on acquisitions of CDMO brands. Norwest has invested in East Range Group, a firm focused on high-purity water systems, aiming to fuel expansion in personnel, customers, and capabilities. ParkSouth Ventures-backed Infinite has acquired Greentarget UK, a communications agency for financial and professional services. HarbourView has acquired rights to certain songs written by the Wolf Cousins collective, which includes notable songwriters and producers.

In a notable strategic appointment, General Atlantic has named tennis champion Novak Djokovic as its global strategic advisor, who will collaborate with the firm's leadership and portfolio companies. The potential for private equity to leverage artificial intelligence is highlighted, with Patronus AI securing $50M to develop AI agent-testing platforms, driven by significant demand from its investor base. CVC Fund IX is backing Chess.com, joining General Atlantic on the platform's register.

Valuations & Market Trends

Smart city assets are experiencing strong growth and favorable valuations, according to Lincoln International, benefiting from significant tailwinds. Bain Capital and LY Corporation are preparing a rival bid for the Japanese price-comparison group Kakaku.com, potentially creating a takeover contest with EQT. The secondaries market may face a benchmarking challenge due to a lack of standardization, raising questions about the strategy's measurement and its alignment with traditional private equity benchmarks, according to Secondaries Investor.

Venture Capital & Startup Funding

Patronus AI, a startup focused on testing AI agents, has raised $50M, driven by substantial demand from former Meta AI researchers. While not exclusively private equity, venture capital discussions include advice for funding more Black founders and insights into seed rounds from the first half of the year. Startups in France and the Benelux region achieving over €100m in revenue are also noted, alongside a voice-controlled drones startup backed by Lakestar and Seedcamp. Discussions around the UK tech sector's future, particularly concerning taxation, were raised by Brent Hoberman.

Sector Investment

Last updated: June 26, 2026, 11:30 AM ET

Healthcare & Real Estate

WestView Capital Partners has completed a strategic minority investment in Helio Health Group, aiming to fuel the healthcare provider's expansion. Separately, private real estate firms are increasingly prioritizing optionality in succession planning, moving beyond traditional single heir models to accommodate multiple founder-led businesses and ensure continuity.