Public Markets
Last updated: August 28, 2026, 3:52 PM ET
Central Banks & Jackson Hole
All eyes are on Federal Reserve Chairman Kevin Warsh's debut speech at the Jackson Hole symposium, with markets bracing for a potentially hawkish tone. Warsh's address comes as he settles some nerves but leaves open questions over the Fed's "reaction function." He has reiterated the central bank's commitment to tackling rising prices, which has nudged up investor expectations of a rate increase. In his high-profile remarks, Warsh said the Fed is chiefly responsible for taming inflation and warned that if price increases don't return to target quickly, the central bank has "work to do." He also signaled that inflation isn't meaningfully slowing, vowing to reach the 2% target.
The Fed chairman has said he wants bond investors to react to underlying changes in the US economy rather than commentary from the central bank, but so far they're doing the opposite. This dynamic has created a new tug-of-war between the Treasury and the Fed. Bank of America strategist Michael Hartnett sees Warsh on a yield tightrope — if he gets it right, the speech could flatten the yield curve, bolster risk appetite, and support the dollar. A chorus of investors, including JPMorgan and Apollo, is urging Warsh to provide a strong rebuke of high inflation to boost the long end of the Treasury market. Traders, however, expect to be frustrated by the tight-lipped chairman, with many urging him to be forceful on inflation.
History suggests the Fed chief rarely shocks the stock market at Jackson Hole, though investors remain wary. This is Warsh's big test — investors want him to address inflation, interest rates, and the bond market, but some worry he won't say enough. The scrutiny comes amid a broader credibility crisis for both Warsh and Treasury Secretary Scott Bessent, as Wall Street's initial enthusiasm has soured. Meanwhile, the bond market chaos stemming from the Trump administration's meddling is coming for everyone, according to the Financial Times' Robin Wigglesworth. Wall Street's hot debates range from carry trades to Treasury twists, as investors haven't been able to enjoy a summer lull with Warsh and Bessent keeping them busy with eye-catching policy decisions.
Fixed Income & FX
Global bond yields rose ahead of Warsh's speech, with the 10-year Bund yield hitting a 15-year high as eurozone bonds remained vulnerable to elevated energy prices. The Treasury auctioned $44 billion in seven-year notes at a yield of 4.512%, the highest since December 2024. Japan's two-year government bond auction showed weaker demand amid growing speculation of central bank tightening.
The yen weakened past the key 160-per-dollar level, extending a slide that has erased more than half of its intervention-fueled gains. Japan spent a record $98.7 billion to prop up the yen in a joint move with the US, data confirmed, backed by Treasury Secretary Scott Bessent. About one month later, strategists say the intervention succeeded in slowing the currency's short-term slide but did little to alter the driving forces. The Philippine peso fell past 62 per dollar, breaching a level some analysts flagged as potentially prompting authorities to step in. Asian currencies consolidated against the dollar ahead of the speech, while the yuan has barely budged despite growing US threats of sanctions over China's ties to Iran. The dollar's share of global foreign exchange reserves has picked up recently, but that doesn't amount to a trend reversal in de-dollarisation.
Mexico returned to the Samurai bond market for the first time in two years, raising ¥282.8 billion ($1.77 billion) amid a rush of issuance as borrowers seek to lock in funding before Japanese rates rise. UBS launched its debut Chinese domestic bond sale at a record-low rate, underscoring the market's growing popularity among international issuers. Some of India's top-rated companies can now borrow more cheaply for a decade than for three years. Japan's hybrid bond issuance is rebounding, driven by yield-hungry investors and by borrowers looking to fund acquisitions while avoiding equity dilution. Nippon Life Insurance, Japan's largest life insurer, said it is open to becoming a net buyer of government bonds next fiscal year. The flood of debt financing for AI capital expenditures is causing "indigestion" in fixed-income markets and fueling yields, according to Pimco, though that dynamic should result in decent longer-term returns.
Equities
US stock futures were mixed and Treasury yields rose slightly as investors awaited Warsh's first appearance at Jackson Hole. Dow futures held steady while Brent climbed 2%. European stocks gained and were set for a fifth straight monthly advance ahead of the key speeches, though they face seasonal risks after the rally. The FTSE 100 was set for a rebound as the pound held below $1.36. Japanese stocks were higher following overnight gains in US technology shares, with the Nikkei rising 0.4% led by IT services stocks. Asian stocks were set to open mildly lower as investors braced for the speech, where some expect a hawkish tone. US stock futures were mixed ahead of the Fed chair's Jackson Hole debut.
