Public Markets
Last updated: August 5, 2026, 8:31 PM ET
Global Markets and Economic Sentiment
Global bond and currency investors are debating whether it is time to reintroduce the "Sell America" trade, following a series of economic policy decisions from Washington over the past two weeks. Stocks Asia were poised to ease on Thursday as investors digested gains in technology shares and monitored for fresh signs of progress toward a deal to reopen the Strait of Hormuz. European stocks traded steady near a record high, with falls in HSBC Holdings Plc and Novo Nordisk A/S helping to erase early gains. European stock rose at the open, extending a series of record highs, with the Stoxx 600 index up and industrial and retail stocks gaining. WSJ Dollar Index fell 0.2%, marking its sixth decline in the past seven trading days. yields edged slightly lower ahead of Friday's employment report from the BLS, following weaker-than-expected private payrolls data.
Corporate Earnings and Outlooks
DBS Group Holdings Ltd. reported second-quarter profit that beat expectations, driven by a surge in wealth-led fee income, and raised its 2026 guidance. Inc.'s second-quarter earnings surpassed Wall Street's expectations, boosted by strong underwriting, volume growth, and the success of a five-year plan outlined in late 2024. Solutions lifted its outlook, expecting full-year adjusted earnings between $17.62 and $17.72 a share on revenue of approximately $12.98 billion. EBay reported higher revenue of $3.13 billion and now expects gross merchandise volume to grow between 11.5% and 12.5% in 2026, following the closure of its Depop acquisition. Block raised its full-year guidance and reported higher second-quarter revenue, as growth in its commerce and financial solutions businesses helped offset declines in Bitcoin. Goodyear swung to a loss of $204 million, or 71 cents a share, compared with a profit of $254 million in the year-ago quarter, due to lower tire volume and higher costs. Zillow Group a loss of $4 million, as restructuring costs of $36 million weighed on the bottom line despite higher revenue. Zillow's second-quarter jumped 18% from a year earlier to $772 million, with rental agreements growing more quickly than home purchases. Expedia raised its annual revenue expectations to between $16.05 billion and $16.22 billion, up from a previous range of $15.6 billion to $16.0 billion. E.l.f. Beauty's sales 36% in the first quarter to $479.4 million, and the company raised its full-year sales guidance, partly driven by Hailey Bieber’s Rhode brand. New York Times' total revenue climbed 11% to $762.5 million in the second quarter, though its stock plunged 13% as subscriber growth slowed. Dine Brands recorded higher sales and lower profit in the second quarter, as IHOP's growth helped offset a decline at Applebee's. Kraft Heinz a narrower loss and lower sales in the second quarter but raised its sales outlook as it aims to mitigate higher supply costs by raising prices. Thomson Reuters increased its revenue targets for the year after achieving double-digit growth across its three main business segments in the latest quarter. SharkNinja raised its full-year outlook after second-quarter sales rose on strong demand across its product lineup, with growth led by cooking appliances, beauty products, and international markets. reported upbeat full-year expectations after sales volumes picked up pace, despite weakness in the Americas. Coca-Cola HBC, a bottler for The Coca-Cola Co., saw revenue per case rise and earnings boosted by growth in both its sparkling and energy segments. Siemens Energy's tripled, with orders hitting record highs, and the company expects to achieve the higher end of its fiscal-year profit margin guidance of between 10% and 12%.
