Public Markets
Last updated: August 13, 2026, 11:37 AM ET
Macro & Rates
Bond traders have stopped fully pricing in a Federal Reserve interest-rate increase this year as a retreat in oil prices reinforced positive sentiment on the inflation outlook. Subdued US inflation data came in line with expectations, reinforcing bets that the Fed will keep rates on hold, as rate-hike bets eased. The US government is set to sell 30-year bonds at the highest interest rate in a quarter of a century, as a historic selloff has stirred speculation the nation will tilt borrowing further to shorter maturities, with the 30-year debt yielding near 25-year highs.
Stock futures edged higher after the benign inflation data, while Asian markets climbed on AI enthusiasm, as stock futures rose. The dollar strengthened, reversing its morning losses, as Treasury yields recovered partially from earlier declines. Inflation protection looks like a bargain for the near term, as TIPS are on sale according to market commentators.
Energy & Commodities
Oil futures fell as investors assessed a weaker demand outlook and continued to monitor developments in the Middle East, though talks to reopen the Strait of Hormuz remained stalled. Russian diesel exports dropped to a fresh multiyear low as Moscow restricted fuel exports in the face of attacks on refineries, with Russian diesel flows at their lowest in years. US fuel prices are likely to stay high for a while, as costs at the pump are unlikely to come down significantly until a lasting deal with Iran can be struck, and US fuel prices have never been this expensive this late in the year.
US natural gas futures rose ahead of weekly inventory data, supported by hotter weather forecasts for much of the next two weeks, as natural gas futures gained. Aluminum fell for a second day after one of the Middle East’s biggest smelters announced plans to restore production earlier than expected, blunting fears over a growing shortage, with aluminum extending its fall from a seven-week high.
Gold settled 0.6% higher, up for a fourth consecutive session, with silver also rising, as the tame July inflation data reduced expectations of a Fed rate hike. Precious metals climbed as gold wavered near $4,400 an ounce. The price of niche rare earth erbium jumped on fears of renewed Chinese export controls, as erbium surged.
Equities & Emerging Markets
European indexes were mostly higher, boosted by financials and technology sectors, though the FTSE 100 was down as miners fell, as European indexes traded mixed. The UK economy unexpectedly grew in June, helping the FTSE 100 join a global rally. European AI stocks drove Stoxx 600 gains, as the region’s AI stocks outperformed despite low overall tech exposure.
A revival in the global AI trade pushed South Korean stocks into a technical bull market, marking a dramatic turnaround from last month’s historic rout, with Korean stocks rising 22% in 10 days. Foreign investors fled Brazilian equities on Tuesday at the fastest pace since 2021, as concerns over the presidential election made them increasingly wary, and Brazil stocks saw capital outflow.
China’s biggest chip foundry SMIC recorded a surge in net profit and revenue in the second quarter, cashing in on robust orders for legacy semiconductors, as SMIC posted an earnings beat. Lenovo Group expects to grow revenue to $100 billion this fiscal year, boosting its outlook after demand for AI hardware helped results beat estimates, with Lenovo shares jumping to a new record.
FX & Rates
The yen remains within striking distance of a crucial 160 level against the dollar, even after Prime Minister Sanae Takaichi’s government was said to support an interest-rate hike, as the yen stays on watch. The Japanese drama is no sideshow for US markets, as currency moves have significant cross-border implications, with the yen’s weakness affecting global portfolios.
A subdued US inflation report relieved pressure on the Federal Reserve to hike rates, helping stabilize currencies, as Asian currencies steadied. South Korea raised its cap on household debt growth and pledged more homes in the Greater Seoul area, intensifying efforts to contain a relentless housing rally, with Korea’s housing supply push intensifying. Regulators ordered new investors to take classes after a single-stock trading frenzy, as South Korea cracked down on leveraged ETF speculation.