Nvidia added $442 billion to its market value in the second-largest one-day gain by any stock in history, breaking its post-earnings curse with the steepest climb in a year. The chip maker insists its sales "flywheel" is more than robust enough to fund the financial support it gives frontier AI labs, though it has paused revenue-sharing deals with AI cloud companies less than two months after announcing them. The rosy growth projection mitigated fears about the sustainability of the AI boom, with software stocks rallying as CEO Jensen Huang rebutted Bill Gates. Marvell sees accelerating growth as AI demand boosts second-quarter profit and revenue, raising its forecast. Nvidia's victory lap added $442 billion in value, boosting US stock indexes.
PayPal shares dived more than 15% premarket to $52.50 on a report that Advent and Stripe abandoned a takeover plan. Edward Yardeni, an upbeat strategist with an excellent track record, argues the AI stock rally may just be getting started. A look back at the 1901 trading craze shows eerie parallels to today's environment, with trading apps replacing bucket shops. Andreessen Horowitz launched an $11 billion "Machine Age" fund to tackle AI supply bottlenecks, expanding investments in chips, robots, and hardware. The biotech sector's 85% rally faces a threat from China, while the L3Harris shake-up presents an opportunity to bet on missile rearmament. Gold mining stocks are having a better month than chips did in years, with their August surge outpacing anything chip stocks have managed recently.
Commodities & Energy
Oil edged higher on fading hopes for the reopening of the Strait of Hormuz. Oil flows through the strait have recovered to around two-thirds of pre-war levels, limiting the Iran war's impact on global crude prices, according to Goldman Sachs. Earnings for ships on the world's benchmark oil tanker route approached $650,000 a day as the Iran war and a bold bet by a South Korean tycoon reshape how barrels are transported. Asian spot LNG advanced above $23 as Qatar extended force majeure on deliveries by another month amid sustained concerns about the Strait of Hormuz. Qatar's extension clouds prospects for restoring supplies as uncertainty over the full reopening of the strait persists. US natural gas futures were lower as the October contract debuts at the front of the curve. Ukraine said it struck the oil refinery in Yaroslavl, one of Russia's largest fuel-producing plants, in the latest in a flurry of attacks that have sparked a new wave of gasoline shortages. Six months into the Iran war, markets have been jolted across oil, gas, stocks, and more, with questions about where they might be headed.
Gold steadied near $4,600 an ounce as investors weighed the outlook for US interest rates ahead of Warsh's speech, with Jackson Hole posing the next key test for precious metals. Indonesia's palm oil production may shrink by up to 3 million tons next year due to the severe El Niño weather forecast, according to an industry estimate, adding to upward pressure on prices. Several Indonesian nickel smelters controlled by Chinese firms are weighing coordinated output cuts of a key battery material as weak prices pressure profitability. The pulpwood market collapse has hit the South's forest economy, with the region bearing the brunt of a historic run of pulp and paper-mill closures — the biggest threat to the rural economy since the fall of King Cotton. Growing congestion at the Panama Canal is forcing some gas tankers into unusual routes, from a rare detour around South America to possible shuttling through the waterway. China's oil majors reveal a nation less reliant on imports, with peak oil in China potentially signaling a bigger problem for global crude exporters.
Deals & Corporate News
Blackstone is offering to sell a stake worth as much as $1.25 billion in India's Knowledge Realty Trust next week via an offer for sale in its largest such transaction this year. Chevron and other US energy companies are close to finalizing deals to invest billions of dollars to help rebuild Venezuela's oil fields, with the US oil major near a deal to add two heavy-oil fields to its portfolio. The Trump administration is also in advanced talks for a direct stake in 17 of Venezuela's most promising oil-and-gas fields that house some 90 billion barrels of crude oil reserves. Halliburton is also in talks. A year-old US company with ties to President Donald Trump plans new projects in Bosnia-Herzegovina that would boost its investment to just above €2 billion ($2.3 billion), a Trump-tied firm boosting plans.
