Public Markets
Last updated: September 10, 2026, 7:16 AM ET
Equities
US equities extended their decline as Middle East escalation and surging crude prices dampened risk appetite, with futures snapping a three-day losing streak only to remain firmly in check ahead of tech earnings and the ECB decision. RBC Capital Markets strategist Lori Calvasina sees a growing risk of a 10% pullback as midterms approach and the market enters a seasonally challenging stretch. The Nikkei fell 0.6% in early trade on Iran war concerns and higher energy costs.
Comcast shares slid after CFO Jason Armstrong said he sees no improvement in broadband subscriber losses. Chewy posted a second-quarter profit of $80.5 million, up from $62 million a year earlier. Signet Jewelers raised its adjusted earnings outlook after swinging to a quarterly profit. American Eagle said there is still “work to do” on its core brand as merchandise margins shrank in Q2.
Fixed Income & Rates
Treasury Secretary Scott Bessent's upsized $6 billion buyback plan disappointed investors, sending 10-year yields to their highest level in nearly three years. The bond market rebuffed the Treasury's move to reduce borrowing costs, with yields climbing to fresh multiyear highs. Bessent's “asymmetric information” gambit is being tested by traders, while his warning that “I am the house now” regarding yen bets underscores the administration's aggressive posture. The bond market rate spiral has a potent accelerator behind the scenes, with hedging activity amplifying price swings. Rising oil prices are boosting rate-hike bets, pressuring the Fed to act as soon as next week. The basis trade brittleness filling a void could be addressed by the US government, according to analysts. An unprecedented number of US companies are turning to European bond markets as their home market strains under AI-related debt.
The yield gap between Chinese and US 10-year sovereign bonds widened to a record following the Treasury selloff, underscoring stark policy divergence. US mortgage rates rose to 6.85%, the highest in more than a year. Trump's payout pledge is adding to jitters ahead of a 30-year auction.
Commodities & Energy
Brent crude hit $100 a barrel for the first time since July as US-Iran escalation and Houthi strikes deepened Gulf supply fears. Oil futures settled at their highest level since May 22 as strikes between the US and Iran escalated. The cost of crude has risen 40% since the start of the war in Iran, pushing up gasoline and diesel prices. Iran vowed it was prepared for a more intense war after hostilities flared across the Middle East. Saudi oil exports have plunged to a 13-year low as shipping routes shut down. Yemen is tilting toward full-scale war as Saudi-Houthi clashes intensify. US diesel stockpiles are projected to fall to a 2003 low this month ahead of peak demand. China's oil demand is expected to fall by 600,000 barrels a day in 2026, according to Sinopec's research arm. Singapore refiner Aster Chemicals is buying crude from Latin America and West Africa to replace Middle Eastern supplies.
The oil shock is reviving interest in clean hydrogen, with Air Liquide's chief saying governments are reconsidering the costly fuel. Enbridge agreed to buy Tallgrass Energy's crude business for about $2.6 billion. A Canadian oil merger spotlights the Alberta boom. US natural gas futures moved lower as summer ends. Platinum is set for a surplus in 2026 after three years of deficit. Australia softened LNG exporters' domestic supply requirements, replacing a fixed requirement with an annual cap. South Africa plans an oil-refining revival to cut import dependence. The Dangote Refinery cut its debt to $5.7 billion ahead of a record IPO.
Gold pushed back above $4,400 an ounce as traders awaited US inflation data. Spot gold was steady in early Asian trade ahead of PPI and CPI releases.
Currencies & Central Banks
The yen consolidated ahead of BOJ board member Kazuyuki Masu's speech, after a remarkable turnaround driven by tightening bets and US pressure. A hawkish BOJ board member said Japan must raise rates, following pressure from Scott Bessent. The Bank of Korea warned of destabilizing high-risk AI trades, citing leveraged ETF volatility, and called for stronger monitoring of chip derivatives. India's RBI will add five currency pairs to its retail FX platform.
