Public Markets

Last updated: August 13, 2026, 8:33 PM ET

Equities

The S&P 500 closed at a record high, with the Dow and Nasdaq also rising, after a report of moderated wholesale inflation eased interest-rate fears and boosted hopes that the Federal Reserve will refrain from hiking. Cool inflation data propelled stocks to fresh records, with Wall Street now expecting the Fed to hold rates steady next month. Asian stocks were poised to extend gains Friday as further evidence of moderating US inflation and a pullback in oil prices reinforced those bets. The rally was broad, with European equities finally matching US exuberance as the Stoxx 600 hit new highs, driven by AI-related stocks despite the region's low overall tech exposure. Reddit Inc. shares surged more than 10% after-hours following news it will join the S&P 500 next week. Workday Inc. shares jumped after a report that private equity firm Silver Lake is in talks to purchase the software provider. Adyen NV shares rose more than 9% after first-half earnings increased and the company raised its net revenue growth outlook following its first-ever acquisitions. Lenovo Group Ltd. shares hit a record after AI-driven revenue boosted its first-quarter results. Maersk shares rose after the shipping group raised its full-year guidance for the second time in less than three months, citing higher freight rates and strong demand in Asia. Korean stocks are on fire again, though with a bit less excess this time as Seoul has curbed the use of leveraged ETFs. Old Mutual Ltd. shares began trading on Zimbabwe's dollar-denominated stock exchange, six years after they were suspended. Hertz Global Holdings shares tumbled after Pershing Square sold its stake in the car-rental company. Foreign investors fled Brazil stocks at the fastest pace since 2021 as concerns over the presidential election mount.

Fixed Income, Rates & Currency

The US government sold 30-year bonds at the highest borrowing cost since 2001, with yields jumping amid concerns over mounting public debt and persistently high inflation. This costliest US bond sale since 2001 serves as an investor warning to Treasury Secretary Bessent. Bond traders stopped fully pricing in a Federal Reserve interest-rate increase this year amid a retreat in oil prices that reinforced positive sentiment on the inflation outlook. A wave of Big Tech debt sales is inadvertently raising credit risk for some of the world's safest firms with no AI links. Inflation protection via TIPS is on sale and looks like a bargain, at least for the near term. Bond investors want the Fed to raise rates, raising the question of whether Warsh is willing to take that action. US futures were higher, but oil, Treasury yields, and gold were all lower as investors weighed cooling US inflation. The yen rebound hinges on hawkish signals from the Bank of Japan, according to BlackRock's Rick Rieder, and will take more than government intervention. Chile has a new institutional investor poised to plow billions of dollars into corporate bonds. Japan's drama with the yen is no sideshow for US markets. The jobless boom has arrived, with the stock market betting on an accelerating economy while job growth remains slow. Nigeria's central bank broadened participation in Open Market Operations to include individuals and corporations.

Commodities

Gold steadied after retreating below $4,400 an ounce, as traders weighed the Federal Reserve's interest-rate path and prospects for a deal to reopen the Strait of Hormuz. Comex gold settled 1.03% lower at $4,363.60, snapping a four-session winning streak. Oil held a decline as traders monitored efforts toward a deal that could reopen the Strait of Hormuz, while more attacks on tankers kept the market on edge. Crude futures pulled back after days of gains, with the US and Iran both claiming control over the waterway. Gulf oil giants are spending billions to build alternative routes around the Strait of Hormuz, recognizing the risk is no longer acceptable. A second supertanker was seen moored at Saudi Arabia's main export terminal in the Persian Gulf, signaling loadings may be picking up. Russian diesel exports dropped to a fresh multiyear low as drone attacks hit the country's refineries. US fuel prices will likely stay high for a while and are unlikely to come down significantly until a lasting deal with Iran is struck. A wave of Middle Eastern crude is making its way to US shores, offering some supply relief. US natural gas futures fell after an above-estimate weekly inventory build. Aluminum fell for a second day after one of the Middle East's biggest smelters announced plans to restore production earlier than expected. Antofagasta cut its production guidance after severe weather in Chile temporarily closed a mine. Erbium prices jumped on fears of renewed Chinese export controls. India urea offers declined 12% as the war-driven supply squeeze eases.