Banca Generali confirmed its willingness to evaluate Monte dei Paschi's $10 billion takeover bid, saying it envisioned new growth opportunities for both companies. Samsung Biologics is seeking to raise about 3 trillion won ($2.2 billion) in a rights offering to fund its acquisition of Poly Peptide Group. Solstice Advanced Materials and Element Solutions cancelled their deal after shareholder feedback on the $12 billion cash-and-stock transaction. Dentsu Soken shares rose to a record high after the Japanese IT services firm said it received a buyout proposal from Itochu at ¥2,880 ($18) per share. Aberdeen fund took a £200 million hit on the failure of UK broadband provider Airband, sold to a Macquarie-backed rival in the latest sign of distress in the 'altnet' sector. Sanjeev Gupta's family took out a £24 million mortgage on their Belgravia mansion, with investment firm Topland providing the bridging loan to the controversial steel tycoon's wife.
Walmart settled a lawsuit with the US Justice Department over allegations it fuelled the nation's opioid crisis. Alphabet agreed to pay £260 million to settle a UK class action lawsuit accusing Google of overcharging developers who made software for the Google Play app store. Meta's $18 billion settlement shows the wrong way to keep kids safe, with critics arguing that relying on mutual compromise is a flawed way to protect young users. Parents described feeling some validation after the landmark $17.1 billion settlement but also felt skeptical that much will change. As Meta enters its "zombie era," every blow counts, and the settlement is far from perfect but better than nothing. Trump updated his $15 billion libel lawsuit against The New York Times, arguing the news organization sought to undermine his 2024 presidential campaign. eBay banned air-bag sales following deaths involving counterfeit parts, with at least 10 deaths linked to counterfeit components.
Gap is back, with investors starting to believe in the renaissance of the brand that set American style for much of the '90s and early 2000s. The company cut its sales outlook on Old Navy weakness, bringing in Michael Francis, a retail veteran with experience at Walmart and Target, as chief executive of the brand. Dollar General and Dollar Tree each reported gains in sales and store traffic as higher gas prices forced shoppers to pare back, though the two dollar stores split — Dollar General soared while Dollar Tree fell. Ulta Beauty raised its full-year forecast, now expecting earnings per share of $28.70 to $29, up from $28.36 to $28.80. Workday reported a fiscal second-quarter profit of $632 million, up from $228 million a year earlier, on AI agent adoption. Asda reported another quarter of declining sales — its ninth straight drop — but said demand in recent weeks has started to pick up at a grocer still only "in the foothills of recovery." The UK supermarket chain aims to catch up with rivals after a botched post-Walmart £1 billion IT upgrade, hoping a fresh tech push can reverse fortunes.
BYD's profit rose for the first time in five quarters as surging exports and demand for pricier models helped the world's largest electric-vehicle maker overcome a downturn in China. Net profits for the second quarter jumped 30% despite domestic pressure, showing the company may have turned a corner with its rapid overseas expansion. After a stock rally that added nearly $20 billion to its market value in about two months, BYD faces a key test to demonstrate strength overseas despite geopolitical headwinds. Meituan returned to profit as food-delivery competition eases, snapping a three-quarter streak of losses for the Chinese shopping-and-delivery platform. CXMT, one of China's biggest memory-chip makers, posted a sharp jump in first-half sales and profit as AI companies scrambled for scarce memory supply, the latest evidence that the chip maker is benefiting from the shortage. Tempsens Instruments made a strong stock-market debut, jumping 110% from its IPO price in the best first-day performance in India this year.
Economy & Policy
The US created 79,000 fewer jobs than previously reported, new revisions suggest, showing a slightly weaker labor picture for the year that ended in March. The 2026 revisions by the Bureau of Labor Statistics represent a downward adjustment of just 0.1 percent of the total work force, pointing to more accurate jobs numbers. US corporate profits surged to a record $4.8 trillion as wages lag, according to First FT, while the US consumer is showing some strain — spending is rising, but not on the right stuff. In Trump's Washington, the ballooning national debt — now $40 trillion — has stirred little action, demonstrating how drastically the politics of deficit spending has changed. The Federal Housing Administration is fine, according to an opinion piece arguing that United Wholesale Mortgage's performance shouldn't be conflated with the FHA's program-wide performance. US bank regulators are set to narrow their enforcement focus to financial risks as part of a wider deregulatory push under the Trump administration. The SEC proposed letting companies report earnings twice yearly, with fewer audit and disclosure requirements that could reduce costs but also help disguise fraud or financial stress.
