Public Markets
Last updated: August 6, 2026, 11:52 PM ET
Global Markets Slide on Hormuz Doubts, Rate Uncertainty
U.S. stocks fell in a jittery session as doubts resurfaced about the reopening of the Strait of Hormuz, with the Dow industrials leading the decline and breaking its winning streak. The Dow fell 460 points, snapping a multi-session rally as oil prices gained amid fading optimism over easing Middle East tensions. Treasury yields rose ahead of Friday's payrolls report, as job-cut plans remained calm in July alongside low weekly jobless-claims figures. The dollar finished its best day in two weeks as oil prices advanced, while traders rushed to hedge against swings in the greenback ahead of the jobs data. European shares advanced for a fourth straight day as strong earnings boosted sentiment, with WPP Plc leading gains in the media sector. Corporate earnings drove European stock indexes higher in early trade, with the Europe-wide Stoxx 600 index up and led by consumer-facing stocks and healthcare.
Meta Hit With Record Fines, Regulatory Pressure Mounts
Meta was ordered to pay a $567 million fine by a New Mexico judge, on top of a $375 million penalty ordered by a jury that found the company misled users about the safety of its platforms. The company also faces a combined $942 million judgment to address harm to kids from social media, according to a separate ruling. The penalties come as the tech giant navigates an increasingly hostile regulatory environment across multiple jurisdictions.
Yen Intervention Fallout, Currency Markets in Turmoil
The yen surrendered nearly half of its intervention-driven gains, fueling speculation among traders that authorities may step into the market again. The U.S. blindsided the European Central Bank last week with its historic currency intervention to help Japan, only informing its counterparts in Frankfurt after it sold euros to buy the yen. Christine Lagarde and Scott Bessent spoke only after Washington's historic intervention, according to the Financial Times. The real reason behind Trump's yen intervention may not be solely economic, as the U.S. bolsters the yen much as it did with the Argentine peso. 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.
Oil Rises on Supply Disruption Fears, Hormuz Tensions
Oil rose in early Asian trade amid concerns over supply disruptions in the Middle East, with Iran reportedly attacking "hostile targets" in the Strait of Hormuz. Tehran is seeking to bar US ships from the critical waterway in a deal with Oman, extending gains on supply-disruption concerns. Oil gained as prospects for a lasting agreement to reopen the Strait of Hormuz remained elusive, with bonds falling on inflation concerns. Global yields are moving higher, supported by firmer oil prices as optimism over a reopening of the Strait of Hormuz fades, OCBC said. Asian government bonds fell amid rising oil prices, while Japanese stocks were lower in early trade as uncertainty over the Middle East conflict and energy costs persist. The Nikkei fell 0.7%, dragged down by chip-related stocks. Saudi crude shipments to the US plunged to zero in July, the first time that's happened for an entire month since 1985, according to preliminary government data.
Gold Steady, Metals Mixed Amid Rate Path Uncertainty
Gold edged higher in early Asian trade as markets monitored signs of diplomatic progress in the Middle East conflict and awaited the US jobs report. 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. Comex gold settled 0.09% lower at $4,242.00, with gold and silver prices dropping and snapping two- and three-day winning streaks, respectively. Nickel declined to the lowest level since mid-July on renewed speculation that Indonesia will grant a higher ore-production quota to one of the country's largest mines.
Tennessee Primaries Deliver Upsets, Blackburn Wins Governor Nomination
In a political upset, two-term congressman Andy Ogles lost to Charlie Hatcher, a former state agriculture commissioner, in Tennessee's Republican primary. Senator Marsha Blackburn easily beat two Republican rivals and is now favored to become the state's first female governor after the November elections. Some House Republicans are backing a challenger in Cory Mills's re-election bid, with two lawmakers endorsing a primary opponent of the congressman accused of assault.