Deals & M&A
Abu Dhabi's Mubadala is investing $1 billion in Luckin Coffee, widening its presence in China. Windscreen giant Belron, owner of Safelite and Autoglass, is exploring a potential listing that could be a mega-IPO in Amsterdam. Silver Lake plans to merge French software groups Cegid and Silae in a €10bn deal. Analog Devices is acquiring Alif Semiconductor for $1.35 billion in cash. An Erik Prince-backed defense firm acquired a Ukrainian drone maker for $224 million, kicking off consolidation in Ukraine's 500-company drone industry. Independence Realty Trust and Centerspace agreed to an $8.1 billion merger, creating a middle-market apartment REIT. Porsche will generate about €1 billion selling its Bugatti stake and lifted its margin forecast, with net cash flow margin expected between 5.5% and 7.5%. Barclays is preparing a €2.4 billion financing package for Lone Star's Conti Tech acquisition. Energy Transfer plans to move its listing to the Texas Stock Exchange from the NYSE. The DOJ requested additional information regarding the Fox-Roku deal.
Banking & Financials
Sanlam's profit fell 22% on higher weather-related claims in South Africa and rand strength. First Rand's profit fell for the first time in six years after a $1.1 billion provision for UK missold car loan claims. London hedge fund Arini has been hit by Europe's thorniest credit trades, with exposure to Aston Martin and Altice weighing on returns. Two litigation funders are backing rival law firms in a £36 billion BHP dam collapse suit. India lifted a trading ban on a JPMorgan unit after it deposited 29.6 million rupees. JPMorgan CEO Jamie Dimon met UK PM Burnham amid windfall tax fears. Millennium Management is preparing to open its first Athens office, following Rokos in the move to Greece. Challenger Ltd. supports more disclosure for Australia's private credit industry. Senegal bondholders picked White & Case for debt restructuring advice. Tether is launching a private credit fund to boost stablecoin use. Citadel Securities urged the SEC to oversee prediction market contracts linked to publicly-traded companies.
Earnings & Corporate News
Associated British Foods said its sugar unit loss will deepen due to low European prices. John Lewis Partnership's loss widened to £89 million in the first half on higher costs and weaker demand, with heatwaves also taking a toll. The employee-owned retailer's pre-tax losses doubled in the six months to August. Philip Morris is expanding its Zyn nicotine pouch lineup with more pouches per can following a regulatory win. Albertsons named Meg Whitman as executive chair as the grocer grapples with falling sales. Jersey Mike's reported higher revenue in its first quarterly readout since its Blackstone-backed IPO. Dunkin's president was named interim CEO of Inspire Brands ahead of a potential IPO.
Apple's new chief Ternus unveiled a foldable iPhone starting at $1,999, with the top-spec Duo costing up to $3,199. The foldable device marks a major product shift. Starbucks is betting $1 billion on community lounges as CEO Brian Niccol's antidote to lonely digital lives. Ford's CEO said the Transportation Secretary had “basic misunderstandings” in a letter about Chinese automakers. Deere introduced JD, an AI assistant aimed at helping farmers and reversing a sales slump. The City of London is set to drop a century-old rule against logos on buildings. Eurail is rebranding as Interrail Pass after 67 years.
AI & Tech
The Justice Department is investigating Nvidia's deal with Groq over antitrust concerns. Anthropic researchers raised alarm over AI acceleration, warning of threats to humanity. A top US official named to OpenAI's non-profit board warned advanced AI could be “deadly” without safety features. Peter Thiel-backed AI startup Cognition raised $2 billion at a $48 billion valuation. Clay, an AI sales tool provider, raised $115 million led by Wellington Management. AI labs are testing the rigour of credit rating agencies, seeking investment-grade scores. UK proposals call for “L-plates” for AI health tools with live monitoring. Anti-AI politics is about to get big, according to analysis. A former OpenAI safety worker says the fix isn't hard even without government regulation. AI is rewriting the venture capital playbook, with investors rediscovering moonshot bets. The AI debt binge is reordering risk hierarchy with emerging market bonds. Chinese regulators seek a higher bar for humanoid-robotics listings. A China fund with a 182% return sees a bullish case for optical AI stocks. Huawei faces a US criminal trial weeks before the Trump-Xi meeting. The AI boom's weakest link is being watched closely.
