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Last updated: August 11, 2026, 11:38 AM ET

Equities

US stock futures were slightly up before the bell on Tuesday as oil erased an earlier advance, while traders awaited key inflation data for guidance on Federal Reserve policy. The S&P 500 finished last week at a new all-time high, but anxiety about geopolitics and inflation is keeping animal spirits at bay, which some see as a buying opportunity. European indexes were boosted by energy stocks on the oil rise, and the region continues to defy doom-laden forecasts of stagflation from the Iran war. The FTSE 100 saw gilts drop as the oil rally revived inflation worries. Demand for protection against a drop in stocks has fallen to its lowest since Trump’s tariff capitulation.

In single-stock moves, CoreWeave shares have been on a roll, and its earnings after the close Tuesday will test whether the rally is sustainable. Intel investors are banking on a comeback as AI mania transforms demand. On Holding tempered its sales outlook after lower-than-expected Q2 running-shoe sales. Rocket Lab narrowed its loss and reported rising revenue with a backlog of $2.36 billion. Hims & Hers Health boosted its revenue target to $3.1-$3.3 billion despite swinging to a Q2 loss. Trump Media & Technology Group reported a Q2 loss of $238.1 million versus $20 million a year earlier.

Fixed Income

Bonds retreated and stocks ticked lower as rising oil prices revived inflation concerns ahead of US CPI data. Treasury yields rose as hopes for a US-Iran deal over the Strait of Hormuz faded. The dollar strengthened further against the yen despite official efforts to prop up the Japanese currency. A rare buying opportunity is emerging in TIPS bonds offering real yields. The world’s busiest airport, Atlanta Airport, is coming to market with a $1.1 billion municipal bond sale. A performing arts school in Los Angeles is planning a $117 million bond deal, the largest private school muni deal in two years.

Commodities

Oil prices climbed as stalemate over the Strait of Hormuz hardened, with Brent crude touching $90 a barrel. The real squeeze is happening in refineries, where the Iran war, Ukrainian attacks on Russia and China’s fuel export restrictions have removed millions of barrels of refined products. Gold prices were broadly flat ahead of US inflation data, though precious metals pushed higher with gold adding 0.5%. Aluminum extended its rally to a seven-week high after a key alumina producer slashed production. US natural gas futures rebounded on hotter weather and Middle East supply concerns. Russia’s crude oil exports tumbled to their lowest since May as a lull in drone strikes allowed refiners to boost runs.

Currencies

The yen sank as the effect of joint US-Japan intervention faded, giving up roughly half its gains. The currency is approaching 160 per dollar, raising speculation of renewed Japanese intervention. The yuan is expected to resume its march against the dollar next month as seasonal factors boost the Chinese currency. The Singapore dollar was steady, supported by stronger-than-expected Q2 GDP growth. Emerging-market currencies weakened as fading chances of a Hormuz deal hit oil-sensitive assets. Traders are piling into Taiwan dollar options to bet on a rebound after the currency’s worst July since 2015.

Energy & Utilities

Oil surged with no Hormuz deal in sight, as President Trump made sweeping new demands on Iran. A dozen ships continued to shuttle oil outside the strait, keeping flows functioning in the face of attacks. Iran’s oil terminals have appeared largely idle this month due to the US naval blockade. Saudi Aramco pushed back restart of its Jazan refinery to late August after a weekend attack. Trump’s anti-wind crusade has redirected funds toward fossil fuels. Phillips 66 announced a $5 billion, 900-mile pipeline from Texas to Phoenix and Los Angeles.

Private Credit & Structured Finance

Private-credit firms are clamping down on loan sweeteners such as PIK provisions, fearing “shadow defaults” as borrowers have delayed interest payments on billions of dollars. 777 Partners filed for bankruptcy after creditors sought liquidation. The SEC exempted data-center bonds from key securitization rules, potentially opening the door for more debt sales. Gainwell Technologies started a $5.8 billion debt overhaul, the US software sector’s biggest junk-debt financing of 2026.

Deals & M&A

Intercontinental Exchange began selling US investment-grade bonds to fund its $6 billion acquisition of Market Axess. Ari Emanuel’s Mari Group agreed to buy ATG Entertainment for $6 billion, including 7 Broadway and 10 West End theaters. TPG acquired a 61.2% stake in Lotte Rental for $925 million. Hanwha Aerospace made a $1.2 billion offer for Austal’s US business. Samsung SDI bought GM’s stake in their US battery joint venture. AstraZeneca’s $400 billion tie-up with Bristol Myers unravelled after an FT report. Adani Group secured an $800 million loan for data centers as US charges were dropped.

Economy & Policy

US small business confidence rose to 99.8, its highest since August 2025. Fed’s Hammack said “some number” of rate hikes may be needed. Colombia inflation unexpectedly slowed. Morgan Stanley launched a $1.5 trillion infrastructure initiative. Deutsche Bank became the first European clearing bank for renminbi. India’s retail traders lost $9.6 billion in equity derivatives in the year to March.