Tech Earnings: SoftBank Beats, Fujifilm Plunges, WPP Surges
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. SoftBank's $8 billion gain on its Intel stake helped the Japanese group beat expectations, though first-quarter profits declined following records set in recent quarters. The company used its OpenAI stake to borrow $10 billion, vowing to become a leading builder of AI data centers and a major investor in AI-powered robotics. Fujifilm Holdings Corp. shares fell by the most on record after the Japanese company reported weaker-than-projected quarterly results. WPP shares soared the most since its 1995 initial public offering after the advertising agency reported its turnaround efforts are gaining momentum. WPP said revenue less pass-through costs, a closely-watched metric, fell less sharply last quarter thanks to a recovery in its media-buying operations. Google shifted AI power back to co-founder Sergey Brin as Deep Mind's Demis Hassabis steps aside, consolidating control as the London lab's scientific culture gives way to urgency to build AI products. Nintendo's profit surged on stronger game software sales and the "Mario" movie hit, maintaining its annual sales forecast of 16.5 million Switch 2 consoles.
Corporate Earnings Roundup: Mixed Results Across Sectors
DraftKings Inc. reported second-quarter sales and earnings that missed analysts' expectations as the sportsbetting 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. Options traders were piling into bullish wagers on Draft Kings ahead of the earnings report, which proved prescient despite the miss. Instacart shares rose on higher revenue and strong outlook, with revenue increasing to $1.04 billion from $914 million, beating Wall Street expectations of $1.03 billion. Consolidated Edison reported a second-quarter profit of $308 million, up from $246 million a year earlier. Rocket Companies reported higher second-quarter revenue as its market share in both purchase mortgages and refinancings rose. American International Group Inc. reported second-quarter results that surpassed Wall Street expectations, roughly two months after Eric Andersen took over as chief executive officer. Six Flags Entertainment Corp. shares slumped after the company's second-quarter revenue and attendance fell short of estimates. Planet Fitness cut its profit outlook as it invests in marketing and tinkers with pricing to boost sluggish member sign-ups.
Energy Sector: Refiners Maxed Out, Conoco Phillips Changes Leadership
America's fuel-makers are maxed out as they try to fill in the gaps of the global fuel supply crunch, with "refine, baby, refine" becoming the energy industry's new mantra. ConocoPhillips chief Ryan Lance will step down after 14 years, with the third-largest US oil and gas company changing leadership as profits climb on war-driven price surge. Wizz Air warned 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. BP's North Sea exit presents a wake-up call on Scottish energy, as the blow to the oil and gas industry comes as renewables projects are faltering.
India Markets: Auction System Endures Rocky Start
For much of the first week of trading under India's new auction system to set closing stock prices, traders were convinced that one of the most consequential market structure reforms in years was faltering. The first weekly expiry for India's BSE Sensex Index under the new closing-price methodology passed largely without disruption, easing concerns after the mechanism's turbulent debut earlier this week. Global funds are piling back into India IT stocks after selling for months, with smaller IT firms faring better than their larger counterparts during the June quarter.
Deals and M&A: Nielsen Buys Double Verify, Kirin Acquires Jamieson
Nielsen Holdings agreed to buy Double Verify in a deal with an enterprise value of about $2.15 billion. Kirin Holdings Co. shares rose 2.4% to near record levels after the Japanese beverage maker announced a deal to acquire Toronto-based Jamieson Wellness Inc. that values the Canadian vitamins and supplements company at $1.4 billion. Partners Group is 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. Airtable's cut-price sale to Bending Spoons for just under $2.3 billion is just the start for software also-rans, according to analysts. Jane Street is 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. Alphabet Inc. has 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. Paramount agreed safeguards for UK approval of the $110 billion Warner Bros. Discovery deal, with David Ellison making commitments on news provision, investment and programming to win government nod. The 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.
Banking and Finance: Commerzbank Buyback, BlackRock BDC Deal
Commerzbank AG unveiled a fresh share buyback as CEO Bettina Orlopp seeks to demonstrate that her strategy delivers strong returns while Italian rival UniCredit SpA prepares to make its move. Commerzbank's CEO called for constructive dialogue with UniCredit after the Italian bank achieved a near majority stake in its German rival. The €1.2 billion buyback comes as UniCredit talks loom. BlackRock BDC moved $523 million in loans to a Pantheon-backed fund, involving nearly half of BlackRock TCP Capital's debt investments, with the lender studying even more drastic moves. Blackstone Inc.'s publicly traded private credit fund profit dropped 94% in the second quarter as the value of holdings declined, though the performance of loans steadied. Ares scaled back its €1 billion private credit fund after investors balked at loan valuations, failing to get buy-in for pricing. The biggest US law firms are exploring selling stakes to private equity, with Paul Weiss, Quinn Emanuel and Proskauer among firms that have had conversations about deals.