Corporate Earnings & Deals
Cisco reported a sharp jump in profit as AI orders rolled in, with customers fearing that pausing would leave them behind. Adyen shares rose more than 9% after first-half earnings increased, and Adyen NV raised its net revenue growth outlook for the year following its first-ever acquisitions. JD.com reported better-than-expected results in the second quarter as the Chinese e-commerce titan made steady progress narrowing losses at its food-delivery business. Tapestry said its Coach brand led sales growth for another quarter, while giving a soft outlook for its new fiscal year.
Tata Motors, the parent of Jaguar Land Rover, reported a lower-than-expected quarterly profit, as weakness in its UK luxury unit offset strong sales in India. Thyssenkrupp raised the low end of its full-year profit guidance as it reported strength at its steel and naval divisions. CK Hutchison reported a sharp jump in first-half profit, driven by hefty gains from recent asset disposals. Treasury Wine Estates shares jumped as signs of growth in its critical China market outweighed a steep drop in full-year earnings.
Maersk raised its guidance based on higher second-quarter results and a forecast of around 4% growth in the global container market. Hapag-Lloyd earnings recovered, driven by robust exports out of Asia and better US demand. ANZ profit climbed in the third quarter as the bank grew customer deposits and lending expanded. Origin Energy shares rose the most in six months after full-year profit beat analyst estimates, helped by the uptake of electric vehicles. Orsted said all projects are on schedule after impairments hit profit, hurt by higher taxes and increases in US interest rates.
M&A, IPOs & Private Markets
Mike Ashley’s Frasers Group acquired struggling Harvey Nichols out of insolvency, beating rival Next Plc for the storied British department store chain in a pre-pack administration deal. The data-driven risk exchange Accelerant agreed to go private in a deal with private-equity firm Thoma Bravo worth more than $4 billion. Canary Wharf Group sold the Soc Gen office at 1-5 Bank Street to its own investors Brookfield and the Qatar Investment Authority in a £625 million deal.
Shein plans to start taking investor orders for its long-awaited Hong Kong initial public offering as soon as Aug. 20 and debut around Aug. 28. ZUS Coffee is considering an IPO of its Malaysia business to raise at least $245 million. Anthropic investors are betting on a $2 trillion valuation in what could be a record IPO, fueled by rapid revenue growth that has fueled hope the Anthropic maker of Claude can overcome challenges.
SpaceX passed its first lockup expiry test with a $500 billion rally, as millions of shares were set to flood the market. The battle for control of India’s $280 billion Tata Group enters a turbulent transition as N Chandrasekaran’s successor is sought.
Sectors & Industrials
The US is pressed by Mexico to cut auto tariffs, as a Mexican counteroffer would apply levies on only a small portion of a car’s value. The trucking industry is booming again, but drivers aren’t happy about it, according to a freight industry check-in. Americans still love the roar of a V-8 engine, as Ram automaker added more powerful engines to its pickups but faced problems with sound.
The Maersk chief called for an investment push to ease trade strains, as port bottlenecks boosted freight rates and profits. A reality check is needed on Arctic shipping, as it will take a long time before new routes become more than a niche commercial activity, with Arctic shipping facing hurdles.
TUI CEO said Spain and Italy are hitting tourism capacity limits, while Egypt is poised for further growth. Brinker International guided for another year of profitable growth, as its Chili’s chain continues to attract value-seeking diners.
Tech, Media & Telecom
Paramount has discussed creating a board to ensure CNN’s independence, with talks about an oversight committee beginning before a lawsuit to block the Warner deal was filed. David Ellison floated a Hollywood exit as states threaten his Warner Bros. deal, telling Paramount executives he was considering pulling the company out of California.
Big Tech debt sales are driving up credit risk for safe firms with no AI links, as a flood of debt sales by US tech companies triggers an inadvertent rise in risk metrics. AI cloud provider Lambda wrapped up a $926 million leveraged-loan deal for an Nvidia-tied chip deal. Wall Street giants are betting Nvidia’s AI chips will defy the laws of finance, with private capital firms wagering the hardware will hold its value.