Technology and AI Sector Dynamics
China's rapid in low-cost artificial intelligence is strengthening the investment case for the country's internet giants, according to market participants. The technology trade may become even more dependent on retail investors and more volatile after a rough July, according to an assessment of preliminary data. A spate of well-known hedge funds reported steep losses in July as AI shares tumbled, with Situational Awareness most notably forced to sell most of its stock portfolio at a deep discount. Citadel's flagship fund surged 6% after it acquired billions of dollars of AI stocks from Leopold Aschenbrenner’s firm. SpaceX shares as investors reacted to the company's lavish AI spending plans, even as its quarterly revenues nearly doubled. Celestica Inc. is seeking to raise $3 billion by selling new shares, joining a flurry of companies raising funds for data centers to support the artificial intelligence buildout. Sandisk revenue as the artificial-intelligence buildout continued to fuel demand for data storage, with net income rising to $6.9 billion. Western Digital reported a more than elevenfold increase in its fourth-quarter profit, driven by continued strong demand for its memory technology. U.S. stocks mixed as optimism about the reopening of the Strait of Hormuz was offset by increased volatility in artificial-intelligence wagers. Shopify quieted fears of a midyear slowdown, forecasting accelerating third-quarter sales growth as artificial intelligence-driven search and broad merchant expansion fuel market-share gains. Trump administration’s new safety review guidelines for artificial intelligence appear to exempt Chinese models, unlike those from OpenAI and Anthropic. Trump’s push for more AI data centers is expected to lead to significant air pollution. second stage of a SpaceX Falcon 9 rocket, which launched two private landers to the moon last year, is set to collide with the moon early Wednesday morning. Amateur and professional astronomers pointed their telescopes at the impact site, though most did not detect anything. None of SpaceX’s most ambitious plans are possible without the success of its Starship rockets. CME Group Fan Duel are scaling back a joint effort to compete with prediction market startups after failing to gain traction in a rapidly growing industry.
Automotive, Transportation, and Energy Sectors
Oil declined in early Asian trade amid growing optimism over the reopening of the Strait of Hormuz. WSJ Dollar Index fell 0.16% to 96.01. U.S. crude stockpiles increased by 2.5 million barrels in the week ended July 31, contrary to expectations of a 1.2 million barrel decrease. U.S. natural gas futures edged up in rangebound trading ahead of the EIA’s weekly storage report. U.S. diesel surged to a record amount last week as domestic stockpiles fell again, indicating a global scramble for diesel is increasingly draining U.S. supplies. Fuel-makers are likely to maintain skyrocketing profits and standout margins through the next quarter and beyond, according to an executive from a top U.S. refiner. The U.S. suspended government activities in the Mexican state of Michoacán, affecting avocado imports from the country's largest producing region. Cathay Pacific reported its strongest first half since 2010, with increased passenger and cargo traffic offsetting a surge in fuel prices. Uber has pledged $10 billion to win the robotaxi race, with Chief Executive Dara Khosrowshahi highlighting strong bookings and record cash flow as the company funds its costly autonomous vehicle push. The Pacific island of Palau is fundraising for a pivot to clean energy to reduce its reliance on diesel.
Financial Services and Banking
Prosecutors are probing whistleblower claims that JPMorgan improperly denied reimbursements of more than $100 million to customers who were victims of financial scams. A former executive alleged JPMorgan improperly denied reimbursements of over $100 million to customers who were victims of financial scams. Fitch Ratings is upgrading 30 portions of collateralized loan obligations, in addition to the hundreds of tranches it had previously considered for upgrades under a new methodology. Two private funds managed by Blue Owl Capital Inc. bought back a combined $90 million of shares, marking a consecutive quarter of repurchases as the asset manager sought to stabilize the vehicles. Ares Management leading a $2.2 billion direct loan to help finance a healthcare services acquisition, representing one of the largest deals since the private credit market was impacted by record redemptions. Arini and Silver Point are among the lenders set to take over Pfleiderer, a struggling wood-paneling company backed by Strategic Value Partners, despite the firm having raised fresh debt just eight months prior. LGT, a private bank owned by the Princely House of Liechtenstein, aims to expand its presence in Japan, anticipating it can capture a share of the rising wealth in that market. HSBC Holdings Plc and Novo Nordisk A/S contributed to declines in European stocks, which traded steady near a record high. Bank America Corp. forecasts the Japanese yen will strengthen approximately 6% against the dollar by year-end, following coordinated currency intervention.
