Public Markets

Last updated: August 7, 2026, 4:18 PM ET

Equities

Major U.S. stock indexes gained after the July jobs report came in much cooler than expected, prompting traders to scale back rate-hike expectations. The Dow rose after the U.S. economy unexpectedly shed jobs in July, according to data released Friday. Stocks pared gains as the weak payrolls number shifted focus to the Federal Reserve's next policy move. Big Tech stocks stormed back as fears over profligate AI spending faded and euphoria resumed, leading the market higher. European indexes edged higher in cautious trade ahead of the U.S. jobs data and Middle East developments. European stocks rose for a fourth straight week, lifted by a stronger-than-expected earnings season and growing M&A chatter. Bank of America's sentiment gauge hit its most extreme bullish level since 2021, signaling it may be time to reduce exposure to risky assets.

Private-equity firms are pouncing on the hot IPO market as sluggish dealmaking has made it hard to find buyers, pushing more companies public. Whatnot, a live-shopping platform, is now valued at $20 billion, nearly doubling its valuation in less than a year. Dream Finders Homes agreed to buy Beazer Homes for about $915 million, following several months of negotiations. Take-Two Interactive recorded higher sales in its fiscal first quarter, but losses widened due to discontinued development of a title. DraftKings' second-quarter revenue fell, hurt by promotions, posting a loss of $67.6 million versus a year-earlier profit. Under Armour lowered its revenue outlook on soft demand, noting weakening traffic in North America and Asia-Pacific. Wendy's withdrew its outlook and slashed its dividend as its turnaround struggles to take hold. Shares of memory giants dropped on soft guidance, while the Dow broke its winning streak amid Hormuz deal doubts.

Fixed Income

Treasury yields fell after a much weaker-than-expected U.S. jobs report, as traders dialed back rate-hike bets. US Treasuries rallied after data showed employers unexpectedly cut jobs in July, reducing the Federal Reserve's willingness to raise interest rates. The bond market is signaling rising risks as yields move higher without a Fed rate hike, creating hardship for home buyers and higher hurdles for AI data centers. The US Treasury sparked debate over potential auction cutbacks to temper yields, challenging years of faith in the world's biggest bond market. Bond traders are eyeing the jobs data for clues on whether the Fed will raise rates at its September meeting. Japan's 15-year JGB yield presents a curious case, not moving as high as some might expect. British engineering firm Goodwin started a strategic review that may lead to the sale of a key business.

Currencies

The dollar fell to its lowest level since May after soft U.S. labor data reduced expectations that the Federal Reserve will raise interest rates. The dollar hit a seven-week low against a basket of currencies following an unexpected decline in U.S. nonfarm payrolls in July. The yen jumped 1% against the dollar after the jobs data, with speculation that authorities could intervene again on the currency. The yen surged against a weaker dollar on the weak payrolls report, offering fresh fodder for intervention speculation. Japan confirmed a three-day yen intervention in the spring during Golden Week to prop up the currency, going beyond its usual twin-punch playbook. Goldman Sachs is skeptical of dollar-dominance threats after U.S. support for yen intervention. Wellington Asset Management reduced its exposure to US Treasuries and shifted into German bonds after doubts about the Fed's inflation-fighting credentials.

Commodities

Oil futures shook off early weakness as the market waited for news on a deal to reopen the Strait of Hormuz. Oil analysts are stumped by the case of the missing barrels, as supply disruptions persist. Gold is set for its best week since January as dip-buyers supported prices above a key technical level, looking past Hormuz tensions. China's central bank extended its gold buying streak to 21 months, ramping up additions last month as bullion prices built support above $4,000 an ounce. Copper headed for a record close on signs of tighter short-term supply across the global market. A copper market crunch is brewing as the US and China compete for metal, with shipments to the US surging and Chinese orders rising. Global food prices rose to a three-year high in July, driven by adverse weather and renewed concerns over key grain export corridors. Food prices rose in July as weather and wars lifted costs, compounded by the near-total closure of the Strait of Hormuz and expectations of a strong El Niño. U.S. natural gas futures picked up some ground following losses on the expanding inventory surplus. Iran's oil exports stalled as Kharg Island idled under a U.S. blockade, with naval interdiction appearing to halt tankers. A refining crunch keeps fuel prices high even as crude retreats, a boon for US refiners but a political problem for Donald Trump. El Niño threatens to disrupt the world's most-traded commodities, raising the risk of food shortages and inflation.