The Treasury Department is moving to sever an Egyptian bank's UAE branches from the US financial system as part of efforts to pressure Iran into ending the war in the Middle East. A judge ruled the Trump administration's blacklisting of Anthropic was illegal, writing that the government retaliated against the AI start-up "for constitutionally protected expressive activities." A US servicemember and a KPMG employee are targets of a prediction markets crackdown, with charges possible this fall as part of a new batch of insider trading cases. Trump signed an executive order to rename Lake Ontario to "Lake America," reiterating criticism that Canada "treats us very badly" after trade talks collapsed. Canada rejected Trump's trade demands, with the breakdown of talks and the future of tariffs now uncertain. The view from Canadian businesses shows empathy for workers but no panic as CEOs navigate trade war uncertainty. China unveiled sweeping measures to boost financing support for developers in its latest attempt to put a floor under the nation's property crisis, pushing forward home-sale overhaul. India's foreign-exchange reserves climbed to a record high as dollar inflows surged after recent measures by the central bank to attract capital. Indonesia's sovereign wealth fund Danantara will remit 120 trillion rupiah ($6.8 billion) to the government this year to shore up the state budget. South Korea's National Pension Service reported a 27.2% return in the first half of the year, its best performance since at least 2022, as a powerful domestic equity rally boosted performance.
Geopolitics & Regulation
Iran appears stronger and US goals unclear, as Trump's replacement of a military war with a heightened economic one is not expected to alter Iran's strategy while further impoverishing its people. Many Iranians are losing hope after six months of war, grappling with an economic crisis made worse by the conflict and growing skeptical about Trump's motives. A walk around Dubai shows no signs of Trump's "D-Day" for Iran, with the wealth hub appearing unaffected. Bloomberg reporters will answer questions about how Dubai and Abu Dhabi are coping with the Iran war in a Live Q&A on September 9. Oil companies and governments are consuming their once vast stockpiles as Iran and the US continue to struggle for control over the Strait of Hormuz, with giant storage tanks holding less. OPEC's decades-long hold over global oil markets is fraying again as founder member Venezuela becomes the second nation in a matter of months to consider an exit, darkening the cartel's future. China sees opportunity in America's recent AI security scares, with a leading Chinese AI start-up releasing its latest model and making the case that China's embrace of open software is safer than Silicon Valley's closed approach. China is betting on exports of cheap 3D-printed drone killers as Chinese companies rush into the sector amid rising global demand for interceptors. Xi Jinping's military purge has seen loyalists ousted from China's legislature as the paramount leader vows no mercy in his push to clean up the military. Xi also ordered glacier surveys as rescue operations faced "extreme difficulties" after a deadly mudslide struck the Himalayas near the border with Nepal.
Rescuers scoured river valleys in Nepal and China in search of hundreds of people missing after a torrent of mud, rocks, and ice tore through the area, as authorities warned that rivers blocked by debris could unleash more flooding. Survivors of the Nepal flood were left in stunned disbelief — "They all died, and I lived" — after a flash flood that killed more than 300 people. Disaster experts say the Nepal glacier collapse was difficult to predict, advising bans on construction in floodplains and clear evacuation routes. Climate change raises the risk of disasters like the Nepal floods as glaciers and permafrost in the Himalayas melt faster as temperatures rise. The Nepali authorities warned people to head for safety because more water could soak flood-ravaged villages, deepening the crisis. South Africa recorded fewer murders, with the 5.9% decline in the second quarter attributed to improved policing. Modi remains India's top choice for prime minister, according to a survey by India Today magazine, even as his popularity has slipped marginally. Mexico's Claudia Sheinbaum proposed barring dual citizens from running for president, drawing an immediate rebuke from billionaire Ricardo Salinas. Brazil's President Lula said he will not protect his son from corruption allegations, insisting he's innocent but pledging he'll face consequences if any wrongdoing is found. Pakistan's cricket board lodged a complaint with Sky Sports after the broadcaster ran an interview with the sons of former captain Imran Khan criticizing authorities in Islamabad.
India Markets & Infrastructure
India's newly introduced auction-based system to determine end-of-day prices for over 200 stocks continues to produce unexpected swings nearly a month after its launch, agonizing traders. The mechanism is producing extreme swings in the options market, with one 4,000% options surge in 15 minutes creating and wiping out gains in minutes. India large-cap stocks may be poised for a comeback as the Nifty has lagged gauges of mid- and small-cap shares so far this year. Barclays is seeking deeper ties with India's billionaire founders as it looks to expand in the country's fast-growing private banking market, where global rivals are also stepping up. Juspay's Sheetal Lalwani says payments are all about balancing fraud and friction, with open source key to the Indian financial infrastructure company's global expansion. The Trump family's new crypto bank, World Liberty, is backed by an Abu Dhabi royal with a 49% stake in the entity behind it. The "spy sheikh" backing comes as the newly coined "Lake America" and the blurring lines between fiscal strategy and Fed independence take center stage ahead of Jackson Hole.