Politics & Policy
Trump's GOP midterm convention in Dallas featured a $5,000 “Trump Dividend” proposal for every adult American if Republicans keep Congress. The made-for-TV gathering isn't a real convention, with no nominations or formal party business. Seven takeaways from the convention included mostly retreads and self-congratulation. Republican Senate candidates avoided tariffs and the Iran war in their speeches. Senator John Fetterman made a surprise cameo via video, angering Democrats. Dallas protests were planned as the convention got underway. Trump's trade wars and Iran conflict could create new economic risks for the midterms. A mystery group tied to Trump's Super PAC is spending $25 million on midterms. Trump doled out $45,000 cash gifts to aides last year. The president's social media output offers a window into his reality, with 60 posts in 10 hours. Trump's mail voting plan faces Supreme Court uncertainty as election officials run out of time. An opinion piece argues Trump is sabotaging the midterms. The Missouri House map dispute returns to the Supreme Court. Trump's proposed census overhaul would exclude some immigrants and remove race questions. The establishment pulled through in New Hampshire primaries, with John Sununu and Chris Pappas advancing. AOC hit the campaign trail for Senate candidate Angie Nixon in Florida. Trump's hostile stance toward Canada has reopened old wounds in the relationship. The EU social media ban proposal risks testing the fragile truce with Trump. Steve Witkoff earned more than $100 million from an entity tied to Trump crypto. Jimmy Kimmel moved his James Talarico interview to YouTube over FCC "threats." Salvadorans will keep Temporary Protected Status for now.
Asia & Emerging Markets
Vietnam Grab drivers are planning a weekend boycott over commission fees. UMNO is hopeful ex-PM Najib will secure a royal pardon. Adani stocks are rebounding as the group steps up fundraising, with plans for an international airports push after the DOJ dropped charges. Global money is trickling back to Indonesia as markets recover. Weak Southeast Asian bond sales are offering opportunities for funds. China warned bankers not to flood the IPO market, wanting listings priced cheaply. India's monsoon rainfall is 15% below normal as of September 9. Asian ports are snarled by El Niño-fueled typhoons, with Shanghai particularly hard hit. The Port of LA completed its busiest three-month run on record. Australian property stocks are vulnerable following the Bathla collapse. Mexico breached NAFTA in the Vulcan Materials dispute, an ICSID tribunal found. Ghana plans a 6% cocoa price hike, risking more Ivorian smuggling. Mexico's Kapital raised $125 million for AI platform expansion.
Other News
Iran's strikes on a base in Jordan caused limited damage, though traumatic brain injuries may be reported. A drone almost struck Zelenskyy's plane, according to Ukraine. The US military has sunk six large fishing vessels off Ecuador's coast in a drug interdiction campaign. The Miami crash investigation focuses on Houston Astros owner Jim Crane's cargo-jet business, with former employees alleging ignored protocols. August tied for the hottest month on record, scientists said. A brush fire closed the Getty Center in Los Angeles. The EU is playing a growing role in firefighting across the continent. Malaysia is cloud seeding to combat haze from Indonesian fires. The Super Godzilla El Niño could affect weather in unexpected ways. Champagne output may be down but this year's vintage is of “exceptional quality”. Hunter Biden's $LAPTOP memecoin crashed shortly after launch, plummeting 95%. The US seized $225 million in crypto in Operation Big Tuna, but returning funds has proved difficult. Richemont promoted founder's son Anton Rupert to co-deputy chair. Bezos appointed Jeff D'Onofrio as permanent Washington Post CEO. LIV Golf is racing to re-sign golfers for a $300 million bankruptcy rescue. Linklaters poached a top lawyer from Wachtell in the latest raid. The new rainmakers of European private equity have overhauled leadership. Private capital is targeting elite sport, with soaring valuations and AI changing the economics. Trust companies are turning away crypto-rich clients on money-laundering fears. The UK's air disruption costs are spreading beyond airlines, with Number 10 backing the air traffic control boss as airlines hit out. TSA Pre Check now unlocks airport access without a ticket. Texas is facing increasing costs for its school choice program. The 1980s conservative revolution still shapes America, according to analysis. Germany's AfD won a state election, challenging the political firewall.