Macro & Policy

The U.S. economy lost jobs in July, prompting traders to scale back rate-hike expectations. A spring surge in hiring rapidly faded as summer brought higher prices and more uncertainty for businesses, even as they avoided layoffs. The weak jobs report does not eliminate prospects of an interest rate rise, as Fed officials remain focused on inflation after five years above the 2% target. BlackRock's Rick Rieder said the surprise payroll contraction reflects a "productivity revolution" from AI rather than economic weakness. Corporate America's adoption of AI tools is paying off, offering relief to investors who questioned massive technology investments. The Senate passed a sanctions bill targeting Russia and Iran, championed by the late Senator Lindsey Graham. Christopher Phelan was confirmed as chairman of the White House Council of Economic Advisers, a former adviser to the Federal Reserve Bank of Minneapolis. Fitch Ratings is skeptical that Chile's tax cuts will boost growth enough to offset the revenue drop, emphasizing fiscal spending reductions.

Emerging Markets & Asia

China's central bank ramped up gold additions last month, pushing a buying streak toward the two-year mark. China's central bank is stockpiling gold in Hong Kong, supporting the city's push to become a major bullion-trading hub. Shanghai is seeking to permit extending commercial land leases upon expiry, according to a notice. The price of a key Chinese steel product dropped to a near-decade low as a prolonged property downturn sapped construction demand. India's top bank, State Bank of India, beat profit estimates in the first quarter, benefitting from strong credit growth. India's foreign exchange reserves are expected to swell to a near-record high within weeks, driven by stronger capital inflows. Philippine economic growth slowed dramatically in the second quarter, defying expectations as the Middle East conflict stokes inflation. Brazil's worst-ever market outage puts B3's near-monopoly in focus, the latest disruption in Latin America's biggest economy. Singapore billionaire Lim Chap Huat sued Brookfield for allegedly aborting a planned real-estate joint venture.

Corporate & Sector Roundup

Under Armour lowered its revenue outlook on soft demand, noting weakened traffic trends in North America and Asia-Pacific. Monster Beverage's sales rose 20% in the second quarter, driven by international growth. Lyft's gross bookings rose to $5.5 billion but the rideshare company expects slower growth of 15% to 19% in the current quarter. Nielsen agreed to buy DoubleVerify in a deal with an enterprise value of about $2.15 billion. Allianz posted record operating profit, rising 11% as Pimco saw €32 billion in inflows. Porsche SE called for a faster overhaul at Volkswagen after a $3.5 billion impairment hit. Daimler Truck plans to launch a second $1.27 billion share buyback tranche in September. Consolidated Edison reported higher profit, with second-quarter earnings of $308 million, up from $246 million a year earlier. Rocket Companies' revenue surged on mortgage market share gains, while Sweetgreen lowered its outlook due to a cyclosporiasis outbreak. AIG's profit beat estimates on strong underwriting, roughly two months into CEO Eric Andersen's tenure. Kirin pushed into vitamin sales with a $1.4 billion deal to acquire Jamieson Wellness. JBS secured a $2.5 billion investment from Indonesia's sovereign wealth fund Danantara for a joint venture focused on the protein market. Atlassian's CEO vowed to spend $250 million buying shares after strong quarterly sales, shaking off the "Saa Spocalypse." Meta was ordered to pay nearly $1 billion over social media harm to children in a New Mexico lawsuit. The FAA ordered inspections of hundreds of Boeing 737 MAX jets after cracks were found in a structural reinforcement around a plane door.

Private Equity

Last updated: August 7, 2026, 2:51 AM ET

Private Equity Briefing: Mega-Deals, Secondaries Surge, and Strategic Realignments

Landmark Take-Private and Healthcare Consolidation

Apollo has secured a £5.7bn 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 European take-private marks one of the largest leveraged buyouts in the region this year, underscoring private equity's continued appetite for undervalued listed assets. In healthcare, KKR has agreed to acquire Medicover India, the Indian hospital operations of Nasdaq Stockholm-listed Medicover AB, adding a scaled 24-hospital multi-specialty network to its healthcare portfolio. The deal reflects the growing strategic importance of Indian healthcare infrastructure as private capital seeks exposure to the region's rapidly expanding middle-class demand for medical services.

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 private credit package demonstrates the continued dominance of direct lenders in financing large healthcare transactions, as traditional syndicated loan markets remain constrained. The deal also highlights how private credit firms are increasingly competing with banks for the most attractive financing mandates.

Energy, Power, and Infrastructure Deals

Sunoco has agreed to acquire Court Square-backed Offen Petroleum for $600m, with the target operating 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 at a time when energy infrastructure assets are commanding premium valuations. Meanwhile, LS Power is acquiring the Brazos Valley gas-fired power plant from Constellation, with the transaction satisfying a regulatory divestiture commitment tied to Constellation's 2025 acquisition of Calpine. The deal illustrates the ongoing reshuffling of power generation assets as private equity firms position for rising electricity demand from data centers and electrification.