Deals & Corporate Actions

Charter Communications received final state approval for its $21.9 billion acquisition of Cox Communications after agreeing to some affordability concessions. Diversified Energy Co. is in advanced talks to acquire Elliott-backed Birch Resources for more than $1.7 billion. Goldman Sachs is pushing further into active ETFs with the purchase of the issuer of SPYI and QQQI. A salvage company hoping to sell Titanic artifacts is challenging the court's role in governing the sale. The Winklevosses' Gemini posted another loss despite revenue increases. Canary Wharf Group sold Société Générale's office to its own investors in a £625 million deal. Tesla and SpaceX CEO Elon Musk, the world's most famous EV pioneer, is now leaning into fossil fuels, planning a Texas natural gas plant to power a new chip facility. The Lakers' owner needed cash and got a $12.5 billion offer to buy the team in just 72 hours, with the deal hashed out last weekend reflecting huge profit potential. Bob Iger and Joshua Kushner's bromance led them to the Lakers acquisition. Shein is said to consider Aug. 28 for its Hong Kong trading debut, with the fast-fashion giant also losing a UK copyright lawsuit against Temu. Tata Group investors are turning focus to succession

Private Equity

Last updated: August 13, 2026, 8:40 PM ET

Private Equity Briefing

Deals & Buyouts

Thoma Bravo agreed to take specialty insurance risk exchange platform Accelerant private for more than $4bn, with Altamont Capital Partners and founders retaining equity alongside the buyer. In a separate but related deal, Thoma Bravo’s acquisition of Accelerant was reported with additional context that the company's largest investor and founders will roll over stakes.

EQT and Digital Garage raised their tender offer for Kakaku.com to ¥3,570 per share ($22.40), topping a competing proposal. In the healthcare space, EQT Life Sciences invested $17.5m in Vaderis Therapeutics as part of a $152m Series B round to fund a rare-disease trial. Bank of America agreed to invest up to $1.9bn for a stake of as much as 49.9% in Jio Credit, the lending arm of Mukesh Ambani’s Jio Financial Services.

Apax is selling food supply chain logistics provider Tosca to Goldman Sachs Alternatives, after acquiring the company in 2017. Granite Creek backed DCG’s merger with digital and tech firm Urban Emu. Bernhard-backed Optimum Energy acquired Hussung Mechanical Contractors and HMC Service Company, which serve healthcare, university, and mission-critical facilities.

Astara Capital snapped up industrial wastewater treatment firm Dynatec, serving food & beverage, automotive, and data center markets. RF Investment Partners invested in drilling company RJ Underground, which serves municipal and utility customers. Braemont Capital invested in consulting firm Thought Logic to accelerate growth. WestBridge agreed to buy a majority stake in Beckett Investment Management from Foresight Group, acquiring the English financial planning firm that grew AUM from £800m to £2.1bn since 2021. A separate report confirmed Beckett Investment Management as the target.

Marlin’s Radar Healthcare completed the add-on acquisition of patient experience platform Cemplicity, which operates in Australia, New Zealand, the Middle East, and the UK. Resurgens Technology invested in Qarma, a quality compliance platform that uses AI across thousands of brands.

Exits & IPOs

Silver Lake and DigitalBridge are weighing an exit from Vantage Data Centers that could value the hyperscale operator at about $100bn, considering either a stock market listing or a sale. The Tosca sale to Goldman Sachs Alternatives also represents a significant exit for Apax.

Fundraising & LP Activity

New 2ND Capital is eying a Q4/Q1 close for its flagship fund targeting $1.25bn, having recently closed on its first deal. Korea’s NPS added another $1bn of secondaries exposure, with secondary funds and co-investments growing 36% to approximately $3.7bn. The pension’s PE AUM rose 12% but represented 7.2% of total portfolio, down from 7.8% the prior year. Hollyport Capital chose to remain independent, accepting Blue Owl’s backing in a move that signals how secondaries growth is being fueled.

Regulatory & Valuations

The SEC is zeroing in on private funds valuations, with examiners asking about funds by name in opening requests and enforcement picking up the scent, per Private Funds CFO.

Market Overview & Thematic Trends

A mid-year take on the market’s hottest topics examines six key areas of private equity and what might happen next. Investors are increasingly looking at local economy themes, according to a former heavyweight LP turned consultant. Blackstone is exploring a broader push into the US retirement market, arguing that incorporating private markets into target-date funds and managed accounts makes sense for DC plans.

Sector Focus: Technology & Healthcare

Trunk Tools, an AI construction startup founded by a former teenage carpenter, secured venture funding. Multiverse Computing, a Spanish deeptech startup, is vying to become Europe’s next AI champion. A venture lab in London’s Docklands is building deeptechs to address climate challenges.

Sector Investment

Last updated: August 13, 2026, 8:41 PM ET

Infrastructure

Igneo expects private wealth could comprise up to 20% of its ANZ open-end infrastructure fund.