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Public Markets

Last updated: August 7, 2026, 8:36 PM ET

Economic Data & Policy

The July jobs report rocked markets after nonfarm payrolls unexpectedly contracted, with the economy shedding 23,000 jobs. Traders rapidly scaled back rate-hike expectations, though analysts cautioned that the weak report does not eliminate the possibility of a Fed move in September. The data posed a new test for Fed Chair Kevin Warsh, as investors focused on the trajectory of inflation. BlackRock’s Rick Rieder argued the surprise contraction reflects a productivity revolution driven by AI rather than underlying weakness.

Equities

All three major U.S. indexes rose, with the S&P 500 and Nasdaq capping their best week since April. The S&P 500 hit a fresh record after the jobs data miss, while the Nasdaq surged as Big Tech stocks stormed back on fading AI spending fears. European stocks rose for a fourth straight week on strong earnings, while in Asia the GPIF posted a record ¥24 trillion gain as Japanese stocks rallied. Fujifilm shares plunged by the most on record after a profit miss and spinoff plan. Allianz generated record second-quarter profit as Pimco saw €32 billion in inflows. Atlassian CEO Mike Cannon-Brookes vowed to spend $250 million buying shares after strong Q4 sales. Under Armour lowered its revenue outlook on soft demand, while Wendy’s slashed its dividend as its turnaround struggles to take hold. Volkswagen’s major shareholder Porsche SE urged a faster overhaul after a €3.5 billion impairment, and Lazard Asset Management added Samsung during the memory rout. Bank of America’s sentiment gauge hit its most extreme bullish level since 2021, signaling overbought conditions. British CEOs enjoyed a “new boss bounce” as cost-cutters won shareholder approval.

Fixed Income

Treasuries rallied sharply, with short-term yields capping their biggest weekly gain since May. The U.S. Treasury sparked debate over auction cutbacks as a tool to temper yields. Japan’s biggest insurers reported $96 billion in combined unrealized bond losses as interest rates rose. Wellington Funds pivoted from Treasuries to German bonds after Fed doubts. The bond market is signaling rising risks for home buyers and AI data centers, but is a boon for retirees. Gainwell Technologies kicked off a $5.8 billion debt overhaul, the year’s biggest software refinancing. San Juan’s $121 million muni-bond sale saw blowout demand. South Africa’s bonds already trade at investment-grade levels, ahead of rating agencies.

Currencies

The dollar fell to its lowest since May after the jobs data killed rate-hike bets. The yen surged 1% against the dollar, with traders eyeing possible intervention. Hedge funds slashed yen short bets after coordinated U.S.-Japan efforts. BlackRock warned that the U.S. selling euros to support the yen adds geopolitical risk. Goldman Sachs dismissed threats to dollar dominance from yen support.

Commodities

Oil futures rose 1.2% on Friday but posted a 7.7% weekly loss as Middle East fears eased. Natural gas futures extended losses to seven weeks on strong production. Copper headed for a record close after U.S. and China demand squeezed stocks. China’s central bank extended its gold buying streak to 21 months and is stockpiling gold in Hong Kong. Global food prices hit a three-year high as heatwaves and conflict strained supplies. Ukraine grain exports could slump by more than half after Russian strikes on Odesa ports. Hindalco profit jumped 75% as metals prices surged. Chinese steel prices hit a near-decade low amid the construction slump. Oil analysts are stumped by missing barrels as inventory data diverges from production. The refining crunch keeps fuel prices high even as crude retreats.

IPOs & Capital Markets

SpaceX shares neared their $135 IPO price again after a $327 billion rally. Private-equity firms are pouncing on the hot IPO market to exit stakes. China’s Unitree priced a $900 million IPO to test appetite for humanoid robots. SK Hynix led a record $83 billion of Asian share sales. Airtel plans to list its $10 billion Africa finance business in London. Dream Finders agreed a $916 million deal to buy Beazer Homes. JBS secured a $2.5 billion investment from Indonesia’s sovereign wealth fund. Adnoc spent $1.3 billion on tankers to boost crude exports. The UK IPO slump is hurting private equity and venture capital exit routes. Goodwin plc started a strategic review that may lead to the sale of its defence business.

Private Equity

Last updated: August 7, 2026, 8:44 PM ET

Mega Deals & Fundraising

Carlyle has acquired a minority stake in Prime Capital Financial from Abry Partners, exiting one of the fastest-growing US wealth platforms with $50bn in AUM after three years of concentrated growth. In the largest private credit transaction of its kind, Pantheon bought $523m of BlackRock TCP Capital’s private credit book via a landmark BDC continuation vehicle. Wise Equity signed a deal to acquire a majority stake in E-Pharma Trento, a CDMO that may pursue bolt-on acquisitions for new technologies. Eir Partners invested in ClaimsBridge and supported its add-on acquisition of Dialysis PPO, aiming to scale the platform organically and through M&A. On the UK take-private front, ‘bear hugs’ are on the rise as Partners Group agreed to buy a majority stake in AVK Power Solutions, a provider of power systems for data centers and AI infrastructure. Separately, Nordic Capital sealed an $800m take-private of BWXT’s nuclear medicine business, highlighting PE appetite for radiopharmaceuticals. Bernard Arnault appointed Aymeric Le Clere as chairman and CEO of Financière Agache, the €3.1bn holding vehicle that anchors control of LVMH.

Healthcare & Workforce Services

Private equity is doubling down on technology-driven healthcare workforce services. Accel-KKR, Bain, Knox Lane and LLR Partners are among eight firms transacting in the space, seeking to improve staffing efficiency amid labor shortages. Accel-KKR, Bain and Knox Lane specifically are betting on clinical workforce services platforms that leverage technology to optimize scheduling and compliance.

Infrastructure & Secondaries

The single-asset secondaries market in infrastructure is blooming, shifting from a liquidity tool to a primary access strategy. However, discipline, alignment and entry valuations remain critical to ensuring buyers secure good deals, according to Stafford’s William.

European VC & Startup Scene

July saw no summer slowdown for active startup investors, with three companies securing funding rounds of $1bn or more in a week of oversized checks across AI, fintech and healthcare. Familiar names like Khosla Ventures and Y Combinator topped the rankings of most prolific venture dealmakers in July. A16z continues to expand its European footprint, with over 30 venture scouts now hunting for deals across the continent. For younger talent, partners across Europe have identified the top junior VCs to watch in the current fundraising environment. Meanwhile, Lendable is chasing a superapp vision despite capacity constraints, with management saying they are “more constrained by capacity than ideas”. On the university spinout front, Queen Mary University of London spinouts are looking to raise venture capital. However, not all is well at scale-ups: Pleo is facing a culture crisis marked by an executive exodus, unhappy staff and sale speculation.

Asset Management & Private Credit

Allianz posted record operating profit in Q2, driven by €39bn in asset management net inflows as PIMCO and AGI pushed third-party AuM to a record €2.16tn. The standout contribution came from the asset management arm, underscoring strong demand for fixed-income and private credit strategies.

Sector Investment

Last updated: August 7, 2026, 8:45 PM ET

Healthcare Private Equity

Regal Healthcare Capital Partners closed its fourth fund at $610 million, exceeding its $550 million target for healthcare investments.