Partners Group is acquiring a majority stake in AVK Power, a provider 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 investment underscores the critical role of power infrastructure in supporting the artificial intelligence-driven data center boom. In a related development, Goldman Sachs Asset Management is lining up data center contractor Divcon for sale, according to sources, highlighting the active deal flow in power engineering services. Veritas Capital is also acquiring 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. The bolt-on strategy reflects the ongoing trend of private equity firms building scale through serial acquisitions in fragmented infrastructure niches.

Secondaries Market Momentum and Fundraising

The secondaries market is experiencing unprecedented momentum, with G Squared securing $2.3bn for its seventh flagship fund in record time, with the vehicle about twice the size of its previous fund and taking half as long to raise. The rapid fundraising demonstrates institutional investors' growing conviction in the secondaries asset class as a source of liquidity and diversification. Pantheon is backing BlackRock BDC's credit continuation vehicle, with the new vehicle housing over $500m of debt positions held by TCPC, with pricing at 95% of gross fair value as of December 2025.

GP-led transactions dominated the secondaries market in the first half of the year, with market volatility only telling part of the story, as fundraising and expansion into new asset classes also drive growth. However, industry participants caution that assessing a quick-flip continuation vehicle on the asset's hold period alone is an imperfect metric, with the burden of proof falling on sponsors to demonstrate value creation potential. Danish pension scheme Industriens Pension is mulling adding more infrastructure secondaries exposure, with the retirement scheme favouring indirect over direct investment and having made commitments to all five infrastructure secondaries vehicles managed by Pantheon.

Venture Capital and Early-Stage Activity

Andreessen Horowitz has expanded its network of venture scouts across Europe to more than 30 individuals, hunting for early-stage deals across the continent. The scout model allows the firm to source proprietary deal flow while maintaining a lean footprint in key European tech hubs. In the fintech space, Lendable is pursuing its superapp vision, with leadership noting the company is "more constrained by capacity than ideas," signaling ambitious product expansion plans despite operational limitations.

Y Combinator's latest cohorts show a growing class of repeat founders, with a dataset of 454 repeat founders revealing interesting insights about serial entrepreneurship patterns. The trend suggests that experienced founders are increasingly viewed as lower-risk bets by early-stage investors. Meanwhile, Queen Mary University of London spinouts are looking to raise, adding to the pipeline of university-derived deep tech opportunities seeking institutional capital.

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 software platforms that benefit from the ongoing digitization of manufacturing operations. In a separate transaction, Nexa Equity-backed Facility Grid has acquired autonomous commissioning company PingCx, introducing a new product strategy centered on three integrated offerings—FG Construct, Validate, and Sustain—as the company bolsters its AI-enabled capabilities.

Professional Services and Business Services Consolidation

Broad Sky has grown Smith + Howard fourfold before exiting to TPG, with the deal closing after significant operational improvements. "The business is durable; tax and audit advisory are needed in good and bad times," Broad Sky CEO Tyler Zachem told PE Hub, highlighting the resilience of professional services investments across economic cycles. The successful exit demonstrates the value creation potential in accounting and advisory platforms.

Copley Equity-backed FMG Leading has snapped up Broadbranch Advisors, with the deal closing at the end of July as the platform continues its buy-and-build strategy. Red Bird's Affinia has also 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. MPK Equity-backed Gorgeous Collective has acquired Clean Your Dirty Face, marking the first acquisition for the platform since its launch earlier in 2026, while Tortuga Growth Partners has invested in Advanced eClinical Training out of its Fund I, L.P.

Investor Activity and LP Trends

Italian pension fund ENPAV has released an RFP for private equity co-investment, while South Korean institutions are ramping up domestic commitments, with MMAA looking to commit 300bn Korean won to domestic blind pool private equity and venture capital funds for 2026. Korea Post Insurance is also targeting 60bn Korean won for domestic blind-pool venture capital funds, reflecting a broader trend of Asian institutional investors supporting local ecosystems.

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 the fund being spared liquidity concerns. The counter-cyclical approach suggests sophisticated LPs are using the current environment to build positions at attractive valuations. Meanwhile, mega-firms are largely defying fundraising and exit headwinds, with OMERS plotting a fivefold increase of its PE portfolio, according to earnings season learnings.

The UK has expanded its talent visa to more than 100 companies, potentially easing access to international tech talent for venture-backed startups. In a sign of continued M&A activity, Partners Group is in talks to buy beauty business Aroma-Zone from Eurazeo, while CVC and Veritas Capital vie for Bodycote, the heat treatment and metallurgical services provider. Pleo is facing a culture crisis amid executive exodus and sale speculation, highlighting the operational challenges that can emerge at high-growth fintech companies as they scale.

Sector Investment

Last updated: August 7, 2026, 11:59 AM ET

Healthcare Private Equity

Regal Healthcare Capital Partners closed its fourth fund at $610 million, above target. The healthcare-focused private equity vehicle signals persistent investor demand for medical sector assets.