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Public Markets

Last updated: August 17, 2026, 6:06 AM ET

Equities & Earnings

U.S. stock futures edged mostly higher as investors awaited Federal Reserve minutes and key earnings from Walmart and Home Depot this week. Tech stocks led gains in early trading, supported by strong revenue growth at Anthropic, which fueled renewed optimism around AI spending. European markets opened the week mostly higher, with the Stoxx 600 climbing on strength in tech and pharma shares.

Geely Auto reported an 18% drop in profit, though strong overseas sales and improved product mix helped offset weakening demand in China. Alibaba announced plans to sell its video game business for at least $1.5 billion, signaling a strategic pivot toward AI. Argenx saw its shares surge after reporting another successful trial for its blockbuster drug Vyvgart, boosting confidence in its pipeline.

National Australia Bank reported a rise in profit driven by business lending, but shares fell as investors reacted to signs of slowing mortgage growth. BHP Group enters earnings with analysts at their least bullish in years, with buy ratings hitting a record low ahead of its full-year results.

Fixed Income & Currencies

Japan’s 10-year bond yield rose to its highest level since 1996 amid growing speculation that the Bank of Japan may raise interest rates, pushing yields close to 3%. Indian bond yields jumped after the Reserve Bank of India closed a dollar swap window earlier than expected, tightening liquidity in the banking system.

The euro climbed to a two-month high against the dollar as bets on U.S. rate hikes cooled. Emerging market currencies also rallied to a record high as investors shifted toward risk assets amid easing Fed expectations. Gold rose steadily, nearing $4,400, as softer U.S. economic data weighed on the greenback.

Commodities & Energy

Oil prices were mixed in early European trading, with WTI futures declining while Brent futures edged up amid ongoing Middle East supply risks. Copper advanced toward a record on the London Metal Exchange as supply constraints tightened, with a key spread widening to extreme levels.

Chinese steel production tumbled last month, putting the industry on track for its lowest annual total this decade as demand remains weak. Silver traders are navigating administrative hurdles to capitalize on Indian premiums after a new licensing regime disrupted imports.

China & Asia Outlook

China’s investment slump deepened as industrial output growth slowed and retail sales remained nearly flat, prompting calls for stronger policy support. China’s new-home prices fell at a faster pace in July, denting optimism that the property downturn may be nearing a bottom.

China’s reserve gauge hit a 12-year high, reflecting the largest quarterly rise in over a decade as authorities absorbed heavy foreign currency inflows to smooth the pace of yuan appreciation. Sichuan Yahua plans to launch a $200 million lithium-sulfate plant in Zimbabwe next year, part of a broader push to secure critical minerals for the energy transition.

Corporate News & Deals

Abu Dhabi’s L’imad Holding proposed an 866 billion dirham ($8.66 billion) deal to acquire minority stakes in Abu Dhabi Ports, underscoring growing influence from sovereign wealth funds. Sembcorp Industries is preparing a $500 million IPO for its Indian unit, Sembcorp Green Infra, marking one of the largest green energy offerings in the region.

Korea Eximbank agreed to lend $1 billion to Glencore in exchange for copper supply, highlighting efforts by Asian governments to secure strategic commodities. Indian lenders set a record with $8 billion in dollar bond sales so far this year, leveraging a central bank facility that reduces hedging costs.

Policy Watch

India is set to announce a high-powered banking review committee aimed at modernizing the sector to support its goal of becoming a developed economy by 2047. South Africa plans to finalize OTC derivatives clearing rules by 2028 to enhance transparency and reduce systemic risk in its $9.3 trillion market.

Market Sentiment & Analysis

Goldman Sachs argued that Fed rate hike bets remain too aggressive given cooling inflation, suggesting a September pause is likely. Private credit markets are showing renewed stress as troubled loans swell, with signs of strain returning to levels last seen in 2017.

Investors are increasingly hedging against downside risk as market calm masks fast-shifting sentiment, with options positioning revealing how quickly mood can swing between fear and greed. AI-driven rallies continue to power record highs in Big Tech, but rising global rates pose a growing threat to fixed-income stability.