Retail and E-commerce
App Lovin stated that its second-quarter results fell short of its standards, even though profit and revenue growth continued. Etsy announced it will cut 12% of its workforce as the CEO focuses on the core marketplace, with these cuts not driven by cost-cutting or artificial intelligence. Duolingo Inc. shares fell as much as 12% after the company's conservative revenue outlook for the current quarter overshadowed user growth. MercadoLibre Inc. slid in late trading as analysts expressed concerns about the e-commerce giant’s spending plans, despite the company reporting sales and profits that beat consensus estimates in the second quarter. Disney's third-quarter increased 7% to $25.2 billion, driven by growth from the company’s experiences unit, including theme parks and "Toy Story 5" box office success. Disney's domestic and cruises revenue rose 11 percent in the latest quarter.
Other Business and Economic News
Dr. Anthony Fauci invoked his Fifth Amendment right against self-incrimination in refusing to answer questions from a Senate committee, with Republicans asserting he is ineligible for that protection. The pro-Israel organization AIPAC spent $32 million in an unsuccessful effort to defeat Abdul El-Sayed in Michigan’s Democratic Senate primary and may attempt a second effort in the general election. Treasury Secretary Yellen argued that the K-shaped economy no longer exists, despite data suggesting otherwise. The CIA has established a secret task force focused on Cuba, aiming to quickly direct financial, human, and technical resources to create divisions among the Cuban political elite. Marine One helicopter carrying the president, came within less than a mile of an Envoy Air flight on Tuesday, raising concerns about air traffic control in a congested area. A former executive alleged JPMorgan improperly denied reimbursements of more than $100 million to customers who were victims of financial scams. Jason Arday scholar hired by the University of Cambridge as its youngest Black professor, has resigned amid doubts cast on his academic qualifications and claims about his life. In a 23-minute interview, Ohio Republican Max Miller made an unusual effort to rebut multiple allegations threatening his re-election bid. A climate report is creating an illusion of elite scientific consensus, according to an opinion piece in The Wall Street Journal. The U.S. suspended government activities in the Mexican state of Michoacán, impacting avocado imports from the country's largest producing region. A Malaysian pilot identified by his initials, was arrested at the Jakarta airport last week after allegedly smuggling 55 pounds of ecstasy into Indonesia and testing positive for ecstasy and cocaine. The death of a Salvadoran immigrant at the federal detention center in Newark has raised questions about the conditions there. DoorDash's profit as higher costs offset revenue growth, driven by increased costs of revenue from more orders and higher sales, marketing, research and development, and overhead expenses. In African tech hubs, developers are choosing China’s inexpensive, freely available artificial intelligence models over more powerful U.S. ones. The U.S. plans to halt key metal waste exports to reduce reliance on China, as Washington works to secure crucial raw materials for defense and other industries. Two private credit funds managed by Blue Owl Capital Inc. bought back a combined $90 million of shares, marking a consecutive quarter of repurchases as the asset manager sought to steady the vehicles. The U.S. government is ending its contract with a Kentucky nonprofit after reports of abuses, alleging the organization pressured medical workers to remove organs from patients who were recovering. Bikemaker Accell Dutch owner of Raleigh and Babboe brands, has filed for insolvency four years after an €1.8 billion KKR-led buyout. JPMorgan has hired M&A banker Amy Lissauer from Bank of America to lead its activism defense practice. In a recent study, at least a quarter of native butterfly species in 32 included countries had moved to new areas. Ghana’s central bank incurred losses of 22 billion cedis ($1.9 in 2025 under a domestic gold purchase program intended to increase the country’s foreign-exchange reserves. authorities intercepted a bus rigged with explosives in the country’s southwest, underscoring security concerns ahead of President-elect Abelardo de la Espriella’s inauguration. The combatants in the war between Russia and Ukraine are producing increasingly larger numbers of innovative aerial weapons, hoping for a breakthrough