Public Markets
Last updated: August 12, 2026, 8:40 AM ET
Equities
US futures rose Wednesday ahead of a key inflation report, with contracts tied to the S&P 500 and Nasdaq gaining after earnings from Super Micro Computer and CoreWeave rekindled the AI trade. European indexes mostly fell in opening trading as continued tensions in the Middle East weighed on sentiment, while UK stocks slipped and the pound held steady. U.S. stocks faded for a second straight session on Tuesday, sliding as worries about inflation and deadlocked Hormuz negotiations kept the mood cautious. Emerging-market stocks rose, led by a rally in Asian chipmakers as upbeat results from AI infrastructure firms revived appetite for tech stocks. Japanese self-driving startup Turing is planning a U.S. office and targeting a $10 billion IPO valuation. Sanrio shares tumbled 20%, the most in over 12 years, after first-quarter operating income missed estimates. Rakuten shares sank as persistent losses at its mobile unit fueled investor fears. Constellation Software posted higher profit, rising to $274 million from $56 million a year earlier, as acquisitions boosted revenue. Lovable hit a $13 billion valuation in a new funding round, catapulting the AI company into the ranks of Europe’s most valuable startups. Cava Group beat earnings estimates as climbing customer traffic boosted profit in the second quarter. On Holding tempered its outlook after running-shoe sales underwhelmed in the second quarter. Barrick Mining named Sebastiaan Bock as CEO of its operations outside North America ahead of a planned IPO. AGL Energy shares jumped the most in six months as the company’s batteries helped offset declining wholesale electricity prices. H&R Block revenue increased to $1.14 billion, and the company raised its quarterly dividend by 10% to 46 cents a share. GoTo Group faces the prospect of being dropped from MSCI indexes after a plunge in its share price.
Fixed Income & Credit
Eurozone government bond yields rose as investors exercised caution ahead of U.S. CPI data. South Korea’s 30-year bond yield climbed to a record, driven by elevated energy prices and weaker demand from life insurers. Trend-chasing funds have built up record short bets against global bonds, raising the stakes for this week’s US inflation reports. Pimco’s Daniel Ivascyn said market anxiety about the Fed’s inflation-fighting credentials is overdone and that US bond yields at current levels look attractive. Barclays said a shift in the buyer base of US Treasuries toward value-oriented funds and households has helped propel 30-year yields to multi-decade peaks. Blue Owl Capital sold $750 million of high-grade debt to pay down credit lines. Intercontinental Exchange sold $3.75 billion of US investment-grade bonds to help finance its $6 billion acquisition of Market Axess. The bond market inflated the Powerball jackpot to $1 billion. Atlanta’s airport, the world’s busiest, is coming to market with a more than $1 billion municipal bond sale. Hawaii is tapping the muni market to finish the first U.S. driverless rail line. CSN of Brazil got enough support from holders to push through a $1 billion debt exchange, gaining fresh financial relief. Indonesia’s bonds, the worst performers in Asia, may bounce back as a new central bank chief is expected to support the currency. China is reviving the Shanghai free-trade zone’s bond market after a 2023 crackdown on excessive local government borrowing.
Currencies & FX
The WSJ Dollar Index ended Tuesday flat. The dollar traded steady but faces more volatility due to U.S. inflation data and the ongoing Middle East conflict, Commerzbank said. Yen traders are ramping up options market activity ahead of key US inflation data, turning to derivatives for flexibility. The yen’s weakness has become a growing issue for Japan’s policymakers, driving up import prices and household living costs. A new katsu curry index rivals the Big Mac gauge to show how weak the yen really is, with a senior strategist at Bank of New York Mellon using the price of a Japanese fast-food staple to get an accurate snapshot. The yen intervention effect is wearing off. The yen intervention by the US and Japan put China’s yuan under more pressure to appreciate, according to Bloomberg Economics. Singapore Airlines lost almost $800 million on its Air India bet, with more pain forecast.