Japan Markets: Topix Overhaul, Bond Sales, Insurer Tactics
Japan's Topix stock index is poised for its biggest overhaul, with more than 600 companies likely to be gradually removed under new eligibility rules. 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. Daiichi Life Group 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. Shares of memory giants dropped on soft guidance, with computer memory stocks slumping.
China and Emerging Markets: Solar Whipsaw, Yuan Push, Philippine Slowdown
Chinese solar stocks were whipsawed this week by a combination of domestic efforts to end below-cost sales and renewed tariff threats from the US. 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. 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. China's central bank is stockpiling more gold in Hong Kong, according to people familiar with the matter, in a move that's likely to support the city's push to become a major bullion-trading hub. Philippine economic growth dramatically slowed in the second quarter, defying expectations of a pickup, as the protracted Middle East conflict stokes inflation and drags down consumer spending. 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 booked another flurry of US soybean cargoes, making headway toward fulfilling the purchase pledge made as part of a trade truce struck last year. Insurance and bank stocks slid amid China tax crackdown fears, with the move to impose a levy on returns from policies that serve as investment products causing consternation in Hong Kong.
SpaceX, Crypto, and Other Market Developments
SpaceX shares held steady on Thursday as investors digested the release of as many as 911.5 million shares worth about $100 billion from lock-up agreements that had prevented insiders from selling. Some analysts are raising an eyebrow at retail investors seeing an "insane opportunity" to buy SpaceX shares past the end of the epic lockup. Crypto trader Wintermute stepped 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 bolsters the case for use of spot crypto ETFs, though no system is foolproof. United Wholesale Mortgage shares fell by a record 49% after the country's biggest mortgage lender announced a net loss of $452 million and suspended its dividend for the first time. Top US mortgage lender plunged most ever after pausing dividend. Wall Street bulls flocked to S&P 500 calls as the rally broadens, with traders unable to get enough of options betting on more gains in the index. Lumber prices surged despite the housing slump, while the U.S. is banning exports of lithium ion battery and tungsten waste. The Trump administration will halt key metal waste exports in a push to break China reliance. Retirees love dividends but the stock market surge is making them think again, with the S&P 500 dividend yield near generational lows.
Private Equity
Last updated: August 6, 2026, 11:50 PM ET
European Take-Private Momentum Builds
Apollo Global Management has secured a recommended cash offer for easy Jet, valuing the FTSE 100 airline at approximately £5.7bn and ending a fast-moving four-week bidding contest. The landmark take-private represents one of the largest European private equity buyouts of the year, underscoring the continued appetite of US sponsors for undervalued European listed assets. The deal comes as private equity firms increasingly target European mid-cap and large-cap companies trading at discounts to their US peers.
Infrastructure and Power Assets Drive Deal Flow
LS Power has agreed to acquire the Brazos Valley gas-fired power plant from Constellation, in a transaction that satisfies a regulatory divestiture commitment tied to Constellation's 2025 acquisition of Calpine. The deal highlights how regulatory requirements continue to create secondary-market opportunities for infrastructure investors. Partners Group is acquiring a majority stake in AVK Power Solutions, a company that has delivered more than 20,000 projects and installed approximately 3.5GW of power for data centers across Europe's FLAP-D markets. The AVK Power acquisition reflects the surging demand for dedicated power infrastructure to support the rapid expansion of data center capacity. Veritas is set to acquire Greenbelt-backed Saber Power Services, a vertically integrated power infrastructure services platform that helps customers build, modernize and maintain critical electrical systems. Arlington-backed TRP Infrastructure 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.
Healthcare and Life Sciences Investments Surge
KKR has agreed to acquire Medicover India, the Indian hospital operations of Nasdaq Stockholm-listed Medicover AB, adding a scaled multi-specialty network to its healthcare portfolio. The deal gives KKR control of a 24-hospital network in one of the world's fastest-growing healthcare markets. 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 marks one of the largest private credit packages in the healthcare services sector this year, demonstrating the growing role of direct lenders in M&A funding. Tortuga Growth Partners has invested in Advanced eClinical Training, with the investment made out of Tortuga Growth Partners Fund I, L.P.
