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Public Markets

Last updated: August 13, 2026, 11:30 PM ET

Public Markets

Asian stocks were poised for gains as moderating US inflation and falling oil prices bolstered expectations that the Federal Reserve will hold interest rates steady. The S&P 500 closed at a record high, with subdued wholesale inflation data easing rate-hike fears. Meanwhile, European equities are matching US market exuberance, with the Stoxx 600 showing strong performance. In Asia, Korean stocks are experiencing a surge, driven by AI demand, though regulators have tightened curbs on leveraged ETFs.

Equities & ETFs

Reddit Inc. is set to join the S&P 500, a move that sent its shares soaring more than 10% after hours. Workday Inc. shares jumped on news that Silver Lake is in talks to acquire the software provider. In the semiconductor sector, Applied Materials reported increased profit and revenue, citing sustained demand for AI solutions. Goldman Sachs is increasing its exposure to active ETFs with the acquisition of an issuer of SPYI and QQQI.

Commodities & Energy

Oil futures edged lower amid mixed signals, with reports of a second supertanker loading at Saudi Arabia's main oil export terminal. Middle Eastern crude shipments are arriving at US ports, offering some relief to supply pressures. Russian diesel exports have fallen to a multiyear low due to drone attacks on refineries. In natural gas markets, futures retreated as inventories rose, exceeding EIA expectations.

Fixed Income

The US government sold 30-year bonds at the highest interest rate since 2001, reflecting investor demand for compensation to finance the nation's growing deficit. Bond traders are paring back bets on Federal Reserve rate hikes as oil prices retreat, reinforcing positive sentiment on the inflation outlook. Treasury yields are retreating as subdued inflation data fuels expectations that the Fed will hold rates steady.

Currencies & Forex

The yen consolidated against major currencies, potentially bolstered by prospects of a Bank of Japan rate hike. However, every intervention aimed at propping up the yen also presents an opportunity for carry traders to rebuild short positions. BlackRock's Rick Rieder suggested that a yen rebound will require more than just government intervention, needing hawkish signals from the Bank of Japan.

Economic Indicators

New Zealand's annual immigration figures have reached a 17-month high, indicating a tentative recovery in population inflow as fewer people depart the country. The Indian rupee has demonstrated greater stability compared to the Indonesian rupiah and Philippine peso, a factor that could attract more foreign investment. China's central bank injected liquidity through overnight reverse repos, marking its first mid-month operation of this kind.

Corporate News & Deals

Uber Technologies Inc. plans to deploy over 2,000 robotaxis in Europe in partnership with Pony AI Inc., accelerating the commercialization of autonomous mobility. Diversified Energy Co. is in advanced talks to acquire Birch Resources for over $1.7 billion. Chinese car exports are surging, testing the shipping industry's capacity.

Global Markets

BP Plc is making its debut in Venezuela through an offshore natural gas project, alongside UAE and Qatari firms. The yen consolidated as prospects of a Bank of Japan rate increase rose. Meanwhile, foreign investors have been exiting Brazilian stocks at the fastest pace since 2021, driven by concerns over the presidential election.

Technology & AI

Asian memory-chip stocks climbed, with a bullish outlook from Sandisk Corp. boosting optimism about the long-term benefits of the artificial intelligence boom. Chinese tech valuations are surging amid the AI frenzy, with Beijing's support powering a 29% gain for the Star 50 index this year. OpenAI announced that its Chief Revenue Officer will be stepping down after less than a year.

Legal & Regulatory

A judge ordered Kalshi to cease offering most of its prediction market contracts in Washington state, following regulatory concerns that they constituted an illegal gambling operation. The Securities and Exchange Commission has postponed a meeting to unveil new digital asset plans, with landmark crypto legislation stalled in Congress.

Other Markets

Gold prices struggled to extend their rebound despite softer-than-expected US PPI data, suggesting that the path forward for gold prices might not be straightforward. Gold was little changed, with traders weighing the Federal Reserve's interest-rate path and prospects for a deal to reopen the Strait of Hormuz. Tyson Foods Inc. announced it would close additional beef plants, reflecting a restructuring in the US beefpacking industry due to a persistent cattle shortage.

