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Public Markets

Last updated: July 22, 2026, 8:30 AM ET

Energy Markets Roiled by Geopolitical Tensions and Supply Fears

Oil futures amid escalating threats in the Middle East and continued disruptions in key shipping lanes. Brent crude as President Trump signaled a willingness to escalate tensions with Iran, with Goldman Sachs warning that prices could jump to $120 if the Strait of Hormuz remains disrupted. The risk of continued fighting and a threatened blockade in the Red Sea, prompting some Asian countries to scramble for the most expensive liquefied natural gas (LNG) shipments in years. Saudi tankers reversed course after Houthi threats, with at least four vessels making U-turns amid emerging threats to Red Sea shipping. Kuwait set issue as it endures daily missile and drone attacks from Iran, highlighting the severe impact of hostilities on the region’s infrastructure, including desalination plants crucial for its water supply. Norsk Hydro ASA warned that the global aluminum market will face deepening deficits if constraints on shipments through the Strait of Hormuz persist. Equinor's earnings, with the Norwegian energy major capturing increased oil and gas prices triggered by the conflict in the Middle East.

Corporate Dealmaking and Public Offerings Take Center Stage

U.S. data-center operator TECfusions in a $4 billion SPAC deal, set to combine with Apex Treasury listed in New York. Prologis Inc. made best of £14 billion ($18.7 for U.K. rival Segro Plc, representing a 9.5% increase over its initial proposal. Canadian senior housing operator Prima Living through acquisitions and is open to tapping public markets. In India, Maharashtra State Electricity Distribution Co. said pick for a planned initial public offering that could raise up to $1 billion. Investment fund TPG Asia Real Estate plans to sell a Tokyo hotel property to Japan Hotel REIT Investment Co. amid a tourism boom. KKR & Co.'s commercial real estate lender.

Economic Indicators and Corporate Earnings Show Mixed Signals

Philip Morris International in the second quarter, boosted by international business growth and its Zyn portfolio in the U.S. Home builder Pulte Group posted a profit of $472 million, or $2.48 a share, a decline from $608 million, or $3.03 a share, in the same quarter a year earlier. AT&T's revenue rose on growth in postpaid phone and internet customers, with earnings from continuing operations at 66 cents a share, up from 62 cents a year earlier. GE Vernova and lifted margin expectations after a surge in second-quarter orders boosted its backlog. Super Micro Computer expects fourth-quarter gross margins to be twice as high as previously expected, between 15% and 17%.

Global Trade and Policy Under Scrutiny

President Trump’s tariff plans led to a fall in shares of several European and Asian generic drug makers. The U.S. Treasury Department expressed concern over high-profile tax strategies that it says may be "too good to be true." Tanzania is for its first international bond sale in over a decade with a roadshow in London. The yen’s weakness has become a growing issue for Japan's policymakers, driving up import prices and household costs, prompting Tokyo to vow "bold" action after the currency fell below ¥163 to the dollar. European equities as a rally in technology stocks stuttered. Sterling was flat against the dollar, with U.K. politics expected to remain a key focus for traders.

AI and Tech Sectors Brace for Earnings Amid Market Volatility

U.S. stock futures fell as a rally in tech stocks lost steam ahead of key big tech earnings. Investors are pinning their hopes on corporate earnings for a second-half boost, with more S&P 500 companies raising their outlooks than cutting them. Alphabet Inc.'s earnings will be scrutinized for cloud growth as AI spending soars. South Korean stocks jumped as brokers indicated that the unwinding of leveraged bets was nearing its end. However, some analysts remain unsure if South Korean authorities can tame market swings, as deep-pocketed retail investors flock to high-risk leveraged instruments. U.S. chip stocks, lifting indexes ahead of a wave of major technology earnings.

Security and International Relations Drive Market Sentiment

An expected U.S.-Saudi nuclear deal of a regional arms race, with critics suggesting it could spur other countries to pursue nuclear programs. The firing of Ukraine’s top general, Gen. Oleksandr Syrskyi, signals an end of an era, with his successor facing a monumental test balancing military reforms and political input. Defense Secretary Pete Hegseth estimates the Iran war has cost $37.5 billion and is requesting up to $70 billion in emergency military spending. President Trump’s plans to impose tariffs on generic drugs were met with concern. The U.S. Treasury is sending warnings to hedge funds over "tax alpha" strategies deemed.

