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Public Markets

Last updated: August 11, 2026, 5:34 PM ET

Equities

U.S. stocks slid as negotiations over the Strait of Hormuz remain deadlocked, with the S&P 500 falling ahead of key inflation data. The Nasdaq lost 0.7%, while European indexes were boosted by energy stocks. Emerging-market assets extended losses as Iran pushed back against optimism over a potential Hormuz deal. Systematic buyers are getting ready to reload on stocks after a massive unwind, according to Citadel Securities. A potential buying opportunity is forming around S&P skeptics’ refusal to give up, even as anxiety persists over geopolitics and inflation.

Energy & Commodities

Brent crude touched $90 a barrel after Iran said the Strait of Hormuz would remain shut. The US now expects oil supply disruptions from the conflict to last through 2027, squeezing about 600,000 barrels per day. A dozen ships continue to shuttle oil through the Strait of Hormuz despite attacks. Russia’s crude oil exports tumbled to their lowest since May as refiners boosted runs. The real squeeze is happening in refineries, where the Iran war and Ukrainian attacks have taken millions of barrels of refined products off global markets. Gold fell from a two-month peak ahead of the US inflation report, while silver snapped a two-session winning streak. US natural gas futures gave back some gains amid soft LNG demand. Aluminum extended its rally to a seven-week high after a key alumina producer slashed production. A metals trader is seeking to sell a $150 million aluminum stash at a discount to boost liquidity.

Fixed Income & Currencies

The dollar edged higher amid Hormuz concerns, though MUFG Bank said it risks falling due to uncertainty over the Fed’s rate path. The yen weakened toward 160 per dollar, raising intervention concerns as the effects of a recent government action fade. Barclays says picky bond buyers are keeping 30-year yields at multi-decade peaks. Record short bets against global bonds by trend-chasing funds are raising the stakes for US inflation reports. Gilts dropped as the oil rally revived inflation worries. European gas prices neared Iran war highs as heatwaves hit the continent.

Corporate Earnings & Strategy

Nvidia is working with Wall Street to assemble a $500 billion funding package for AI infrastructure, with bond traders dialing back credit risk after the company clarified its plan. CoreWeave reported a revenue high of $2.6 billion and a $104 billion sales backlog. Super Micro Computer saw its quarterly profit surge to $1.17 billion from $195.2 million a year ago. Cava posted a profit of $23 million as same-store sales rose 9%. On Holding tempered its outlook as running-shoe sales underwhelmed. Smithfield Foods cut its annual outlook as inflation-weary consumers grew choosier. JBS said its US beef business has yet to benefit from restructuring. Chobani cut its earnings forecast on rising material costs. Omers returned 4.8% in the first half, fueled by stocks and the US dollar.

M&A & Deal Making

Nasdaq will acquire Leve L Markets, an off-exchange equity execution venue. Curaleaf plans a $272 million hostile bid for Aurora Cannabis. TPG agreed to buy a 61.2% stake in South Korea’s Lotte Rental for $925 million. Blue Owl Capital raised $750 million of high-grade debt to pay down credit lines. Intercontinental Exchange is selling $3.75 billion of bonds after its Market Axess deal. The US Justice Department is investigating Kone Oyj’s €29.4 billion purchase of TK Elevator. Hanwha Aerospace made a $1.2 billion bid for Austal’s US business. Gainwell Technologies kicked off a $5.8 billion debt overhaul. Ari Emanuel is acquiring theatre group ATG for £4.5 billion. 777 Partners filed for bankruptcy after creditors pushed for liquidation.

Regulation & Policy

The SEC is considering taking direct control of a controversial market-tracking database. The SEC also alleged a fund adviser misled investors in pre-IPO schemes. Turkish funds urged authorities to crack down on rogue trading. FlightAware is suing Kalshi over flight cancellation prediction markets. The SEC reported that shareholder proposal filings are on the wane. Italy’s deputy PM proposed a windfall tax on bank profits. Germany suspended its Sunday truck ban as low Rhine levels disrupted shipping. China is tightening its grip on Europe’s car supply chain through acquisitions.

Infrastructure & Real Assets

General Motors set up a $4.5 billion safety net to avoid parts shortages. Texas power demand forecasts were trimmed after a data center pause. Hawaii tapped the muni market to finish the first US driverless rail line. Atlanta Airport announced a $1.1 billion mega bond sale. Chile cut its copper production forecast again as mine woes persist. Indonesia copper shipments were delayed by a Gresik smelter outage. Adnoc L&S posted a record quarterly profit despite regional disruption. Phillips 66 announced a 900-mile pipeline from Texas to Phoenix and Los Angeles. Samsung SDI acquired GM’s stake in a US battery joint venture. DayOne Data Centers confidentially filed for a $5 billion IPO in the US.

