Public Markets
Last updated: August 6, 2026, 9:34 PM ET
Equities
U.S. stocks in a jittery session, with the Dow Jones Industrial Average breaking its winning streak by dropping 460 points as doubts emerged over the reopening of the Strait of Hormuz. The Dow industrials led U.S. stocks mostly lower as oil prices rose amid renewed uncertainty in the Middle East. Japanese stocks were also under pressure, with the Nikkei falling 0.7% in early trade, dragged down by chip-related stocks as uncertainty over the Middle East conflict and energy costs persist. indexes rose however, as corporate earnings drove markets higher, with the Europe-wide Stoxx 600 index up and led by consumer-facing stocks and healthcare.
Fujifilm Holdings Corp. shares tumbled by the most on record in Tokyo trading after the medical equipment maker reported first-quarter results that fell short of expectations. Siemens shares as its Digital Industries division, which focuses on factory controllers and software, faced excess customer inventories, while weak demand in China and cautious spending delayed a broader recovery. Honeywell Aerospace shares plunged as the group slashed its outlook, with bottlenecks limiting its ability to convert strong demand for advanced parts into sales. Datadog said usage from a major AI customer could dent growth, and while the data-security company posted growth in the second quarter, it shared a full-year sales outlook that was below Wall Street estimates.
DraftKings Inc. second-quarter sales and earnings that missed analysts' expectations as the sports-betting industry confronts a new challenge from prediction-market players. The online sports betting company posted a loss of $67.6 million for the second quarter, compared with a profit of $157.9 million a year earlier, hurt by promotions. Options traders had been piling into bullish wagers on Draft Kings ahead of the earnings report, which proved to be a losing bet.
Warner Bros. Discovery Inc. a steep drop in sales as it copes with the loss of National Basketball Association rights and a movie lineup that compared poorly with last year. However, Warner Bros. CEO expressed confidence that the Paramount deal will close, as streaming revenue improves and HBO Max expands its subscriber and advertising base. Fox will its NFL rights deal through 2029, as the league had been trying to renegotiate its rights deals before an opt-out clause.
WPP shares more than 25% as the London-listed advertising group's root-and-branch review to streamline its businesses began to bear fruit. SoftBank Group Corp. reported a smaller-than-expected decline in quarterly net income, helped by a rally in its chip-stock holdings while it awaits further gains from its bets on OpenAI. The Japanese technology investment company has also used its OpenAI stake to borrow $10 billion, as it vows to become a leading builder of AI data centers and a major investor in AI-powered robotics.
Brands International's profit rose in the second quarter, driven by a standout performance at Burger King U.S. that bucked a broader trend of slowing fast-food demand across other major chains. Burger King's revamped Whopper was helping win market share, according to the company president, striking a blow in the fast-food burger wars as McDonald's recently overhauled the Big Mac. John's cut its outlook for the year and suspended its dividend, as the pizza chain's North American business continues to face a soft consumer environment.
Instacart shares on higher revenue and a strong outlook, as the company reported revenue increased to $1.04 billion from $914 million, beating Wall Street expectations of $1.03 billion. Lyft's second-quarter bookings rose to $5.5 billion, but the rideshare company expects bookings in the current quarter to rise at a slower pace of 15% to 19%. Companies reported higher second-quarter revenue as its market share in both purchase mortgages and refinancings rose.
reported second-quarter results that surpassed Wall Street expectations, roughly two months after Eric Andersen took over as chief executive officer, citing strong underwriting. Consolidated Edison a second-quarter profit of $308 million, up from $246 million a year earlier, with higher revenue. Beverage's 20% rise in second-quarter sales was driven by growth among customers outside the U.S.
Sweetgreen lowered its full-year outlook due to a multistate cyclosporiasis outbreak, now expecting same-store sales to drop between 7% and 8% due to lower demand. Amid the outbreak, demand for locally grown lettuce has surged, with small produce stands and farmers' markets seeing a surge in demand for leafy greens as sales of lettuce and salad kits from grocery chains and big retailers drop. Krispy Kreme again narrowed its loss and expanded margins during its latest quarter, as the doughnut chain continued to make progress with its turnaround plan.
Keurig Dr logged higher sales in the second quarter and said it continues work to separate into two companies. Molson Coors Beverage said second-quarter sales fell as the company tries to balance sluggish customer demand with higher supply costs. reported higher profit and sales in the second quarter, boosted by higher prices and volumes, as the company continues working to turn around its business ahead of its acquisition by Kimberly-Clark.