Commodities & Energy
Oil extended gains as markets remained skeptical a deal to restore shipping through the Strait of Hormuz was imminent. Oil held on to a sixth day of gains over skepticism about a potential Hormuz deal. The IEA said global oil demand is set for a deeper contraction this year as renewed hostilities in the Middle East and shipping disruptions push up prices. The UAE is offering to shuttle exports of Iraqi oil through the Strait of Hormuz, using its dark-transit playbook. The US now expects oil supply disruptions stemming from the Iran war to reach about 600,000 barrels per day through the end of next year. Russia’s crude oil exports tumbled to their lowest since May as a lull in drone strikes allowed refiners to boost runs. Gold prices rose as traders awaited key U.S. inflation data. Gold advanced as traders weighed prospects for a Hormuz deal. Silver fell 0.5%, snapping a two-session winning streak, while gold settled 0.5% higher. U.S. natural gas futures gave back some of the previous day’s gains, with soft LNG demand and comfortable storage levels capping rallies. Chile lowered its copper production forecast for a second straight quarter as weaker output from some of the country’s biggest mines added to supply constraints. A Colombian earthquake disrupted a key coffee export road, halting operations at the port handling most of the country’s bean shipments. European gas prices were pushed close to Iran war highs by heatwaves. The Panama Canal saw fees hit a record high as El Niño and the Iran war choke shipping. Lloyds Metals was authorized to work toward restarting a giant PNG copper mine closed for almost 40 years. Vestas shares soared as wind turbine orders bounced back, with the company raising profit guidance and announcing a share buyback. Form Energy raised $750 million for rust-powered batteries that can run for 100 hours. Chobani cut its annual earnings forecast as the Greek yogurt maker contends with rising material costs.
Emerging Markets
A world-beating rand carry is luring foreign investors to South African bonds at the fastest pace since January. Shoprite climbed the most in 11 months as an e-commerce boom boosted full-year profit. The Tata Group erased $4.5 billion in market value Wednesday after Chairman Natarajan Chandrasekaran said he will step down in February 2027, deepening a leadership crisis. Chandrasekaran’s resignation came amid a succession row at India’s largest conglomerate. Godrej Consumer shares plunged after CEO Sudhir Sitapati resigned with immediate effect. India inflation was broadly steady in July, holding within the RBI’s target range and cementing expectations policymakers will keep rates unchanged. India options trading dropped 27% in the first week of a new closing auction mechanism. India’s small and mid-cap funds remain hot, with smaller stocks comfortably outpacing large caps this year. DMG Mori is seeking ¥48.2 billion through the sale of new shares in overseas markets. China’s stubborn commodity markets defy the economic rulebook, with producers surviving on lower prices and complicating Beijing’s struggle with weak inflation. A China pledge on US soybeans is being tested as private crushers hold back. China has authorized Deutsche Bank as the first non-Chinese lender that can settle yuan transactions in Europe. China’s real estate market is racing to defuse a $148 billion time bomb of expiring land leases. Eskom is targeting a data centre ‘gold rush’ for its power surplus after ending years of blackouts. Foxconn reported another strong quarter as AI hardware sales drove a profit beat. Global investors favor Taiwan over Korea stocks after the AI selloff. SK Hynix and Samsung shares gained on a report that Temasek plans to invest in Samsung. JPMorgan raised its target for Singapore stocks as robust economic growth bolsters the outlook. Singapore Exchange is exploring offering a broader suite of ETFs and stepping up partnerships across markets. South Korea will require new investors in single-stock leveraged ETFs to undergo mock trading exercises. Air Baltic has outlined a turnaround plan involving a smaller fleet and debt-for-equity swap. NZ PM Christopher Luxon survived a leadership challenge less than three months before a general election.
Corporate & Deal News
Blackstone and Quebec’s La Caisse have agreed to acquire a 25% stake in Air Canada’s Aeroplan loyalty program for nearly $2 billion. Harrods is fighting with the Al Fayed estate over hundreds of sex abuse claims, wanting the billionaire’s estate to pay for settlements. Nasdaq will acquire Leve L Markets, an off-exchange equity execution venue, to advance its vision for always-on markets. MEMX filed to list prediction market-style bets on corporate earnings. The US opened an in-depth antitrust review of Kone’s €29.4 billion purchase of TK Elevator. Ari Emanuel bought theatre group ATG for £4.5 billion. Elliott Investment Management nominated six candidates for the board of Northern Star Resources. Anson Funds is urging Lionsgate Studio to put itself up for sale. Uber has divested from Serve Robotics, clashing over how to deploy delivery robots. Aurora Cannabis is reviewing a hostile takeover bid from Curaleaf worth about $272 million. General Motors set up a $4.5 billion safety net to avoid parts shortages. GM also built the supply-chain safety net. Jane Street is repaying $5.5 billion of floating-rate loans as part of a broader debt overhaul. Paramount executives said leaving California is on the table as an antitrust battle drags on over a Warner Bros. deal. David Ellison floated a Hollywood exit as states threaten his Warner Bros. deal. Bank of America committed $250 billion to US projects, boosting the ‘America First’ agenda, and also pledged funds to bolster AI and energy infrastructure. ABN Amro boosted guidance as profit jumped 13% in the second quarter. ABN Amro beat profit estimates and raised its revenue outlook. Hannover Re posted lower net profit on a currency hit but remains on track to achieve full-year guidance. HSBC’s global insurance head stepped down. Carnival’s CFO spoke about restoring the company’s balance sheet after the pandemic. Cracker Barrel’s CEO, who was plotting a turnaround, opened the door to her own exit. Target hired its first chief AI officer. OpenAI COO Brad Lightcap is stepping down. Xero’s CEO shared a leadership lesson learned from a tennis legend. A judge dismissed Adani fraud charges. Performance Food logged higher sales and profit in the fiscal fourth quarter as both costs and prices increased. Brinker International revenue climbed as Chili’s growth continued. Smithfield Foods cut its outlook for the year as consumers get choosier. JBS is seeking US margin recovery under a new CEO pledging continuity. Buc-ee’s trademark blitz has sparked backlash.