Private Equity
Last updated: September 10, 2026, 6:28 AM ET
Deal Flow: Mid-Market & Buyouts
Mid-market CEOs are demanding more from their private equity partners than just capital, arguing that operational expertise and strategic alignment have become the deciding factors when management teams evaluate potential investors. At an industry event on Wednesday, leaders from Eurazeo, Astorg, and Ridgepost made the case that CEOs demand more from GPs, signaling a shift in how firms must differentiate themselves to win deals.
In the lower mid-market, Ambienta’s No Dig Alliance has acquired Sweden’s Horisonterra, a Torsåker-based specialist in trenchless underground pipe installation using horizontal directional drilling, serving infrastructure contractors and public authorities across the country. The deal underscores continued consolidation in European infrastructure services. Meanwhile, Accel-KKR agreed to a $281m deal for London-headquartered Eleco, which provides software for the construction and built-environment sector. The transaction highlights ongoing appetite for vertical software platforms in the UK. Elsewhere, Bregal Sagemount took a majority stake in A-Rent Test Equipment, the Burr Ridge, Illinois-based company that rents electrical test equipment and provides calibration and asset management services to more than 1,000 customers nationwide. The investment reflects confidence in industrial rental models. In Connecticut, Glen Oaks Capital and Tecum Capital have acquired Stan Chem,which combines resin and coatings makers Stan Chem Resins and Dux Coatings, serving customers across architectural, industrial, and specialty markets. The platform deal aims to build scale in specialty chemicals. HIG Capital has made a significant investment in Click Here Digital, the Baton Rouge, Louisiana-based performance marketing firm serving automotive, legal, and government clients since 1993. The capital injection will support the company’s next phase of growth. Point 41 Capital has acquired Safe-Way Garage Doors from CW Industrial Partners. Safe-Way, headquartered in Warsaw, Indiana, has manufactured customizable residential and commercial overhead garage doors since 1959, marking a classic buy-and-build opportunity. Albaron Partners has exited Prime Psychiatryin a sale to Beacon Behavioral. Prime Psychiatry operates outpatient and interventional psychiatric care facilities, including TMS and Spravato treatments, across the Dallas-Fort Worth and Austin areas of Texas. The transaction reflects continued consolidation in behavioral health services.
Healthcare & Life Sciences
Healthcare investing remains under pressure,with firms navigating valuation gaps and regulatory headwinds. In a notable large-cap exit, Warburg Pincus and Berkshire Partners are selling Consolidated Precision Products(CPP) to GE Aerospacein a deal valued at $11.75bn. The transaction marks one of the largest PE exits of the year and provides substantial liquidity to the selling firms. In the life sciences arena, Eir Partners has acquired Accumulus Technologies, the San Francisco-based operator of a cloud platform connecting more than75 regulatory authorities with life sciences companies worldwide. The acquisition strengthens Eir’s exposure to digital regulatory infrastructure. Meanwhile, Great Point Partners has exited MLM Medical Labs to Labcorp. MLM provides central and specialty lab services supporting clinical trials, biomarker testing, and drug development for life sciences companies, representing a strategic sale to a larger diagnostics player. Iron Path Capital’s VION Biosciences has closedthe acquisition of Prolytix,which provides regulated bioanalytical and CMC services, research reagents, and custom sample collection products to biopharma and diagnostics customers. The deal adds critical analytical capabilities to VION’s platform. In leadership news, Frazier Healthcare Partners has namedthe ex-McKesson strategy chief as senior partner. The firm, which has invested in more than200 companies since 1991, continues to bolster its healthcare-focused investment team. The broader healthcare investing environment is flagged as being in critical conditionby industry observers,with CVC’s incoming co-CEO being a healthcare specialist,and EQT launching an APAC evergreen fund as notable strategic responses.