Gatwick airport's water supply was hit by a burst pipe, closing toilets and restaurants in the second disruption this summer. A House race in Arizona pits Jay Feely, a former Jets kicker, against Amish Shah, a former sideline doctor for the team, with Jets fans in the district saying it's a welcome distraction from all the losing. The town council race in Gila Bend, Arizona was tied, and a century-old state law mandated breaking the tie with a game of chance — the Three of Spades called it. Wyoming Governor Mark Gordon objected to "very odd" DOJ election monitoring, concerned by the behavior of election observers who visited a polling station in Cheyenne. A federal judge once again barred the Postal Service from restricting mail-in voting after reviewing the agency's final plan to comply with Trump's demands. Nancy Pelosi, the former House speaker, has been working hard on behalf of Connie Chan, a San Francisco supervisor with a relatively low profile in California, as she tries to anoint a successor with her term winding down. Progressives condemned the pick of pro-Israel Democrat Jared Moskowitz as the top Democrat on a Middle East policy subcommittee, reflecting the party's rift over Israel. Obama will headline a fund-raiser with Jeffries in New York on Sept. 10, just as Republicans converge in Texas for their unusual midterm convention. Trump plans to mark 9/11 at the Pentagon, not Ground Zero, because the memorial's organizers do not allow speeches. A judge said Trump's name should stay off the Kennedy Center for now, after the court forced the removal of the president's name from the building's title. The C.I.A. chief delivered a bleak assessment of Russia's war in a secretive Moscow visit, aimed at pushing the Kremlin to pursue a peace deal with Ukraine. Two LaGuardia controllers left early on the night of the deadly Air Canada crash, among a dozen that the FAA has taken steps to fire as part of an inquiry into timecard fraud. NTSB found that an air traffic error led to a close call with Trump's helicopter, as a controller let a jet take off after missing warnings that Marine One was about to fly through the area.
AI & Technology
Anthropic launched a tool that can manipulate laboratory tools, a system designed to help automate scientific experiments. The Claude chatbot maker's unveiling comes as safe AI is going to get pricey, with the R&D bottleneck almost here. Convertible bond investors chasing exposure to the AI boom are giving up some of the protection they would normally demand, pushing the market toward levels of risk-taking last seen before past crashes. Zero-interest convertible bonds are set for a record year, with issuance on track for the highest-ever level amid high AI stock volatility as companies seek to limit borrowing costs. The investor frenzy for AI has stripped safeguards from convertible bonds, with the market pushing toward levels of risk-taking last seen years ago. A small gene-editing study significantly reduced LDL cholesterol levels, with an experimental single-time treatment slashing cholesterol for a year. Google's Deep Mind unit suggests that an AI-enabled model delivers accurate hurricane forecasts a day or more before conventional models, bringing big gains to hurricane forecasts. As AI money floods the market, San Francisco renters in rent-controlled apartments are weighing buyouts as landlords offer tens of thousands of dollars to leave their homes — for many, it's not enough. The great junior consultant reskilling is underway as AI takes over more technical tasks, with consulting executives considering ordering junior staff back to the office. The curse of brand safety is explored, plus a new book documents 50 years of marketing to Black consumers. Social media and the myth of the Big Tobacco moment: smoking used to be everywhere the way Facebook, TikTok, Snap, YouTube, and Instagram are now, but society decided to break the habit — it took a long time. Countries are pushing social media bans despite their flaws, with proposals for curbing social media use among children having wide support but critics saying they are ineffective. The FAFSA form for college aid will be less stressful this year, officials say, with fixes making it simpler and faster to complete. A playbook to curb the growing power of Big Tech draws on what it took to dismantle the most powerful company in the world — the East India Company. NASA's Nancy Grace Roman Telescope promises a breakthrough in cosmic exploration, coming from a legacy of great observatories that enabled decades of discovery. The drugmaker behind a pancreatic cancer breakthrough, Revolution Medicines, attracted takeover interest but decided to go it alone — this week's FDA approval of its pancreatic cancer pill is the payoff. Big Pharma is stepping up the fight against counterfeit weight-loss drugs, with Novo Nordisk and Eli Lilly using court orders and public campaigns to tackle unlicensed medicines. An FT investigation has found a thriving market for stem cell therapies in the US promising longer, healthier lives, with cowboy clinics selling unproven longevity treatments — experts say such claims are dangerous.
