Public Markets
Last updated: September 1, 2026, 10:21 PM ET
Global Markets
Global government bond yields continued their relentless climb, with Japan's benchmark 10-year yield touching 3% for the first time since 1996, a milestone for a debt market returning to normality after decades of ultra-loose policy. The move came as US Treasury yields also spiked, with 30-year rates shooting back to levels seen just before Treasury Secretary Scott Bessent shocked markets last month. This global bond selloff has profound consequences for the global economy, heaping pressure on everyone from home buyers to governments. Borrowing costs everywhere are heading higher as investors demand more compensation to hold longer-maturity debt, with yields on 30-year Japanese government bonds near all-time highs. The runup in interest rates reflects anxiety about debt levels, deficits and inflation, according to analysts.
The selloff extended into emerging markets, as investors dumped riskier debt on expectations that the Federal Reserve will increase US interest rates later this month. Newly issued dollar bonds by HDFC Bank Ltd., India's most valuable lender, slid to record lows after Chief Executive Officer Sashidhar Jagdishan's unexpected decision to step down. Meanwhile, bond traders are scrambling to shield their portfolios against further losses, as worries over the budget deficit and inflation push yields toward multiyear highs. In a sign of stress, about $1 trillion of bonds are telling a different story beneath the calm surface of corporate credit markets, according to analysts.
Equities
US stocks fell for the third straight session as military strikes around the Strait of Hormuz caused a spike in oil futures and bond yields. The Nasdaq 100 Index tumbled, on track for its worst day in two weeks, with traders bracing for interest-rate hikes as renewed Middle East tensions lifted oil prices. Wells Fargo & Co. became the second bank this week to turn cautious on US stocks, as the market heads into what is historically the worst month on the calendar for equities and upcoming midterm elections. The AI trade is waning, with chip stocks leading declines. US futures edged lower in early trading, with weakness in chip stocks pushing hurting the Nasdaq.
Oil & Energy
Oil prices climbed for a third sessionon heightened concerns about prolonged disruptions to energy flows through the vital Strait of Hormuz after an escalation of hostilities between the US and Iran. Two oil supertankers attempting to exit the strait were struck by projectiles late Monday, the latest sign of renewed hostilities around the critical waterway. The ships were hit near Oman, and oil prices rose more than 2 percent. Saudi and South Korean tankers were also hit in the strait, marking an increase in shipping attacks after a period of relative calm in the war.
European natural gas prices surged to their highest since January 2023after an escalation of hostilities in the US-Iran war amplified worries about a prolonged disruption to Middle East energy. The market remained vulnerable to renewed spikes as restricted Gulf LNG flows threaten to leave the Northern Hemisphere entering winter without normal Qatari supply, according to ING. President Trump summoned US refiners to the White House for a meeting on Tuesday as high living costs sap his popularity ahead of midterm elections. Meanwhile, the Trump administration's deal with Venezuelato take control of more than 65 billion barrels of crude reserves faces skepticism from analysts who warn it may not succeed in attracting investment from US companies. The administration defends the agreement as a way to expel Chinese and Russian adversaries from oilfields in"our hemisphere," but experts note it could take many years to come to fruition.
Fixed Income & FX
Japan's finance minister, Satsuki Katayama, is under pressure to strengthen the yenwhile balancing competing demands from the prime minister and Washington. Bundesbank President Joachim Nagel criticized the US for selling euros in a recent effort to support the Japanese yen, without consulting European partners, calling it a blindsiding move. Meanwhile, India's rupee strengthened to a two-month high as the central bank, bolstered by record foreign-exchange reserves, stepped in to support the local currency through dollar sales. In Uruguay, investors are parking more of their wealth in peso-denominated money market funds and government bonds, adding momentum to the South American safe haven's push to reduce its dependence on the dollar.