Commodities & Energy
Oil rose in early Asian trade amid concerns over supply disruptions in the Middle East. extended gains on reports that Iran attacked "hostile targets" in the Strait of Hormuz, with Tehran seeking to bar US ships from the critical waterway in a deal with Oman. Oil prices advanced as prospects for a lasting agreement to reopen the Strait of Hormuz remained elusive. U.S. imports of Saudi Arabian oil dropped to zero in July, the first time that's happened for an entire month since 1985, according to preliminary government data.
Gold edged higher in early Asian trade, with markets likely monitoring signs of diplomatic progress in the Middle East conflict. Gold moved in a narrow range as traders assessed the impact of a reported Iranian attack in the Strait of Hormuz on the Federal Reserve's path for interest rates. However, Comex settled 0.09% lower at $4,242.00, with gold and silver prices dropping, snapping two- and three-day winning streaks, respectively.
Record India prices are spurring mills to advance cane crushing in the upcoming milling season as the government seeks to bolster supplies and rein in record prices ahead of the festival period. Global sugar traders are increasingly losing trust in what is widely considered the most important data piece in the market: the cane-crush indicators from the world's top exporter Brazil. Rising cocoa are pushing processors outside the candy aisle, as companies like Philippines-based craft chocolatier Auro Chocolate seek new uses for leftover cocoa powder.
Conoco Phillips chief Ryan Lance is to step down after 14 years, as the third-largest US oil and gas company changes leadership while profits climb on war-driven price surge. Suncor Energy Chief Executive Officer Rich Kruger will be stepping down next April and replaced by Peter Zebedee, and in a surprise move, its chief financial officer is also departing. Trump administration has agreed to roughly $4 billion in settlements this year to cancel planned offshore wind projects, including a $1.22 billion deal with German utility RWE AG.
Drought is threatening a vital economic artery in the heart of Europe, with record low water levels on the Rhine disrupting supply chains, adding costs and presenting fresh risks to growth. Low hydropower stocks in Europe are threatening high prices for months, as repeated heat waves and droughts this summer have put Europe's power system on high alert, with shrinking hydro reserves in key markets threatening to drive electricity prices higher later in the year. Wizz Air that high fuel costs may wipe out profits, as the low-cost carrier swung to a loss of almost €200 million between April and June.
Currencies & Fixed Income
The yen is heading into the end of the week having surrendered nearly half of its intervention-driven gains, fueling speculation among traders that authorities may step into the market again. A rarely used Federal Reserve liquidity facility saw no activity last week, suggesting Japan didn't use the tool in its latest effort to support the yen. The dollar finished its best day in two weeks as oil prices advanced amid fading optimism over easing tensions in the Middle East. currencies consolidated against the dollar ahead of the U.S. nonfarm payrolls report due later today.
yields rose ahead of Friday's U.S. payrolls report, as job-cut plans remained calm in July alongside low weekly jobless-claims figures. JGB futures fell in early Tokyo trade, tracking overnight price declines in the U.S. Treasury market. Traders are rushing to hedge against swings in the US dollar ahead of Friday's payroll numbers as Federal Reserve Chairman Kevin Warsh leaves Wall Street guessing at his next move.
The Colombian peso continues to be the best performing currency in emerging markets as investors shrug off the central bank's efforts to slow the currency's rally and instead focus on its carry appeal. China is accelerating its push to internationalize the yuan as domestic banks add new foreign currencies available for direct settlement to bypass the dollar in cross-border trade. Insurance bank stocks slid amid China tax crackdown fears, as a move to impose a levy on returns from policies that serve as investment products causes consternation in Hong Kong.
Deals & Financing
Holdings agreed to buy Double Verify in a deal with an enterprise value of about $2.15 billion. Kirin Holdings Co. is acquiring Toronto-based Jamieson Wellness Inc. in a deal that values the Canadian vitamins and supplements maker at about C$2 billion ($1.4 . Partners Group nearing a €2 billion deal for beauty group Aroma-Zone, with French asset manager Eurazeo in talks to sell its stake in the group that sells face serums and food supplements.
Alphabet Inc. received about $115 billion of orders for its latest jumbo bond sale, signaling renewed investor appetite for debt tied to the artificial intelligence boom after a recent selloff. Japanese companies have already sold more corporate bonds with investor protection this year than in all of 2025, as lower-rated borrowers increasingly turn to the bond market instead of relying solely on bank loans. Daiichi Life Inc. has been stepping into bankers' shoes and contacting companies directly to see if they want to issue bonds, in an unusual investment tactic for an insurer.
Jane Street in talks to shift its $11 billion in debt to investors including Pimco, in a private credit deal that would allow the secretive trading firm to make further investments in AI. BlackRock BDC moved $523 million in loans to a Pantheon-Backed fund, involving nearly half of BlackRock TCP Capital's debt investments, and the lender is studying even more drastic moves. Profit Blackstone Inc.'s publicly traded private credit fund dropped 94% in the second quarter as the value of holdings declined, though the performance of loans steadied.