Technology, Media & AI
The technology sector continues to dominate private equity activity, with artificial intelligence commanding premium valuations. Diffusion and Lightspeed Venture Partnershave co-led a $550m funding round in Harvey,the legal artificial intelligence company, valuing the business at $15.5bn. The round underscores the immense investor appetite for AI-enabled vertical software. In cybersecurity, Apax Funds have acquired Next Gen Security from Dunes Point Capital. Next Gen, headquartered in Exton, Pennsylvania, designs, installs, services,and maintains integrated security systems including video management, access control,and intrusion detection. The deal comes amid broader PE interest in cybersecurity,with Carlyle, Clearlake among firms targeting the sector. In workforce software, Thoma Bravo has backed Tanda,an Australian workforce management, payroll,and HR platform built for shift-based employers,in the firm’s first outside investment. The strategic growth investment marks Thoma Bravo’s entry into the ANZ market. A notable developmentin AI research: Listen Labs has scrubbeda signed $1.5B Series C term sheetfrom Menlo Ventures, choosing instead to pursue talks with Salesforce, according to sources. The move highlights how strategic acquirers can disrupt even well-advanced fundraising processes. In European tech, Bynario has raised €2.1m to tackle cybersecurity’s AI slop problem—the proliferation of low-quality, AI-generated security alerts. The seed round addressesa growing pain point for security teams. Meanwhile, Samsung has backed Mistral AIin its €3bn funding round,signaling strategic alignment between the Korean tech giant and the French AI lab. The investment underscores Europe’s rising prominencein foundational AI models. Ex-Google Deep Mind scientists have raised €3.2mto build software for fusion startups, adding a computational layer to the emerging fusion supply chain. West Bridge-backed creative agency Koto has completed its first acquisitionwith the Stereo Creative deal, bringing a portfolio of long-standing client relationships across sport, entertainment,and technology, including Nike, Arsenal, FIFA,and EA Sports. The move consolidates independent creative talent under one roof.
Fundraising, Continuation Vehicles & Secondaries
Continuation vehicles remain a key tool for sponsors seeking liquidity without forcing a full exit. Peterson Partners has raiseda $510m continuation fund for Kelso Industries,the Draper, Utah-based provider of mechanical, electrical,and plumbing services to commercial, institutional,and industrial customers across more than40 states. The transaction provides existing investorswith liquidity while funding Kelso’s continued growth. Similarly, Gainline has completeda continuation fund for Core,the fitness equipment provider, offering existing investorsa liquidity option while raising follow-on capital to support global expansion. In the consumer sector, Belle Brands has acquired Vegamour,the hair wellness brand,as Windsong Global continues to expand its multi-brand beauty platform assembled at pace since2024. The deal adds a direct-to-consumer wellness brand to the portfolio. On the fundraising front, HarbourView Equity Partners has hireda Cambridge Associates alum as managing director. The firm, which focuses on music, sports, media,and entertainment with approximately $3.88 billion in regulatory assets under management, continues to strengthen its origination capabilities. In European expansion, Tikehau Capital has appointed Piero Migliorini as head of private equity Italy,with Martino Mauroner,currently deputy head of private debt,and head of private debt Italy,being appointed co-head of Italy alongside Daniele Germano. The moves signal Tikehau’s commitment to deepening its Italian footprint. In Asia, Novo Holdings has inked its first China medtech deal amid a broader Asia ramp-up. The investment arm of Denmark’s Novo Nordisk Foundationis expanding both ticket sizes,and team headcountin the region, says regional head Amit Kakar,reflecting a strategic push into Asian healthcare innovation.