Economy & Policy
Benign inflation data would reduce urgency around a September rate rise, according to the New York Times. Energy prices are expected to fall in the latest inflation data. CPI data will impact the Japanese yen. US household delinquencies improved in the second quarter, according to the NY Fed quarterly report, though the share of high credit-card delinquencies includes stale, charged-off loans. Homeowners tapped into their homes’ equity as credit card debt mounts. Wealth management has a $3 trillion problem: investors are keeping too much cash in money-market funds. Britain needs more investors, not higher taxes on investment, according to an FT opinion piece. A judge awarded $250,000 to a musician who fled a Trump-led Kennedy Center gig. The labor market slowed as employers grew wary of hiring. Trump tariffs are forcing some Canadian companies to consider moving south of the border. Europe’s carbon mechanism is a tariff by another name. Burnham will hold an emergency Cobra meeting in response to heatwaves. Heat kills hundreds of workers each year, with limited state protections. Europe’s farmers are moving to the night shift to beat the heat. UK letting agents are under pressure from AI-assisted tenant complaints. Private-credit firms are clamping down on loan sweeteners in fear of ‘shadow defaults’. Business development companies are paying more to borrow. Radiant World is offering a $150 million aluminum stash for sale to boost liquidity.
Market Structure & Regulation
The SEC is considering taking direct funding control of a costly market-tracking database. New York City launched a sweeping investigation into Polymarket and Kalshi over their marketing practices. Citadel Securities says systematic buyers are getting ready to reload on levered stock bets after a massive unwind. A federal judge dismissed a lawsuit against a former hedge fund CFO who pleaded guilty to embezzling $3 million. The US fires on a ship it says violated the Iran blockade. Omers returned 4.8% in the first half of the year, fueled by stocks and the US dollar. The Norway oil fund CEO said he’s more nervous after record returns, despite a record first-half profit of nearly $185 billion. The Norway fund made a record profit buoyed by an Asia tech stock rally. Norway’s $2.3 trillion fund posted its best quarter since 2020. Trend-chasing funds have built record short bets against global bonds, raising stakes for CPI.
Sector Focus
Tech, Media & Telecom: Optical stocks took off as one of the market’s favorite momentum plays from earlier this year re-emerged. Nvidia’s show of financial force soothed credit markets, while Nvidia credit risk eased after the CEO clarified the $500 billion plan. Nvidia can’t solve the two big AI buildout problems of scarcity and profit margin. Wall Street and Nvidia are building an exotic money pipeline for the AI boom. China earnings will test the rotation from AI to internet stocks. AI spending snuffed out Tencent’s profit-growth run. CoreWeave featured in the Tech, Media & Telecom roundup. AI data center power demand in the US is likely overstated due to ‘phantom’ projects. The AI data center boom is ‘maxing out’ P&C insurers, according to the AIG CEO. Red-hot power stocks are losing steam as the data center backlash complicates the picture for power plant owners. Texas power demand forecast was trimmed after a data center pause. UK power supplies are likely to be stretched during a solar eclipse. Most electricity sought for AI data centers will never materialize. Chinese hackers hit Taiwan in an unprecedented ‘autonomous’ AI cyber attack. Bitwise cut 14% of jobs as the crypto industry remains under pressure.
Energy & Utilities:
Oil prices rose as US-Iran deal hopes faded. US oil futures and AI data centers featured in the Energy & Utilities roundup. The Hormuz standoff derails oil supply recovery and deepens a demand slump. Iran prepares for worsening economic malaise to withstand Trump’s pressure. E.ON featured in the Energy & Utilities roundup. Households near UK grid upgrade projects are in line for lower electricity bills.