as ground combat remains largely frozen. Iran reached an agreement with Oman regarding the Hormuz shipping route and is determined to maintain control over the chokepoint. Carlyle Group Inc. is observing a thaw in capital markets, accelerating the pace of exits from investments across various industries, according to its CFO. Steep duties on Canadian lumber, wildfires, and sawmill closures have reduced supply and increased prices, leading to lumber prices being at their highest in years despite sputtering home-building. Law enforcement and emergency workers responded to Perez Hilton's house after he appeared to harm himself on a TikTok stream Tuesday. Two separate bids from CVC and Veritas value the FTSE 250 industrials group Bodycote at approximately £1.8 billion including debt. Partners Group nearing a €2 billion deal for the beauty group Aroma-Zone, with French asset manager Eurazeo in talks to sell its stake. An episode of "Sesame Street" focused on the dangerous effects of warming without explicitly mentioning climate change. Federal and state officials are addressing an assault on the nation's water supply, which they believe is the work of Iranian hackers, following years of warnings and neglect. The incident involving a drone carrying explosives at Leipzig airport appears to mark an escalation after two years of drone incursions at European airports. The U.S. plans to halt key metal waste exports to reduce reliance on China, as Washington races to secure raw materials critical for defense and other industries. Jeanine Pirro, the U.S. attorney for the District of Columbia, informed President Trump that his interior secretary, Doug Burgum, had misled him with a self-serving account of his mistakes. Finland, wary of misinformation from Moscow and beyond, has an advantage in spotting fake news, but artificial intelligence presents a new challenge. We are also looking to find out what questions solvers have about the game "Connections." Israeli strikes may undermine President Trump’s peace plan for Gaza, as Israel ramped up attacks on the Palestinian enclave while Israeli and Lebanese negotiators held talks in Rome. Malaysia continues to attract strong foreign investor interest despite growing political uncertainty following setbacks for Prime Minister Anwar Ibrahim’s coalition in recent local elections. The head of the Justice Department praised the U.S. attorney in Washington after her tense meeting with the president. The combatants in the war above Russia and Ukraine are producing ever larger numbers of innovative aerial weapons, hoping for a breakthrough as ground combat is largely frozen.
Private Equity
Last updated: August 5, 2026, 8:31 PM ET
Dealmaking Activity and Valuations
Bain Capital set to acquire Gong cha, a tea beverage chain, from TA Associates. The acquisition of Gong cha, which offers milk tea, fruit tea, and other cold drinks, marks another significant move in the consumer sector. KKR-backed FGS acquired Rich Feuer Anderson, a bipartisan government affairs firm, in its second such deal following the September 2025 acquisition of Tarplin, Downs & Young. Veritas Capital is acquiring Trinity Consultants, an environmental consulting firm, from Oak Hill Capital. Oak Hill previously acquired Trinity in 2021 from LLCP. ContextLogic, a private equity-backed entity, is purchasing chemicals manufacturer gChem from Eagle Tree for $850 million. gChem will become Context Logic's second operating business, following its early 2026 acquisition of US Salt.
In the sports franchise world, Clearlake co-founder José Feliciano is nearing a record $3.9 billion deal to acquire the San Diego Padres, which would be the most expensive sale in Major League Baseball history. Bodycote plc has confirmed receiving two competing conditional cash offer proposals, one from CVC and another from Veritas Capital Fund IX, in a Rule 2.4 statement. These proposals are valued at £1.56 billion.
Fundraising and Investment Trends
Nextalia has raised over €1.1 billion for its second flagship fund, Nextalia Private Equity II (NPE , securing commitments from more than 200 investors since its February fundraising launch. This brings the total value of the Italian platform to over €3.4 billion. EQT's Scaleup Europe Fund has debuted with its first investment, co-leading a €450 million round into Finnish satellite imaging company ICEYE, which was valued at €10 billion. TPG is targeting $17 billion for its third healthcare fund, TPG X, with the two funds launched in mid-2025 being part of TPG’s $94 billion Capital platform for global private equity investing.