Secondaries Market Continues to Heat Up
G Squared has secured $2.3bn for its seventh flagship vehicle, which is about twice the size of its previous fund and took half as long to raise. The rapid fundraising underscores the intensifying demand for venture secondaries as limited partners seek liquidity solutions in a constrained exit environment. Pantheon has backed a new credit continuation vehicle from BlackRock's BDC, which 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 is being driven not only by market volatility but also by fundraising dynamics and expansion into new asset classes. Assessing a quick-flip continuation vehicle on the asset's hold period alone is an imperfect metric, according to industry analysts.
M&A Activity Across Sectors
Sunoco is acquiring Court Square-backed oil transporter Offen Petroleum for $600m, with the target operating a fuel distribution network delivering approximately 2.5 billion gallons annually to approximately 7,000 customers. The acquisition strengthens Sunoco's fuel distribution footprint in the US. Copley Equity-backed FMG Leading has completed its acquisition of Broadbranch Advisors, with the deal closing at the end of July. MPK Equity-backed Gorgeous Collective has acquired Clean Your Dirty Face, marking the first acquisition since the platform's launch earlier in 2026. Nexa 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. RedBird's Affinia has 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. Veritas has agreed to acquire Greenbelt-backed Saber Power Services, while Partners Group is in talks to buy beauty business Aroma-Zone from Eurazeo, and CVC and Veritas Capital are vying for Bodycote, the heat treatment and metallurgical services provider.
Professional Services Consolidation Continues
Broad Sky has grown Smith + Howard 4x before exiting to TPG, with Broad Sky CEO Tyler Zachem noting that the business is durable because tax and audit advisory are needed in good and bad times. The sale to TPG represents a successful build-and-sell strategy for Broad Sky, which scaled the professional services firm significantly during its hold period. The Smith + Howard deal close was first reported by PE Hub, highlighting the continued consolidation in the accounting and professional services sector.
Venture and Growth Investments
Verdane has made a majority investment in Factbird, a Danish IoT and recurring software company providing manufacturing intelligence services. The investment reflects growing private equity interest in industrial technology and software-enabled manufacturing solutions. Y Combinator is seeing a growing class of second-time founders, with an analysis of a dataset of 454 repeat founders who have gone through its cohorts revealing significant insights into the return of the repeat founder.
LP Trends and Fundraising
Italian pension fund ENPAV has released an RFP for private equity co-investment, signaling continued appetite for direct exposure among European institutional investors. MMAA is looking to commit 300bn Korean won to domestic blind pool private equity and venture capital funds for 2026. Korea Post Insurance is seeking to commit 60bn Korean won to domestic blind-pool venture capital funds for 2026. The Danish retirement scheme Industriens Pension is mulling adding more infrastructure secondaries exposure, favoring indirect over direct investment in secondaries and having made commitments to all five infra secondaries vehicles managed by Pantheon. Mega-firms are largely defying fundraising and exit headwinds, while OMERS is plotting a fivefold increase of its PE portfolio, according to industry analysis. New Jersey sees opportunity in the slow exit market, with CIO Shoaib Khan saying re-ups and new opportunities are being looked at on equal footing, despite being spared liquidity concerns. The UK has expanded its talent visa to more than 100 companies, a move that could ease hiring for private equity-backed portfolio companies.
Deal Flow and Market Outlook
Goldman Sachs Asset Management is lining up data center contractor Divcon for sale, according to sources, while the companies-for-sale update also highlights the professional services deal close that PE Hub was first to report. Europe's 50 most active equity investors in H1 2026 have been identified, providing a snapshot of which firms are driving deal activity across the continent. Paris continues to be a hub for founders and VCs, with seven spots identified for meetings in the French capital. The flurry of activity across infrastructure, healthcare, and technology sectors suggests that private equity firms are deploying capital aggressively despite broader market uncertainty. With large-cap take-privates like easy Jet and continued strength in secondaries fundraising, the private equity market is demonstrating resilience and adaptability in a challenging environment.
Sector Investment
Last updated: August 6, 2026, 11:48 PM ET
Infrastructure Investment
Energy Capital Partners closed its largest fund, ECP VI, at $8.1bn — more than 50% above target — in just 18 months, with CIO Tyler Reeder crediting the firm's DPI track record. Meanwhile, APG's Asia-Pacific infrastructure head Hans-Martin Aerts exited after 25 years at the €639bn Dutch pension asset manager, following the departure of its global infrastructure chief a month earlier.