Auto & Transport:
TKMS, Austal, and Yangzijiang featured in the Auto & Transport roundup. Humanoid robots and shipbuilding were discussed in another market talk. Robots that walk and talk are coming to car factories.
Real Assets & Alternatives:
Private equity can score top marks with education deals, as Britain’s universities offer rich pickings. Singapore Airlines lost almost $800 million on its Air India bet. A bad trade pushed a US mortgage giant into a $2 billion lifeline. Salvini proposed a windfall tax on Italian bank profits. Kevin Warsh’s monetary hall of mirrors is under fire. Why the yen matters and what’s driving US intervention in a foreign bond market.
Private Equity
Last updated: August 12, 2026, 8:49 AM ET
Fundraising & Fund Launches
Accel has raised $800M for its ninth early-stage Europe fund, while simultaneously closing an oversubscribed $550M India fund within weeks and still holding over 55% of its previous $650M India vehicle. Lovable raised $400M backed by the EU’s Scaleup Fund at a $13.3bn valuation, and the public-private Scaleup Europe fund, targeting $5.7B, made its first investment in satellite company ICEYE. HarbourVest closed its seventh flagship co-investment fund at $4.75bn, targeting AI and healthcare innovation. Meanwhile, a trio of ex-LocalGlobe partners is plotting a new VC firm, and deeptech founders are increasingly dictating term sheets in 2026, a trend that could reshape founder-investor dynamics.
Deals: Live Entertainment & Loyalty Programs
Providence Equity Partners has agreed to sell ATG Entertainment, the operator of 70 venues including seven on Broadway and ten in London’s West End, to Ari Emanuel’s MARI in a reported $6bn deal. The sale also drew interest from other PE firms, as Providence exits its live entertainment investment. Separately, Blackstone and La Caisse are leading a roughly $1.8bn (C$2.5bn) minority investment for a 25% stake in Air Canada’s Aeroplan loyalty program, valuing the business at about $7.2bn (C$10bn). On the sports front, Apollo Sports Capital invested in Yankee Global Enterprises, while Ardian’s co-CEO highlighted mispricing opportunities in the current market.
Deals: Tech & Software
Thoma Bravo completed its $466M take-private of Irish digital validation software provider Kneat, which has been delisted from the Toronto Stock Exchange. Drone startup Uforce is targeting a $4bn+ valuation in a new funding round. Godspeed-backed BNP Group acquired cost management firm US Cost Incorporated from Schneider S.E. Vance Street-backed Keltec snapped up AJF Filtration. In building products, Clearlake-backed PrimeSource Brands acquired Starborn Industries.
Deals: Healthcare & Medical
CHG Healthcare, a PE-backed hospital staffing firm, acquired medical staffing company Krewe Anesthesia. Phase 1 Equity, backed by Dune Glass, acquired a North Dakota orthodontic practice. The medical education gap is creating opportunities for PE investors as the healthcare workforce shortage widens globally.
Deals: Industrials, Metals & Infrastructure
Lindsay Goldberg made a majority investment in metals distributor Alro Steel, with the founding Glick family retaining a significant stake. THL Partners invested in pavement maintenance firm Pave Masters, with existing investor Northern Lakes Capital exiting. New Heritage Capital backed Power Rail, a manufacturer and distributor of aftermarket locomotive parts. Solar energy is drawing fresh PE interest as the energy transition accelerates.
Secondaries & Continuation Funds
Hollyport Partners maintained its independence while selling a passive stake to Blue Owl, which will ultimately represent around 25% of economic interests. Monogram Capital completed a continuation fund for beverage company Mountaintop, with Apollo S3 as lead investor. Meanwhile, US investors are raising questions over credit secondaries valuations, particularly among New York pension funds and Dallas-based multifamily offices.
Sector Trends & Vertical Insights
Fitness startup funding is rebounding, with over $3.6B invested in the first half of the year — but investors are prioritizing AI and data over hardware. A roundup of 16 energy startups to watch in Europe highlights the breadth of innovation. Lessons from Ukraine on maintaining morale offer insights for founders navigating war-induced stress. In services M&A, Clearview-backed Capitol Services acquired corporate services provider Wolz. Baymark acquired healthy meal prep company Meal Prep Sunday, its 66th acquisition to date.
Sector Investment
Last updated: August 11, 2026, 8:40 PM ET
Sector Investment
South Korea's SWF launched a $14bn domestic infrastructure fund to anchor investments in data centres and supporting infrastructure.