Equity Markets – Asia & Emerging

Hong Kong’s tech index is set for an overhaul to include more AI and robotics firms. BSE Ltd. may see $741 million in passive flows from Nifty 50 inclusion. Wipro’s exit from the Nifty 50 reflects waning clout of Indian IT giants. Tencent early success with Work Buddy offers AI turnaround hope. DayOne Data Centers confidentially filed for a $5 billion US IPO. Chinese robot maker Unitree IPO was 5,500 times oversubscribed by retail investors. Turkey’s stock swings put the nation at risk of MSCI exclusion. India equity fund flows eased in July but small-caps stayed hot.

Miscellaneous Market News

Volatility tumbled as the Vix fell to prewar levels even as oil rose to $90. AI stock risk is spreading to the broader equity market. Boeing sold three autonomous flight subsidiaries to Archer Aviation for a 16.5% stake. Braskem creditors push Petrobras for capital ahead of a bankruptcy deadline. JBS returned leadership to the Batista clan as scion named CEO. CSN got financial relief as a $1 billion debt exchange was approved.

Private Equity

Last updated: August 11, 2026, 11:46 AM ET

Mega-Deals & Take-Private

Apollo Sports Capital agreed to a $2.6bn capital infusion for Yankee Global Enterprises, the holding company behind the New York Yankees, with the proceeds earmarked for franchise growth and debt refinancing, as PE Insights reported. In Asia, TPG struck a $925m deal to acquire a controlling stake in Lotte Rental, South Korea’s largest car-rental and leasing operator. On the take-private front, Apollo landed a £5.7bn recommended offer for easy Jet in what is being described as a landmark European public-to-private transaction.

Continuation Vehicles & Secondaries

Exponent closed a €750m single-asset continuation vehicle for H&MV Engineering, tapping Apollo, Pantheon, and SQ Capital as co-leads. The deal, which valued the high-voltage engineering services firm at €1.4bn, was covered by Secondaries Investor and detailed as a single-asset CV. Ardian co-CEO Mark Benedetti, in a separate interview, argued that the most mispricing opportunities currently lie in European assets and secondaries. A roundup from PE Hub also highlighted Ardian’s views on mispricing alongside other deal activity.

Middle-Market Buyouts

A flurry of acquisitions marked the middle market. Godspeed-backed BNP Group acquired cost management firm US Cost Incorporated from Schneider S.E., while Clearlake-backed PrimeSource Brands purchased Starborn Industries. Vance Street-backed Keltec snapped up AJF Filtration, and Altamont-backed Big Top Manufacturing acquired Coast to Coast Contracting. CCMP Growth-backed Airo bought specialty plumbing and HVAC firm Legrande’s Enterprises, while Quad-C invested in occupational safety platform Paradigm. Trinity Hunt backed management consulting firm Fisher Management Partners, and New Heritage invested in locomotive parts manufacturer Power Rail. HIG Capital completed the acquisition of UK engineering firm Phoenix ME, and Amberjack Capital closed the carve-out of Flowserve’s PMV Automation group. Meanwhile, private equity is increasingly targeting Europe’s growing HVAC market, as noted in a Europe Wire roundup.

AI Infrastructure & Compute

Wall Street’s largest private capital firms are mobilizing over $500bn to turn NVIDIA compute and full-stack AI infrastructure into an investable asset class. Apollo, Blackstone, Brookfield, and KKR are lining up behind NVIDIA, while a broader consortium including BlackRock, Goldman Sachs, and others was detailed in a PE Hub report. Sovereign wealth funds are also leading the AI investing charge, according to a Side Letter column, which also noted the rise of PE talent in Spain and big deals in Africa. In a Crunchbase op-ed, Bob Morse argues that AI is a business change, not a technology change, and that the biggest productivity gains come from redesigning workflows around AI.

Venture Capital & Early-Stage

Euan Blair, son of former UK prime minister Tony Blair, is seeking $200m for a new defence startup, according to reports. Latin America’s influential VC firm Monashees is crossing into Silicon Valley with a San Francisco office, betting the next phase of the region’s ecosystem requires a permanent US presence. At South Summit 2026, three trends are shaping the future of European tech. VCs have also identified 17 physical AI startups to watch, while First Momentum’s cofounder highlighted the most underrated areas in deeptech according to the firm.

LP Activity & Fundraising

Step Stone Group has surpassed $20bn in private wealth assets under management, reaching $21bn as its venture- and growth-focused SPRING vehicle attracted nearly $1.7bn in subscriptions during the quarter. Separately, the Plymouth County Retirement Association has issued an RFP for a North American private equity manager, signalling ongoing institutional demand for the asset class.

Sector Investment

Last updated: August 11, 2026, 11:49 AM ET

Sovereign Wealth Funds

South Korea’s Korea Investment Corporation will anchor a new $14bn account to funnel global capital into domestic data centres and supporting infrastructure.

Private Credit

Liberty Mutual has anchored GDEV Management’s new renewable energy debt strategy, building on its prior role as an LP and co-investor in the firm’s equity funds.