Geopolitics & Macroeconomics

Colombian coffee exports were largely halted after a deadly earthquake that killed at least 181 people. Chile granted a reprieve to state copper miner Codelco. US household delinquencies improved in the second quarter, though credit-card delinquencies remain elevated due to stale loans. US small business confidence rose to its highest level since August 2025. India’s retail traders lost $9.6 billion in equity derivatives in the past year. China’s auto market weakened in July on subdued domestic demand. Colombia’s inflation unexpectedly slowed, easing pressure on rates.

Private Equity

Last updated: August 11, 2026, 5:40 PM ET

Mega-Deals & Fundraising

A consortium of giant private capital houses including Apollo, Blackstone, Brookfield and KKR is lining up behind NVIDIA in a $500bn effort to turn compute into an asset class. Separately, Apollo Sports Capital has invested $2.6bn in Yankee Global Enterprises, parent of the New York Yankees, to support franchise growth and refinance existing debt. The Scaleup Europe fund, a public-private vehicle targeting $5.7bn, made its first investment by backing Finnish satellite company ICEYE.

Healthcare & Services

CHG Healthcare, a Salt Lake City hospital staffing firm, acquired medical staffing company Krewe Anesthesia. Phase 1 Equity, a doctor-owned platform backed by Dune Glass, snapped up a North Dakota orthodontic practice. Quad-C invested in Paradigm, an occupational safety platform formed through the combination of Code Red Safety, Concept Controls and Haz Tek. Baymark acquired healthy meal prep and delivery company Meal Prep Sunday, its 66th acquisition. Trinity Hunt backed management consulting firm Fisher Management Partners, where Todd Fisher and partners remain in leadership.

Technology & Software

Thoma Bravo completed its $466m take-private of Kneat, a Limerick-based digital validation software firm, which has been delisted from the Toronto Stock Exchange. BNP Group, backed by Godspeed, acquired cost management firm US Cost Incorporated from Schneider S.E. PrimeSource Brands, a Clearlake-backed building products provider, acquired Starborn Industries. Keltec, a Vance Street-backed filtration solutions specialist, snapped up AJF Filtration.

Industrials & Infrastructure

Alro Steel, a metals distributor founded in 1948, landed a majority investment from Lindsay Goldberg, with the Glick family retaining a significant stake. THL Partners invested in pavement maintenance services firm Pave Masters, with existing investor Northern Lakes Capital selling its stake. Big Top Manufacturing, an Altamont-backed provider of engineered fabric structures, acquired Coast to Coast Contracting. HIG Capital completed its acquisition of UK engineering firm Phoenix ME, which provides mechanical and electrical services to blue-chip clients. New Heritage invested in Power Rail, an Exeter, Pennsylvania-based manufacturer and distributor of aftermarket locomotive parts. Airo, backed by CCMP Growth, acquired specialty plumbing and HVAC firm Legrande’s Enterprises. Private equity is also increasingly backing Europe’s growing HVAC market, as temperatures rise across the continent.

Secondaries & GP Stakes

Hollyport sold a passive 25% economic interest to Blue Owl, while maintaining its independence as a tail-end specialist. Monogram completed a continuation fund for beverage company Mountaintop, with Apollo S3 as lead investor. Exponent tapped Apollo, Pantheon and SQ Capital for a single-asset continuation vehicle of about $867m (€750m) to retain H&MV Engineering. Ardian co-CEO Mark Benedetti highlighted the most mispricing opportunities in European assets and secondaries, noting more European families are seeking partners to help them expand internationally.

Live Entertainment & Sports

Providence is selling live entertainment firm ATG to Mari, which operates 70 venues across the UK, US, Germany and Spain, including seven on Broadway and ten in London’s West End. The Yankees’ $2.6bn Apollo deal also underscores the growing appetite for sports franchise investments.

Venture Capital & Trends

Monashees, one of Latin America’s oldest VC firms, is opening a San Francisco office as it believes the region’s startup ecosystem now requires a permanent Silicon Valley presence. Bob Morse argues that AI-native redesign of teams and roles, not just adding AI tools, is key to productivity gains. VCs are watching 17 physical AI startups. First Momentum’s cofounder spotlights the most underrated areas in deeptech. The South Summit 2026 identified three trends shaping European tech. Sovereign wealth funds are leading AI investing, while PE talent increasingly flows to Spain; big deals bolster African deal data. The Plymouth County Retirement Association has issued an RFP for a North American private equity manager.

Sector Investment

Last updated: August 11, 2026, 5:43 PM ET

Sector Investment

South Korea’s SWF will anchor a new $14bn domestic account, targeting data centres and related infrastructure as areas of national importance.