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Deals & Corporate
UK takeovers have passed the $100 billion markafter a flurry of deals were announced on Tuesday. Veritas Capital agreed to buy Bodycote Plc for around £1.65 billion ($2.2 billion, after raising its bid to trump CVC Advisers Ltd. The deal is latest in a flurry taking UK companies off London market, following a £1.84bn takeover agreement. Nestle will sell its mainstream vitamins, supplements and minerals business to Yellow Wood Partners for $1 billion, the latest move to tighten its portfolio and focus on core categories. Separately, Wells Fargo & Co. and Barclays Plc provided as much as £85 million ($115 million) to Headlam Group Plc just months before the British flooring distributor appointed insolvency officials, according to documents.
In technology, Apple Inc.'s Tim Cook handed over the reins to John Ternus, capping a tenure that cemented the company as an iconic global brand and turned its stock into one of the best performers in history. Cook's 2,275% gainunder his leadership is a tough act for Ternus to follow, though the new CEO inherits"asset-light and option-rich" legacy. Dell Technologies boosted its fiscal year outlook by $25 billion, saying it now expects to bring in $192 billion in revenue as server revenue surges on AI demand. Palo Alto Networks said it is expecting revenue to rise between 23% and 24% to a range of $14.1 billion to $14.2 billion in fiscal 2027, as AI drives cybersecurity spending. Medtronic raised its outlook for the year after posting higher fiscal first-quarter profit and sales, investing over $700 million in heart tech and robotics. Chinese electric-vehicle maker NIO reported a narrower lossin the second quarter, thanks to robust deliveries, while Hyundai Motor Co. reported its lowest monthly salesin four years after labor strikes idled productionin South Korea.
Politics & Policy
The defense secretary's cuts, which have hit about 10 percent of the military's top officers, are dividing the Pentagon, officials said. Army Secretary Daniel P. Driscoll resigned after months of tension with Pete Hegseth,at a tumultuous time for the service. Meanwhile, Chief Justice John G. Roberts Jr. found himselfin an unusual spot:in dissent, after beingin the majorityin divided cases more times than any other chief since 1953, but not this time. The Supreme Court's justices held private negotiations about locking away their papers after Justice Scalia died, meaning we may not see the ultimate record of the Roberts court for decades.
House Republicans unveiled a proposalthat aims to overhaulthe structure of the Consumer Financial Protection Bureau, which has been entangledin legal fights asthe Trump administration moves to reshape it. Lawmakers sent the legislation to President Trumpin an overwhelming vote, reflecting bipartisan enthusiasm around puntinga messy spending fight until after the midterms, avertinga government shutdown. A whistle-blower report detailed"grave concerns"thata new system being rushed into use by the U.S. Postal Service could imperil millions of mail ballots ahead of the midterm elections. In Canada, Prime Minister Mark Carney told Trump officials to"stop throwing shade" over Canada-U.S. trade talks,ashis Liberals swept three special votesand new polling suggested strong support for his retaliatory tariffs against the U.S.
Economy & Commodities
Global interest rates are rising,and interest rates on U.S. government bonds can affect everything from autoand student loans to mortgages. Pakistan's inflation rose faster than expected last month, keeping policymakers on guard asthe Middle East conflict threatens to add to cost pressures. Peru's inflation accelerated slightly more than expectedin August, hittingthe fastest pacein almost three years, pressured by housingand utilities including electricityand gas. US soybean futures hit their highest levelin almost three years after the Trump administration's renewable fuel exemption announcement camein more bullish than expected for biofuel demand. Zinc advanced to the highest levelin more than four years on signs of tightening supply, building on a months-long rally. Gold-miner stocks capped their best August in decades,with an almost-vertical rally whettingthe appetite of investors who have been whipsawed by messages from Washington policymakers. Senegal's eurobonds fell after the government said it will move forward with a"debt treatment" under the Group of 20's Common Frameworkand agreeda new $2.2 billion financing programwith the IMF. The country's government estimates that recent catastrophic floods caused$5 billionin damagein Nepal, equivalent to one-tenth of the entire economy,with more than 1,000 people killed. Meanwhile, climate disasters are set to costthe world$450bn a year,with more than half of losses not covered by insuranceascarriers carve out riskand cut exposure.