Commodities and Specific Sectors Face Headwinds and Tailwinds

Cal-Maine Foods swung to a fiscal fourth-quarter loss amid historically low egg prices. Shares in generic-drug makers. Gold futures in two weeks on fresh buying interest as investors weighed Middle East risks and awaited the Federal Reserve's meeting. Canadian stocks climbed Tuesday despite U.S. tariff threats, buoyed by surging gold prices and a rally in tech hardware stocks. Copper wavered near $14,000 as traders watched for any announcement from the White House on import tariffs for the metal. Lynas Rare Earths Ltd. shares dropped five-month after reporting quarterly sales that missed analysts’ expectations.

Private Equity

Last updated: July 22, 2026, 8:30 AM ET

AI Drives Deal-Making and Valuations

Artificial intelligence is increasingly becoming a factor in deal negotiations, with AI disruption risk cited as a "deal killer" in some instances killing deals. Despite this, AI continues to fuel significant investment, with 10 AI labs joining the Crunchbase Unicorn Board in June, collectively adding over $65 billion in value adding value. The potential of AI to reshape financial services is profound, with arguments that it will "fundamentally rewrite the global financial value chain" fundamentally rewrite. In the proptech sector with plans to enhance its AI capabilities, a move that saw Street Group valued at over £200 million. Falfurrias has also injected capital into Factor Lab, a firm focused on work risk AI.

Secondaries Market Sees Broadening Adoption and New Funds

The secondaries market is experiencing a notable shift with more than half of investors utilizing evergreen vehicles, according to an Evercore report. This capital is being deployed across a wider array of opportunities. In real estate secondaries, Townsend has raised $2 billion for its latest fund, with $1 billion already deployed, particularly into data centers deployed $1bn. Summit Partners' $625 million deal for Saa S provider Ninja One saw Lead Edge and Hamilton Lane lead the transaction, offering LPs options to cash out or roll their stakes lead the transaction. Separately, Visionaries is shaking up its investment team ahead of a new fund launch.

Energy and Infrastructure Deals Highlight Sector Activity

The energy and infrastructure sectors are seeing significant transactions. Kayne Anderson and Warburg Pincus are set to sell Wild Fire Energy for over $4 billion, with the company focused on oil and gas assets in South Texas. In a separate transaction from Macquarie Asset Management and its co-investors. Maritime nuclear energy startup Bluecore Energy has secured $10 million in pre-seed funding to develop portable nuclear reactors on barges. Meanwhile, Alaska Permanent is reviewing its private equity benchmark, raising concerns about the inclusion of private debt and the exclusion of energy investments reviewing its benchmark.

Private Equity Firms Announce Strategic Hires and New Investments

Private equity firms are making strategic moves and new investments. KKR has appointed Roy Gori as a senior advisor to focus on strategic opportunities in global financial services and insurance, with an emphasis on Asia Pacific. Crest Rock has invested in civil contracting firm Andrew Site Work, which focuses on retrofit, installation, and emergency repair activities for local governments invested in firm. Bluestone has backed Delphinus Engineering, with Roby Lentz taking the helm as CEO. I Squared-backed Liberty Tire Recycling has expanded its operations through acquisitions of All American Tire, Tire Recycling, and Genan Inc expanded its operations.

Other Notable Transactions and Industry Developments

In other news, Searchlight and Abry have completed the take-private buyout of IoT company Kore completed buyout. Eli Manning, the former NY Giants quarterback, is now a private equity investor and discussed Brand Velocity Group's recent investment in RCX Sports discussed investment. PE-backed Premier Care Dental Management has acquired cosmetic dentistry practice Brookline Smile Artists acquired practice. Dimension Capital’s third fund, valued at $800 million, underscores the growth in investments at the intersection of science and compute underscores growth. One of SpaceX's major backers has returned to the market for fundraising returned to market.

Sector Investment

Last updated: July 22, 2026, 8:30 AM ET

Infrastructure Funds Seek Value Creation

BNP Paribas Asset Management’s Prime platform is prioritizing managers with broad relationships and a growing focus on value creation and secondaries within infrastructure, according to infra head Jean-Pascal Asseman. Meanwhile, the Indonesia Investment Authority in infrastructure, with its portfolio heavily weighted toward toll roads and data centers.