Private Equity

Last updated: August 13, 2026, 11:31 PM ET

Private Equity Dealmaking and Fundraising

Private equity firms are actively engaged in a range of transactions, from acquisitions to strategic investments. Thoma Bravo is set to take the specialty insurance risk exchange platform Accelerant private for over $4 billion, with Altamont Capital Partners and Accelerant's founders retaining equity. In a separate deal, Apax is selling its food supply chain logistics provider Tosca to Goldman Sachs Alternatives. Astara Capital has acquired Dynatec, an industrial wastewater treatment firm serving sectors including food & beverage, automotive, and data centers. RF Investment Partners has invested in RJ Underground, a drilling company that serves municipal, utility, commercial, and residential clients. Braemont Capital is investing in consulting firm Thought Logic to accelerate its growth.

In the healthcare sector, Marlin's Radar Healthcare has completed an add-on acquisition of Cemplicity, a patient experience and outcomes platform operating in Australia, New Zealand, the Middle East, and the UK. Resurgens Technology Partners has invested in Qarma, a quality compliance platform, aiming to accelerate its AI roadmap and international expansion. EQT Life Sciences is investing $17.5 million in Vaderis Therapeutics as part of a $152 million Series B round for the Swiss biotech, which will fund a rare-disease trial.

In the financial advisory space, West Bridge is acquiring a majority stake in Beckett Investment Management from Foresight Group. Beckett has grown its assets under management from £800 million to £2.1 billion since 2021.

Fundraising and strategic partnerships are also key themes. Hollyport Capital has secured backing from Blue Owl to remain independent. New 2ND Capital is nearing a $1.25 billion close for its Fund IV, which has already closed on its first deal. Korea's National Pension Service (NPS) is increasing its exposure to secondaries, with its secondary funds and co-investments growing 36% to approximately $3.7 billion. The NPS also reported a 12% rise in its private equity Assets Under Management (AUM), though overall growth momentum is slowing, with PE representing about 7.2% of its total portfolio.

Strategic Investments and Market Trends

Private equity is exploring diverse sectors and strategic opportunities. Bernhard-backed Optimum Energy has acquired Hussung Mechanical Contractors and HMC Service Company, which serves healthcare systems, universities, and manufacturers. Granite Creek-backed DCG is merging with digital and tech firm Urban Emu to expand its capabilities.

In the technology and data center space, Silver Lake and Digital Bridge are reportedly exploring an exit from Vantage Data Centers, which could value the hyperscale operator at around $100 billion, considering either an IPO or a sale. EQT and Digital Garage have raised their tender offer for Kakaku.com to ¥3,570 a share, approximately $22.40, surpassing a competing proposal.

Bank of America is making a significant bet on India's financial sector, agreeing to invest as much as $1.9 billion for a stake of up to 49.9% in Jio Credit, the lending arm of Jio Financial Services.

Blackstone is reportedly exploring a broader push into the US retirement market, considering the incorporation of private markets into target-date funds and managed accounts. This move could leverage the long investment horizons and benefits of private markets for defined contribution (DC) plans.

The broader private equity market is grappling with shifting investor themes, with a growing focus on local economy themes. PE dealmaking has seen a slump, prompting investors to re-evaluate their approaches. The Securities and Exchange Commission (SEC) is intensifying its scrutiny of private funds' valuations, with examiners requesting specific fund information and enforcement actions reportedly increasing.

Venture Capital and Deeptech Innovation

Venture capital is fueling innovation across various technology sectors. Trunk Tools, an AI construction startup founded by Sarah Buchner, is focused on improving efficiency in the construction industry. In the deeptech space, a London-based venture lab is developing technologies aimed at environmental solutions.

Spanish startup Multiverse Computing is positioning itself as a European AI champion and is nearing a $500 million Series C funding round. The broader trend shows a continued interest in AI-driven solutions and deeptech advancements that address significant global challenges.

Sector Investment

Last updated: August 13, 2026, 11:31 PM ET

Funds & Investment

Igneo is making its unlisted infrastructure funds accessible to non-institutional investors for the first time through the ANZ Private Infrastructure Fund. Private wealth is anticipated to form up to 20% of the fund's holdings.