TSMC and Sony teamed up as China’s AI stocks swung. Cerebras swung to a second-quarter loss but still lifted its full-year outlook.
Regulation & Policy
The SEC rejected credit rating firm Egan-Jones bid to expand its ratings business. The Trump administration will not enforce reporting requirements of the 2021 Corporate Transparency Act, as the Treasury scales back scrutiny of US shell companies. Taiwan urged citizens to postpone travel to Uganda after a series of passport disputes, with Taiwan warning against Uganda travel.
The administration’s tariff regime undermines the income the US receives from deploying knowledge abroad, as Trump’s tariffs target the dark matter that pays America’s way. Brazil’s Congress approved measures to curb spending growth, as Brazil backs spending control measures.
Private Equity
Last updated: August 13, 2026, 11:43 AM ET
Megadeals & Market Exits
Silver Lake and Digital Bridge are weighing a $100bn IPO or sale of Vantage Data Centers. Thoma Bravo has agreed to take Accelerant private in an all-cash deal paying $20.25 a share for the specialty insurance risk exchange. Altamont Capital Partners, Accelerant’s largest investor, and its founders intend to retain equity alongside Thoma Bravo. The same transaction, valued at over $4bn, was also reported with risk exchange biz Accelerant being taken private. Shein targets a $30bn-$40bn Hong Kong IPO, a fraction of its near-$100bn private peak. Anthropic's early backers eye a windfall as investors target a record $2tn IPO for the AI developer. Thrive Holdings raised $2bn at a $12bn valuation to bring AI to the enterprise. Legora is in talks to raise at a $10bn valuation.
Exits and Secondaries Activity
Apax is selling food supply chain logistics provider Tosca to Goldman Sachs Alternatives. TDR Capital is exploring a sale of Arrow Global, the British private credit manager it took private five years ago. Korea’s NPS added another $1bn of secondaries exposure, lifting its secondary funds and co-investments to $3.7bn. The pension’s PE AUM grew 12% but shrank as a share of total assets to 7.2%. Bank of America will take up to 49.9% of Jio Credit in a $1.9bn lending bet.
Mid-Market Buyouts and Investments
Blackstone is exploring a broader push into the US retirement market by incorporating private markets into target-date funds. Resurgens Technology Partners invested in quality compliance platform Qarma to accelerate its AI roadmap. Granite Creek-backed DCG merged with digital and tech firm Urban Emu. EQT Life Sciences joined a $152m Series B for Vaderis Therapeutics to fund a rare-disease trial. Astara Capital snapped up industrial wastewater treatment firm Dynatec. RF Investment Partners invested in drilling company RJ Underground. Braemont invested in consulting firm Thought Logic. WestBridge agreed to buy a majority stake in Beckett Investment Management from Foresight Group. Beckett has grown AUM from £800m to £2.1bn since 2021. Marlin's Radar Healthcare acquired patient experience platform Cemplicity. Sunstar, backed by Reverence Capital, picked up insurance agency RJR Faribo.
AI and Venture Capital
Trunk Tools founder Sarah Buchner, a former carpenter, built an AI startup for construction efficiency. Multiverse Computing, a Spanish quantum computing firm, is vying to be Europe’s next AI champion. Index Ventures is in talks to lead a $500m round for a new AI lab founded by a Deep Mind researcher. A venture lab in London Docklands is building deeptechs to save the planet.
Regulatory Developments and Trends
The SEC is zeroing in on private funds valuations, with examiners asking about funds by name and enforcement intensifying. A Side Letter reports that investors are increasingly shifting to local economy themes in private equity, while global dealmaking slumps once again.
Sector Investment
Last updated: August 13, 2026, 11:47 AM ET
Infrastructure
With fundraising taking over two years, investors are lured by carrots of incentives to commit capital.