Singapore's sovereign wealth fund GIC is preparing to sell approximately $1 billion worth of private equity fund stakes on the secondary market, indicating continued sovereign wealth fund activity in this area. Ryan Moore seed investor in Draft Kings, has closed on $78.5 million for Revenant Ventures' debut fund, according to a regulatory filing. Boston Retirement has issued a request for proposal (RFP) for a private equity mandate valued at up to $85 million.
Technology and AI Investments
Moove has raised $250 million to expand its role as a backbone for the robotaxi industry, with plans to eventually own Waymo robotaxis rather than just manage them. WindBorne Systems secured $37 million in Series B funding to scale its weather balloons and AI-powered forecasts. Lightspeed partners Machiz and Claire Zau discussed their social media strategies and podcast, Lightwork, on the Equity studio. Legaltech firm Wordsmith has raised a $14 million Series B extension, with participation from Index and FT Ventures.
Magic School AI an edtech startup founded by an educator interested in Chat GPT's potential, has secured $63 million from venture capitalists. Despite the perceived benefits of integrating AI into a startup's product strategy, tech strategic advisor Itay Sagie argues that it can inadvertently diminish exit value. Njord Partners' Arvid Trolle stated that AI is now a "natural part" of how the firm operates and is a "key part" of operational improvements, noting resilience in the value and exit markets. an independent wealth management banking and infrastructure provider in Germany, has agreed to be acquired by Advent.
Market Dynamics and Investor Strategies
Carlyle's chief executive Harvey Schwartz noted that the firm's US buyout strategy distributed capital at more than double the industry rate, contributing to strong earnings for the quarter. Schwartz also indicated that Carlyle increasingly views Alp Invest as a corporate finance business rather than a standalone secondaries unit. Some investors have been holding capital in evergreen funds before redeeming to fund a Hamilton Lane Separately Managed Account (SMA), according to co-chief Erik Hirsch.
The music industry is experiencing an "exceptionally active" market, with PE firms such as Blackstone, TPG, and EQT actively partnering with AI businesses. Josh Love of Reed Smith highlighted that AI has "enormous potential to improve administration, metadata management, royalty processing and licensing efficiency" within the music sector, contributing to some of the largest deals the industry has ever seen. Robinhood is launching a fund that will allow retail investors to back Y Combinator startups.
Tech Layoffs and Industry Shifts
Over 127,000 workers at U.S.-based tech companies were laid off in mass job cuts during 2025, and these layoffs have continued into 2026, according to a Crunchbase News tally. Fintech startup Moss has achieved unicorn status with a €30 million Series C funding round. Oxylabs reached a valuation of $3.6 billion after a decade of declining venture capital funding, with the company citing "right timing, right partner" for its success. Europe has seen 144 new funds launched this year, reflecting trends in the region's investment market.
Sector Investment
Last updated: August 5, 2026, 8:31 PM ET
Infrastructure Funds and Deal Activity
Agallas Equities is planning to launch a $5 billion inaugural infrastructure fund focused on the Caribbean region. This new fund is already attracting preliminary interest from family offices based in Gulf states. While transport packaging assets may not appeal to all infrastructure purists, the ultimate decision on their acceptance rests with limited partners. Industriens Pension, a Danish fund with €37 billion in assets, is continuing its infrastructure investment activities as usual despite current geopolitical uncertainties. The fund's head of infrastructure, Mikkel Kjaersgaard, has been discussing the firm's strategy regarding co-investments and secondary transactions within the asset class.
Private Equity in Healthcare
Altaris has announced its intention to acquire the Life Sciences & Healthcare business (LS&H) from Clarivate. This transaction marks a significant move within the healthcare private equity sector.