Real Estate & Infrastructure
A private equity group drove an apartment complex in Syracuse, New York into the ground — after decades as a coveted address, the sprawling Nob Hill complex descended into neglect, squalor, and death, and one family paid a terrible price. Bathla Group, a major property developer in Sydney, is leaving private credit investors exposed after falling into insolvency, the latest blow to Australia's troubled housing market. China pushed forward its home-sale overhaul with financing support, unveiling sweeping measures to boost financing support for developers. Hotel groups are expanding beyond the Mediterranean's swarming coastal strips, with the appeal of Europe's inland towns and rural destinations boosted by AI and social media. Netflix is remaking Jersey Shore — and its property market — with entertainment studios moving in, though the area has a lot of work to do to shake off its faded reputation. Trade unions are threatening to withhold support for politicians, joining the popular backlash against data-center construction, as blue-collar jobs become the new flashpoint in the fight. How batteries are reshaping the solar power business model is explored, along with whether global emissions are approaching a peak. SpaceX is being considered as a leasing company — selling gold nuggets in a shovel rush. Drought, heat, and low water levels are hitting Europe's river cruises, with the Danube and Rhine at record lows this summer disrupting hundreds of cruises. Dunguaire Castle on Galway Bay remains closed to the public despite tourist demand, as a dispute over ownership prevents visitors from entering the picturesque 16th-century castle. LA Mayor Karen Bass eased the street vending crackdown after debate, having compared the ubiquitous purveyors of street food with homeless encampments. The Federal Housing Administration is fine, with United Wholesale Mortgage's performance not a program crisis.
Markets Roundup
US stock futures were mixed ahead of Warsh's Jackson Hole debut, with Treasury yields rising slightly. European stocks faced seasonal risks after a five-month rally. The Nikkei rose 0.4% led by IT services stocks. Asian currencies consolidated ahead of the Fed speech. India's closing auction continues to produce unexpected swings, agonizing traders. The options market is seeing extreme swings from the mechanism, with a 4,000% surge in 15 minutes showing the wild India auction. Tempsens jumped 110% in its debut after a $68 million India IPO. The yen intervention gains faded one month later as fundamentals bite. Japan's two-year government bond auction showed weaker demand. Mexico sold a Samurai bond for the first time in two years. India's forex reserves hit a record high on central bank steps. Danantara will remit $6.8 billion to prop up Indonesia's budget. Korea's $1.4 trillion pension posted a 27% return in the first half. The Philippine peso fell past 62 per dollar on elevated oil prices. Asian LNG was above $23 as Qatar extended force majeure. Qatar extended LNG force majeure as Hormuz traffic remained halted. Oil flows through Hormuz recovered to around two-thirds of pre-war levels. Gulf oil tankers neared $650,000 a day as the Iran war disrupted flows. China's oil majors revealed a nation less reliant on imports. Chinese nickel firms in Indonesia mulled output cuts on low prices. El Niño is set to crimp Indonesian palm oil output. The US natural gas futures gave back some gains. Gold held near $4,600 as investors focused on the Fed rate-hike path. Gold miners were having a better month than chips did in years. Jackson Hole posed the next key test for precious metals. The pulpwood market collapse hit the South's forest economy. Abu Dhabi's sovereign-wealth fund bought a majority Arrive Logistics stake, and the AI buildout drove a surge in capital-goods imports. Timber was gold in the South until a market collapse crushed the forest economy. The L3Harris shake-up was an opportunity to bet on missile rearmament. The biotech's massive bull run faced a China threat. A defense-stock opportunity and timber cut down were also noted. The contrarian who built the NFL's best team by investing like Warren Buffett — Les Snead of the Rams — found a way to build a perennial contender by rethinking the market as a value investor. The 1901 trading parallels to today's craze were explored, with trading apps replacing bucket shops. The AI stock rally may just be starting, according to Edward Yardeni. Andreessen Horowitz launched an $11 billion "Machine Age" fund to tackle AI supply bottlenecks. Nvidia added $442 billion in the second biggest ever stock surge. Nvidia broke its post-earnings curse with a $442 billion day, boosting US stock indexes. Nvidia insisted it can keep printing money to fund the AI boom. Nvidia paused revenue-sharing deals with AI cloud companies. Marvell saw accelerating growth as AI demand boosted second-quarter profit and revenue. Workday reported higher profit and revenue on AI agent adoption. Ulta Beauty raised its forecast as sales grew. Gap cut its sales outlook on Old Navy weakness. Dollar