Real Assets, Industrials & Consumer
Real assetsand industrials continue to attract significant capital,with infrastructureand satellite technology featuring prominently. Loft Orbital has strucka billion-dollar deal with UAE’s Marlan Space to build an AI-powered satellite constellation, marking one of the largest space infrastructure agreements of the year. The deal underscores the Gulf region’s growing ambition in space technology. In the automotive sector, HOF Capital has completedthe €1bn purchase of Porsche’s Bugatti Rimac,and Rimac Group stakes. Rimac Group retains its 55% controlling stakein Bugatti Rimac,with HOF Capital’s consortium replacing Porsche as a shareholderin both companies—a landmark transactionin European automotive history. In real estate, Cerberus Capital Management has sold Tenet Equity,the triple net lease financing platform it founded five years ago,to CBRE Investment Managementfor $1.6bn. The exit delivers a substantial return for Cerberusand underscores the strong demand for net-lease assets. In the consumer-packaged goods space, New Water Capital has acquired Lid Works,the family-owned foodservice lid maker based in Plant City, Florida. Lid Workshas designed and manufactured custom food, beverage,and specialty lids for quick-serve and convenience store brands since1985. The deal adds a niche manufacturerwith strong brand relationshipsto New Water’s portfolio. Align Capital’s MKB Company has acquired Siltworm,the Indiana-based maker of proprietary rolled filter products that control sedimentand reduce erosion using lightweight, biodegradable fill material. The acquisition expands MKB’s environmental infrastructure product line. In the services sector, HIG Capital’s investmentin Click Here Digital reflects continued PE interest in performance marketing. Meanwhile, Point 41 Capital’s acquisitionof Safe-Way Garage Doors highlightsthe appeal of established regional manufacturerswith loyal customer bases.
Market Outlook & Leadership
Industry leaders are signaling that the primary challenge in the current exit environment is not deal flow but pricing. Apollo’s Scott Kleinman argued at an industry event on Wednesday that the real obstacle is sellers being unwilling to accept the price the market is offering. His comments capture a broader standoff between buyerand seller expectations that has constrained transaction volumes across the asset class. In venture capital, investors are adapting their approaches to founder engagement. Norwest partner Sean Jacobsohn gives foundersa sales test before he’ll invest,discussing where he still sees openings in the crowded market for finance softwareand how far companies should trust AI-driven sales tools. The hands-on approach reflects a broader trend of VCs demanding more operational readiness from founders. On the growth equity front, the most active growth equity investorsin Europe have been identified, highlighting the firms driving late-stage venture activity across the continent. In emerging technology, 7 geothermal startups to watchin2026 have been flagged by VCs, signaling growing investor interest in next-generation energy technologies. Finally,for those managing team dynamics, experts offer guidance on the dos and don’ts of a team offsite—including candle making, line dancing,and avoiding hard alcohol—as firms seek to build culture amid hybrid work arrangements.
Sector Investment
Last updated: September 10, 2026, 6:35 AM ET
Fundraising & Capital Formation
KKR has set an APAC record with a $6.6bn first close for its Asia Pacific Infrastructure Investors III fund, with most capital already committed and the final total expected to rise substantially. Meanwhile, I Squared is nearing the $15bn target for its fourth flagship fund, adding $300m to its Growth Markets Fund II, which has reached 77% of its $3bn goal.
Deal Activity & Strategy
Antin Infrastructure has launched a continuation vehicle for Norwegian wellboat operator Sølvtrans, tapping surging investor appetite for infra CVs and aquaculture tailwinds to fund global expansion.
Sector Risks
The data centre boom shows unsustainable velocity, with speed to market now trumping sustainability as investors' top priority — a trade-off that risks a bumpy ride for poorly planned assets down the road.