Airtable's cut-price to Bending Spoons for just under $2.3 billion is just the start for software also-rans, as once high-flying startups face difficult choices. Citadel 'made a killing' last week after Ken Griffin's hedge fund bought the bulk of Situational Awareness's stock book. SoftBank used its OpenAI stake to borrow $10 billion, as the Japanese technology investment company has vowed to become a leading builder of AI data centers and a major investor in AI-powered robotics.
Lumilens, a startup making optical gear to speed up data flowing between AI servers, raised $700 million in new funding, valuing the company at $5.5 billion. Crypto trader is stepping onto regulated Wall Street with a broker license, aiming to take on Jane Street, Citadel and other big market makers. A BTC cold wallet hack has bolstered the case for use of spot crypto ETFs, though no system is foolproof.
Corporate Earnings & Outlook
Swiss Re first-half profit beat estimates as the re-insurer saw all key business units perform in line with targets, while the firm announced a fresh round of cost cuts. Zurich Insurance Group AG reported a 13% gain in profit for the first half of 2026 and said it doesn't expect to have any material exposure to the impact of extreme heat and ongoing wildfires. East African Plc's annual profit grew at the fastest pace in four years, even as accelerating inflation in its home market Kenya eroded spending power.
Germany's Merck raised its outlook on robust results and easing currency headwinds, pointing to stronger demand in the life-science and electronics markets and resilience in its healthcare operations. Rheinmetall cut its sales outlook after Germany scrapped a warship project, with the CEO saying moving into naval was still 'the right decision' but admitting to have been 'astonished' the F126 project was dropped. Airbnb boosted its full-year forecast on strong demand as AI bets pay off, now expecting revenue to increase by at least a mid-teens rate this year, up from its prior projection for growth in the low- to mid-teens.
boss Dave Lewis is staking his revival on canned cocktails and Guinness, unveiling plans to restore growth along with a suite of cost cuts. Mike Ashley says Harvey Nichols is in a 'death spiral', casting doubt over the department store chain's prospects even as he vies to acquire it. WPP shares more than 25% as its overhaul begins to bear fruit, with improved results following the London-listed advertising group's root-and-branch review to streamline its businesses.
Policy & Regulation
A New Mexico judge ordered Meta to pay $942 million to address harm to kids from social media, creating a new $567 million fund in addition to paying $375 million in previously determined civil penalties. The Trump administration will impose a minimum import price for polysilicon, a key component for semiconductors and solar panels, as well as tariffs for products made with the material. California is suing DuPont over an alleged effort to avoid 'forever chemicals' liabilities, with the state's attorney-general saying the lawsuit involves 'first-of-its-kind' litigation.
Private Equity
Last updated: August 6, 2026, 10:04 PM ET
Mega-Deals Reshape European Landscape
Apollo has secured a recommended cash offer for easyJet valuing the FTSE 100 airline at approximately £5.7bn and ending a fast-moving four-week bidding contest in one of Europe's landmark take-privates. The deal underscores the continued appetite of large-cap private equity firms for undervalued European public companies with strong cash flows and brand recognition. In the healthcare sector, KKR has agreed to acquire Medicover India, the Indian hospital operations of Nasdaq Stockholm-listed Medicover AB, adding a scaled multi-specialty network of 24 hospitals to its global healthcare portfolio. The transaction highlights the ongoing consolidation in emerging-market healthcare delivery as private equity seeks platforms with demographic tailwinds.
Private Credit Powers Healthcare and Infrastructure
Ares Management is leading a $2.2bn direct loan to finance Med Impact Holdings' planned acquisition of Puerto Rico-based Medical Card System, according to Bloomberg. The financing package demonstrates the growing role of private credit in funding mid-to-large-cap M&A as traditional bank lenders remain constrained. The transaction adds to a record year for direct lending, with private credit funds increasingly displacing syndicated loan markets for acquisition financing.
Secondaries Market Accelerates with Record Fundraising
G Squared secured $2.3bn for its seventh flagship secondaries fund, which is about twice the size of its previous vehicle and took half as long to raise. The rapid fundraising reflects intensifying investor demand for liquidity solutions in a market where exit timelines have stretched. Pantheon has backed a new BlackRock BDC credit continuation vehicle that will house over $500m of debt positions held by TCPC, with pricing coming in at 95% of gross fair value as of 31 December 2025. The GP-led market's domination in the first half of the year goes beyond market volatility, with fundraising momentum and expansion into new asset classes also driving growth. Assessing a quick-flip continuation vehicle on the asset's hold period alone is an imperfect metric, as more nuanced operational and performance factors determine true value.