General and Dollar Tree reported sales gains as shoppers cut costs. The US consumer is showing some strain — spending is rising, but not on the right stuff. US corporate profits surged to a record $4.8 trillion as wages lag. UK venture capital investment rebounded as software and biotech attracted funding, with demand coming mostly from overseas investors. The great junior consultant reskilling is underway as AI takes over more technical tasks. How Costco's $4.99 rotisserie chicken defies inflation — the retailer built its own factory to keep costs low for the famous bird, but resisting rising prices is a constant struggle. Big Chicken examines how chicken became the world's favourite protein and the tension between keeping costs low and animal welfare. The watchdog probed a law firm over work linked to collapsed lender MFS, with the Solicitors Regulation Authority investigating Gunnercooke after the demise of the mortgage provider. The Woodford collapse continues to confound investors a decade on, with campaigners pushing for a public inquiry and complaining that few lessons have been learnt — "I am still extremely angry." Why banks find it so hard to manage reputational risk — it is one thing to assess facts, another to weigh up the public reaction to them. The morning risk report noted a walk around Dubai showed no signs of Trump's "D-Day" for Iran, a prediction markets crackdown continued, and a judge ruled the Trump administration violated Anthropic's First Amendment rights. The tech, media, and telecom roundup found insight on Nvidia, Apple, Salesforce, and more. The energy and utilities roundup covered Ithaca Energy, Sembcorp Green Infra, Tenaga Nasional, and more. The auto and transport roundup covered Li Auto, Capital A, MISC, and more. The basic materials roundup covered Mineral Resources, Westgold Resources, Press Metal Aluminium, and more. Orient Overseas warned of freight rate slip as first-half earnings dipped. The Panama Canal congestion drove gas tankers to unusual routes. The Trump family crypto bank was backed by an Abu Dhabi royal. The Trump-tied firm boosted Bosnia investment plans to $2.3 billion. The judge ruled Trump's name should stay off the Kennedy Center for now. A judge once again barred the Postal Service from restricting mail-in voting. The Wyoming governor objected to "very odd" DOJ election monitoring. The town council race was tied — the Three of Spades called it. The Jets fans found a win in the Arizona race between Feely and Shah. The FAFSA form for college aid will be less stressful this year. The new Covid vaccines for fall 2026 have been approved for people 65 and older and younger people with underlying conditions. The GTA VI trailer revealed grand theft auto's next chapter. Dolly Parton's feminist anthem in "9 to 5" gave the movement a boost and an anthem. Fans pushed to rename Nashville Airport for Dolly Parton, but the effort could get snagged in bureaucracy and politics. Rachel Cusk tried to caricature Natalie Portman but only caricatured herself. The Foo Fighters fill a three-hour set list night after night, with Dave Grohl packing 31 years into 3 hours. The climber stranded for hours on a 6-inch rock ledge was rescued in the Sierra Nevada. Harald V, Norway's king as tradition and modernity collided, died at, with his 35-year reign opening an ancient monarchy to marriages with so-called commoners and to an incendiary association with Jeffrey Epstein. Haakon, Norway's new king, is the only son of King Harald V and will become monarch in a largely ceremonial and symbolic role. Benjamin Rosen, who brought venture capital to tech, died at 93 — an advocate for Apple on Wall Street and a founding investor in Lotus and Compaq. The judge ruled Trump's blacklisting of Anthropic was illegal. The Trump administration's blacklisting of Anthropic was illegal, a federal judge in California wrote. The media's lawfare enabling was criticized in an opinion piece arguing legal journalists who know better cheer on meritless lawsuits against Trump. There is a sickness worse than wokeness — the anti-woke movement's "cure" was more intolerance and more repression. JD Vance gets what wrong about Hamilton, rejecting Milton Friedman's free-market principles in favor of bigger government. The FHA is fine, and UWM's $2 billion loss isn't a program crisis. The bond market chaos is coming for us all. Wall Street loved Scott Bessent and Kevin Warsh — not anymore. We are approaching a credibility crisis with Scott Bessent and Kevin Warsh leading our economy. De-dollarisation may not be over. The recent pick-up in the dollar's share of global foreign exchange reserves does not amount to a trend reversal.
Private Equity
Last updated: August 28, 2026, 2:16 PM ET
Deals & Exits
The biggest story of the past 24 hours is the collapse of what would have been a record-breaking buyout. Advent International and Stripe have walked away from their pursuit of PayPal, ending a potential $50bn-plus leveraged buyout, according to Bloomberg. The abandonment leaves PayPal's shares under pressure as investors digest the failed bid.