Private Equity
Last updated: September 2, 2026, 6:08 AM ET
Deal Completion Wave
Private equity firms closed a flurry of major transactions over the past 24 hours, headlined by Permira and CPP Investments finalizing their $3.7bn acquisition of fund administrator JTC. The deal, also reported at £2.7bn, positions the platform for AI-driven growth and US expansion. In a separate fund administration play, Inflexion expanded Baker Tilly into a broader Benelux platform spanning 25 offices and roughly 1,500 professionals across the Netherlands, Belgium and Luxembourg. The move follows Inflexion's earlier minority investment in the Dutch entity, with the Luxembourg arm also added to the network.
Mega-Deals and Exits
Apollo struck a quick flip of Kelvion, selling the thermal management maker to SLB for $4.1bn just seven months after acquiring it. Meanwhile, Yellow Wood agreed to acquire Nestlé's Holistic Health vitamins platform for $1bn. In the restaurant space, LongRange completed its Pizza Hut buyout, a deal that excludes Mainland China. Ares Management also closed its largest-ever real estate fundat ¥612bn ($4bn), doubling down on Japan logistics development, marking a record close for the firm.
Fundraising and New Vehicles
A new €100m deeptech fund is being launched by an ex-NGP Capital investor, targeting Europe and the US with backing from Jungheinrich. EQT also finalised its Coller Capital acquisition, unveiling a dedicated secondaries segment. In fundraising news, General Atlantic led a $75m roundin coffee chain Blank Street at a $650m valuation, while Félix, an AI-powered WhatsApp remittance platform, secured $200M in Series C co-led by Andreessen Horowitz and General Catalyst. The funding environment for women-led firms also remains a focus, with Buyouts checking back on its inaugural Women in PE list.
Sector-Specific Investments
Mutares completed its acquisitionof Trepel and Mafi, suppliers of aircraft ground handling and heavy-duty transport equipment serving customers in more than 115 countries. Gemspring-backed Midland Industries acquired Pegasus Supply Group, a supplier of industrial and electronic connection products across the US and Canada. GI Partners also closed a majority investmentin Otodata, a provider of remote monitoring and vehicle tracking technology. In healthcare, Aria Care Partners acquired Precision Mobile Care,which delivers mobile onsite dental care to Utah skilled nursing residents. Valeas Capital and Kudu-backed Sequoia Financial also acquired BSW Wealth Partners,which managed approximately $2.3bn in client assets as of June 30.
Startups and Venture Activity
Femtech startup Ipremom raised €15m in seed fundingfor early detection of pregnancy complications. In a notable venture milestone, After Query became Y Combinator's fastest-ever unicorn,now valued at$3.2B just five months after its $30M Series A. Thrive Capital's Josh Kushner also defended his involvementin the FIFA mess, hiring Elon Musk's go-to lawyer.
Market Trends and Analysis
While climate tech investments have declined, Nordic energy startups are powering ahead,according to new data. Sifted's latest Nordics leaderboardshows Neko Health topping growth rankings. In real estate tech, proptech funding is holding upbut investors are shifting bets toward AI-driven constructionand property operations companies,with deals outside the US leading. Shein's long-delayed listing landed 73% belowits 2022 peak, splitting private backers into winners and losers based on when they bought in. Finally, a new PE rankingplaces Goldman at the top of secondaries fundraisers,while Partners Group faces an earlier-than-expected C-suite shakeup.
Sector Investment
Last updated: September 1, 2026, 10:18 PM ET
Infrastructure
Infrastructure Investor has opened nominations for its 2026 Rising Stars list, seeking standout dealmakers, fundraisers and operators. The publication is inviting industry votes to identify the investors, lawyers and operators who deserve inclusion in this year's recognition.
Meanwhile, continuation vehicles in the sector are expanding sharply, buoyed by sustained LP acceptance and secular tailwinds that are giving these vehicles renewed momentum. The growth in infra CVs is being driven by a new lease of life, reflecting a broader shift in how investors approach liquidity and portfolio management in the asset class.