Energy and Power Infrastructure Deals Dominate
Sunoco has agreed to acquire Court Square-backed oil transporter Offen Petroleum for $600m, adding a fuel distribution network delivering approximately 2.5 billion gallons annually to roughly 7,000 customers. The acquisition strengthens Sunoco's wholesale fuel distribution footprint across key US markets. LS Power is set to acquire the Brazos Valley gas-fired power plant from Constellation, a transaction that satisfies a regulatory divestiture commitment tied to Constellation's 2025 acquisition of Calpine. Partners Group agreed to acquire a majority stake in AVK Power Solutions, which has delivered more than 20,000 projects and installed approximately 3.5GW of power for data centers across Europe's FLAP-D markets. Veritas is acquiring Greenbelt-backed Saber Power Services, a vertically integrated power infrastructure services platform that helps customers build, modernize and maintain critical electrical systems. The flurry of power-related deals reflects the surging demand for electricity from data centers, electrification and grid modernization.
Professional Services and Business Services Consolidation
Broad Sky has closed the sale of professional services firm Smith + Howard to TPG, with the business having grown 4x under its ownership. 'The business is durable; tax and audit advisory are needed in good and bad times,' Broad Sky CEO Tyler Zachem told PE Hub in an interview. RedBird's Affinia added Wilson Partners in a UK accounting tie-up, with Wilson Partners advising small and medium-sized enterprises, private individuals and private equity investors across the UK. Equity-backed FMG Leading has closed its acquisition of Broadbranch Advisors at the end of July.
Technology and Manufacturing Investments
Verdane has made a majority investment in Factbird, a Danish IoT and recurring software company providing manufacturing intelligence services. MPK Equity-backed Gorgeous Collective has acquired Clean Your Dirty Face, marking the first acquisition for the platform since its launch earlier in 2026. Equity-backed Facility Grid has acquired autonomous commissioning company Ping Cx, introducing a new product strategy centered on three integrated offerings — FG Construct, Validate, and Sustain. Tortuga Growth has invested in Advanced eClinical Training out of its Fund I, L.P.
New Platforms Formed Through Add-Ons
Arlington-backed TRP has closed five add-on deals to form a new highway plastics division, with the targets being folded into a new platform called Gulf Highway Materials. The multi-acquisition strategy demonstrates how private equity firms are building scaled platforms through tuck-in mergers in fragmented industries. Partners Group in talks to buy beauty business Aroma-Zone from Eurazeo, while CVC and Veritas Capital are vying for Bodycote, a heat treatment and metallurgical services provider.
Investor Activity and LP Allocations
New Jersey sees opportunity in the slow exit market, with CIO and director of the Division of Investment Shoaib Khan saying re-ups and new opportunities are being looked at on equal footing, despite being spared liquidity concerns. Industriens Pension mulling adding more infrastructure secondaries exposure, with the Danish retirement scheme favouring indirect over direct investment and having made commitments to all five infra secondaries vehicles managed by Pantheon. Italian pension ENPAV has released an RFP seeking private equity co-investments. Asia, MMAA looks to commit 300bn Korean won to domestic blind pool private equity and venture capital funds for 2026. Korea Post seeks to commit 60bn Korean won to domestic blind-pool venture capital funds for the same period. Mega-firms are largely defying fundraising and exit headwinds, while OMERS is plotting a fivefold increase of its PE portfolio.
Talent and Entrepreneurial Trends
The UK has expanded its talent visa program to more than 100 companies, aiming to attract skilled workers to the country's growing technology and financial sectors. A dataset shared directly from Y Combinator revealed 454 repeat founders who have gone through its cohorts, showing a growing class of second-time entrepreneurs. The trend reflects the increasing institutionalization of startup creation, with experienced founders often achieving faster traction and better fundraising outcomes.
Market Outlook and Deal Pipeline
Goldman Sachs Asset Management is lining up data center contractor Divcon for sale, according to sources, adding to a busy pipeline of power and digital infrastructure assets coming to market. professional services deal close by Broad Sky that PE Hub first reported highlights the continued liquidity in the mid-market even as larger exits remain challenging. Europe's 50 most active equity investors in the first half of 2026 have been identified, showing the breadth of capital deployment across the continent. Paris continues to emerge as a hub for founder and VC networking, with seven key spots identified for meetings in the French capital.
Sector Investment
Last updated: August 6, 2026, 10:03 PM ET
Infrastructure Leadership Shifts
APG's Asia-Pacific head Hans-Martin Aerts has departed after 25 years at the €639bn Dutch pension asset manager, just a month after its global infrastructure chief exited.
Fundraising Momentum
ECP closed its largest vehicle, ECP VI, on $8.1bn — more than 50% above target — in just 18 months, with CIO Tyler Reeder citing the firm's distribution-to-paid-in capital performance as a key driver of investor demand.