In completed M&A, Arcline Investment Management has finalized its $272m take-private of Astro Nova, the Rhode Island-based maker of aerospace printing and product-identification systems, in an all-cash deal following an activist-driven sale process. The transaction underscores continued appetite for small-cap industrials in the private markets.
Meanwhile, KKR and Apollo are investing $1.9bn (C$2.7bn) to acquire a 29% stake in Enbridge's Westcoast natural gas pipeline in British Columbia. The joint venture will fund two expansion programmes, marking another major infrastructure play by the two alternative asset managers.
Fundraising
Franklin Templeton has closed its debut $1.5bn CFO bundling vehicle, combining Lexington Partners secondaries exposure with Benefit Street Partners credit strategies. The fund launch marks a significant milestone for the asset manager's private markets push.
Crescent Capital Group has doubled its CLO equity vehicle with a $232m final close of Crescent CLO Equity Funding II. The second captive collateralised loan obligation equity fund builds on the firm's first vehicle and signals continued investor appetite for CLO equity in a volatile rate environment.
On the institutional side, ERS Texas has set its private equity pacing plan for fiscal 2027, seeking to commit up to $1bn in new investments. The public pension fund's target underscores the steady flow of capital from US public plans into the asset class.
Venture & Growth
Andreessen Horowitz is pivoting toward hardware with a new $1.1bn 'Machine Age' fund dedicated to accelerating the physical buildout of AI infrastructure. The fund, announced by the firm known for its software focus, will back companies building the data centers, chips, and energy systems underpinning artificial intelligence.
Space tech is enjoying a banner year, with a record $20.3bn in global seed-through growth-stage funding flowing to space- and satellite-related companies so far in 2026, according to Crunchbase data. The figure already far exceeds prior annual highs, driven by demand for satellite communications, Earth observation, and launch services.
European venture activity remains concentrated, with just three deals accounting for nearly half of all German VC funding this year. The lopsided distribution highlights the challenge for early-stage startups seeking capital outside a handful of mega-rounds. Despite this, Europe recorded its second-busiest August ever, with 10 under-the-radar rounds worth noting across the continent.
US VCs remain active in Europe, and a new ranking of the most active investors shows the breadth of cross-Atlantic deployment. Meanwhile, the Nordic region is drawing renewed attention, with investors debating whether the momentum is sustainable or a cyclical spike.
Sector Focus: Healthcare & Tech
Private equity firms are increasingly targeting patient engagement technology, with Clearlake Capital, Marlin Equity Partners, and New Mountain Capital among those making five notable deals in the space. New software, including agentic AI applications, is driving provider adoption and creating scaling opportunities for PE-backed platforms. Separately, Flexpoint's sale of Artes Rx was driven by specialty pharmacy and mental health needs.
In financial services, agentic commerce and AI-driven fraud are reshaping dealmaking. Accel-KKR-backed Basware recently signed a binding agreement to acquire Trustpair, pairing invoice lifecycle management with payment fraud prevention. The transaction highlights how AI is becoming a core due diligence and value creation theme in fintech M&A.
Other Headlines
Vista Global, the private aviation group, is weighing a $1bn European IPO that would convert equity held by RRJ Capital and Rhône Group into listed shares, according to Bloomberg. The listing would provide a liquidity event for the two PE backers.
Trinity Hunt Partners has made an investment in management consulting firm Fisher Management Partners, establishing a new value creation services platform with Fisher as its foundational asset.
Finally, Strictly VC returns to New York's West Village on September 10, featuring Keith Rabois, Craig Shapiro, Jason Levien, Tristan Walker, Brynn Putnam, and Deven Parekh, with discussions covering AI and sports investing.
Sector Investment
Last updated: August 28, 2026, 2:30 PM ET
Deals & AI
Healthcare dealmaking faces regulatory pressure as AI adoption reshapes investment strategies, per McGuire Woods’ Holly Buckley. The latest trends in healthcare private equity were discussed on the Becker Private Equity & Business Podcast, where Buckley highlighted the growing role of AI in due diligence and portfolio management. Deal values remain under scrutiny as regulators tighten oversight on transactions, while investors increasingly prioritize tech-enabled platforms. The intersection of AI and regulation is expected to define the next cycle of healthcare investments, with Buckley noting that compliance costs are rising.