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Public Markets

Last updated: July 9, 2026, 8:30 AM ET

Middle East Tensions Dominate Markets

US military strikes against Iran for a second day, with Brent crude gaining 8% on Wednesday and futures pulling further from pre-war levels. This escalation has shattered the oil market's calm, with Goldman Sachs warning that a recovery in Middle Eastern oil supplies could be delayed if shipping in the Strait of Hormuz is disrupted. European natural gas prices edged lower despite the flare-up as traders assessed the supply picture. Investors are watching these developments closely, though Barclays suggests stocks can look past the volatility, citing earnings growth as the primary driver. Fuel prices, particularly for refined products like gasoline and diesel, are proving "sticky," indicating that inflation risks persist. Pakistan is urgently seeking an LNG cargo due to supply disruptions from the conflict.

Tech Trade Unravels, AI Spending Steady

The dominant tech trade of buying chip stocks and selling software is showing signs of unraveling. Emerging-market stocks extended their week's declines as risk appetite fluctuated, with investors monitoring US-Iran tensions, oil prices, and AI developments. However, BlackRock's Larry Fink sees AI capital expenditures remaining stable for two to three years, suggesting the investment theme will persist even as tech giants face cash flow pressures. SK Hynix's US listing is significantly oversubscribed, indicating strong investor interest in the memory chipmaker's offering. Taiwan's central bank chief has cautioned investors against borrowing to buy the island's surging tech stocks. China's largest solar manufacturer is shifting from silver to copper in its solar cells due to.

Corporate Dealmaking and Sector Movements

Hugo Boss urged shareholders to reject Frasers Group's €2.7 billion ($2.2 takeover bid, deeming it inadequate and failing to reflect the German fashion company's potential, 44. Barclays is preparing to sell $875 million in debt to finance the takeover of UK aerospace. Prologis is pushing for talks on its £16.9 billion ($20.5 bid for Segro, while the UK property group believes the offer undervalues its business. In the US, TPG and Blackstone are seeking over $4 billion for a Hologic unit to pay down debt and return capital to investors. Luxury car firm DuPont Registry Group has selected banks for a US initial public offering. Accor SA is lining up banks for a potential US IPO of Ennismore Lifestyle Group. Aston Martin noteholders have signed a cooperation pact.

Economic Indicators and Policy Watch

Serbia maintained its record-tying 22nd month of unchanged borrowing costs, though government plans for pre-election cash handouts could add to inflation pressures. German exports unexpectedly rose in May, marking a fourth consecutive month of growth driven by a rebound in US sales. France plans a €2 billion ($2.3 investment to reduce dependence on fertilizer imports, aiming to shield farmers from supply disruptions. The UK grid operator issued another warning regarding tight electricity supplies due to a heatwave straining power systems. Investors suggest the UK may need to rethink its plan for long-dated debt issuance amid political uncertainty. Minutes from the Federal Reserve's latest meeting showed unease about inflation, which is at a three-year high. Other Notable Market Developments

Nigerian equities have surpassed South Korea's Kospi to deliver the highest dollar-based returns this year, as weakening sentiment on AI stocks impacts the Asian nation's performance. Gold traded flat amid renewed Middle East fighting and the release of Federal Reserve minutes. The Taiwan dollar fell to a 14-month low against the strengthening dollar and. HSBC maintains an underweight position in US Treasurys, prioritizing equities and high-yield credit. Jupiter Asset Management has eliminated its US Treasury holdings in a key bond fund, opting for European government notes and adding to its emerging-market exposure. Deutsche Bank's private arm will consider buying emerging Asia bonds if oil prices remain below $70, potentially easing inflation and yields. Malaysia still owes $2.18 billion in.

Private Equity

Last updated: July 9, 2026, 8:30 AM ET

Deal Activity and Sector Focus

Private equity firms continue to actively deploy capital across various sectors. unveiled new named Allyntra, built around its existing portfolio company Precipart. Coalesce-backed DecisionHR payroll service provider Paymasters Inc., bolstering its human resources outsourcing solutions. In the landscaping sector two aquatic maintenance firms, Compass Environmental and Aquatic Weeds. snapped up Arctec Alloys Limited, intending to merge it with a portfolio company to create a North American maintenance welding platform. Associates acquired auto parts provider Horsepower Automotive Group, focusing on performance parts for off-road vehicles. Shore Capital HR tech firm ThrivePass, while for HR consulting and implementation business HR Path. Further demonstrating activity in HR services in Pandion Optimization Alliance to support its growth. signs deal to acquire Fusion Specialty Group, a managing general agent that has written approximately £290m in gross premiums. In the environmental services space from Sallyport as its third platform investment.

Venture Capital and Emerging Technologies

Venture capital activity is showing signs of recovery and strategic shifts. Europe experienced its strongest quarter for venture funding in four years, with startups raising $24 billion in Q2. The burgeoning field of artificial intelligence is attracting significant investment. backs voice, contributing to a seed round exceeding $100 million. Raises $13.3M to enhance its AI-native platform for college transfer processes. Crypto VC firm to invest in startups at the "technical frontier," expanding beyond cryptocurrency to include robotics and AI. Solo GP to back startups in AI and security. In quantum technology of Quantumdiamonds' €91 million round. Searchlight’s James Redmayne identified offensive AI and structural resilience as a "compelling combination" for investment, noting a bifurcation in the market where premium assets with defensible fundamentals attract buyer interest, while more cyclical or AI-exposed businesses struggle.

Market Outlook and Strategic Appointments

Activity in the secondaries market is anticipated to increase in the latter half of the year. Secondaries activity in H2 after a challenging first half, influenced by recent macroeconomic volatility. Advisors suggest that the bid-ask gap on quality assets is narrowing, which will likely lead to more selective deal activity in H2 for firms with differentiated strategies according to James Redmayne of Searchlight. Several firms are reportedly preparing to bring environmental service providers to market shortly, with Ares, Littlejohn, Palladium, and TPG among those evaluating potential sales sources indicate. In terms of personnel as an operating partner to drive value across its portfolio companies. American Pacific promotes Luchi Mmegwa to managing director, who joined the firm in 2020 after graduating from Harvard Business School as reported by PE Hub.

Fundraising and Sector Investments

New funds and specific sector investments are shaping the private equity landscape. Europe's biggest are being established, alongside a focus on social impact capital. targets $100m with a social impact focus, looking to allocate capital in the Middle East and India. agrees majority in Belgian CPM software firm Bright Analytics, which serves over 1,300 customers. plans invest in music distributor Distro Kid, with longtime investor Insight Partners retaining a significant minority stake. The soccer sector continues to attract PE interest, with firms like Apollo, KKR, and Avenue Sports making deals in the past year. Blue Owl has high hopes for the Cleveland Cavaliers, and Bruin fetched $530 million for Full Swing. The market is also seeing a focus on blue-collar services as a "high-conviction" area for some firms.

Sector Investment

Last updated: July 9, 2026, 8:30 AM ET

Infrastructure Fund Focuses on Long-Term Assets

Australia’s Rest is maintaining its focus on infrastructure investments, with new head of private markets Marina Pasika noting the asset class’s long-term nature benefits the fund’s younger membership. Mid-market infrastructure assets are, though dispersion among large-cap managers is becoming less pronounced. Meanwhile, data centers but continue to see positive creditworthiness due to sustained demand.