Geopolitical & Global Risks

Asian refiners are pushing back against Saudi Aramco’s request to collect oil at Yanbu port due to risks in the Red Sea, underscoring ongoing supply chain vulnerabilities. Global shipping costs have surged due to war and climate change, with rates on key routes including the Panama Canal and Rhine jumping sharply.

Regional Highlights

FTSE 100 futures rose amid a global stock rally, reflecting broad-based risk appetite across emerging markets. Sri Lanka’s inflation is expected to slow toward the central bank’s 5% target over the second half of the year, according to Governor Nandalal Weerasinghe.

The Thai baht rally may be short-lived as the Bank of Thailand is expected to maintain a dovish stance to support an economy pressured by elevated oil prices. Indonesian developer Modernland is seeking bond restructuring for the second time, highlighting liquidity challenges in the property sector.

AI & Innovation Pulse

OpenAI and Hugging Face hack raised fresh questions about AI security and whether Washington is doing enough to regulate it. Higgsfield secured $400 million in funding, bringing its valuation to $5.4 billion, as demand grows for AI video tools targeting marketing content.

WuXi AppTec continues to grow despite being labeled a Chinese military company by the Pentagon, attracting investors who bet the firm will remain integral to drug discovery. a2 Milk expects to take 12 months to fully recover from supply chain disruptions that impacted China sales earlier this year.

Economic Data & Outlook

China’s new-home prices fell at a faster pace in July, with month-over-month declines deepening to 0.3%, raising concerns about consumer confidence. Industrial output growth slowed to 4.9% year-on-year in July, below forecasts, while retail sales rose just 2.3%, nearly flat compared to previous months.

U.S. retail sales showed signs of cooling, with July data coming in below expectations, reinforcing bets that the Fed may hold rates steady through year-end. Japan’s GDP contracted more than expected in the second quarter, with revised figures showing a 0.5% annualized decline, complicating the BOJ’s policy outlook.

Energy Transition Moves

India’s nighttime power crunch is exposing gaps in renewable energy supply as evening temperatures rise and air conditioning demand spikes. Cooling systems are becoming a must-have feature in London offices as heatwaves intensify, reshaping commercial real estate priorities.

Europe’s drought is having a €50 billion impact on Rhine-dependent industries, disrupting transport and energy sectors. North Sea oil projects like Rosebank and Jackdaw are facing climate scrutiny as UK policymakers weigh approvals.

Market Movers Recap

First Gen Corp. shares plunged by a record 19% after its parent rejected an offer from KKR to acquire additional shares and increase its stake. Proya Cosmetics is entering the U.S. market via a partnership with Ulta Beauty, signaling the rise of C-beauty as a global trend.

Burger King has revamped its Whopper and overtaken Wendy’s in market share, thanks to a recipe overhaul led by a corporate chef known for turning around Popeyes. Ralph Lauren is winning the workwear wars as Americans return to offices, driving renewed demand for professional attire.

Private Equity

Last updated: August 17, 2026, 6:12 AM ET

Asia Private Credit

Partners Group has closed a $1bn private credit mandate with a major Asian institutional investor, reflecting deepening regional allocations to alternative credit strategies.

GP Stakes Market

BNPP AM Prime is evaluating up to five European GP stakes from its current vintage, while Providence has agreed to acquire Hometrack, a valuation and property risk data business, highlighting continued consolidation in specialized data assets.

European Fundraising

Market concentration at the top of fundraising charts is driving heightened interest in GP stakes, according to Pascal Christory of BNPP AM Prime, who warns that capital availability remains constrained for many managers.

Fintech Expansion

Revolut is weighing physical expansion strategies, including potential airport lounge offerings, as the neobank explores ways to enhance customer loyalty beyond digital services.

University Spinouts

Glasgow spinouts are actively seeking funding opportunities, with academic commercialization efforts gaining momentum across UK universities amid increased venture and growth equity interest in deep-tech innovations.

Sector Investment

Last updated: August 15, 2026, 8:31 AM ET

Sector Investment

Private equity is pouring capital into the wellness sector, with a focus on compliance infrastructure to facilitate the scaling of nonphysician-led clinics. This trend highlights a growing investment appetite for healthcare compliance.