Public Markets
Last updated: September 30, 2026, 6:03 AM ET
Currency Markets
The dollar is wrapping up its best month since June after the Federal Reserve’s aggressive inflation fight, with Dollar powers extending gains on signs of persistent price pressures. Sterling rose to a one-month high against the euro after data showed the U.K. economy’s second-quarter growth was revised higher, with Sterling rises tracking the upbeat revision. The yen strengthened past 157 per dollar, outperforming G-10 peers as a series of government interventions and Yen strengthens bolstered risk aversion. Asian currencies consolidated amid rising oil prices, with the WSJ Dollar Index up 0.11% to 96.96.
Fixed Income & Bond Markets
Long-term Treasury yields pushed higher despite a decline in oil prices, with the Long-term Treasury yields touching a 24-year high as investors priced in delayed Fed easing. Two-year Treasury yields fell as a Fed official signaled patience, while Treasury yields rise amid stronger-than-expected economic indicators. Japan’s two-year government bond auction saw stronger demand than the prior session, with Japan two-year bond yields declining. Bulgaria sold euro-denominated benchmark bonds in three tranches to plug its budget deficit, raising Bulgaria sells €2.25 billion. Gold steadied after advancing on Tuesday, with Gold steady as markets awaited U.S. economic data.
Equities & Stock Markets
Asian equities mostly rose while bond yields eased, as diminished expectations of further Fed rate hikes bolstered Asian equities rise. Korean stocks faced pressure as Samsung and SK Hynix neared the end of buybacks that had boosted the Kospi, with Samsung, SK Hynix signaling a key source of support was fading. Indian markets showed resilience despite oil price spikes, with India’s IPO boom powering on and listing proceeds topping $9 billion in the July-September quarter. Turkish stocks edged closer to bear market territory after fund turmoil, with Turkish stocks set to enter bear market amid crisis. U.S. stocks pared losses after comments from Fed’s Williams, but U.S. stocks edge lower amid consumer confidence sinking.
Commodities
Oil prices fell as investors weighed uncertainty over U.S.-Iran talks and a Oil falls on signs of Middle East export recovery. Gulf crude exports rebounded, with Saudi pipeline loading resuming, though prices remained elevated. Lithium plunged 25% in China on fears over battery demand growth, with Lithium plunges shedding a quarter of value this month. Gold steadied as traders weighed lower oil against higher yields, with Gold steady after advancing on Tuesday. OPEC+ delegates indicated they were likely to stick with a plan to hold steady quotas, with OPEC+ likely maintaining current production levels.
Deals & M&A
Paramount Skydance Corp. has been talking to investors for months about the debt structure for its Warner Bros. buyout, with Paramount deal drawing attention to an $110 billion package. The loan portion of the deal drew $115 billion of demand, with Paramount loan upsizing by $2 billion. Apollo and Oaktree sued Patrick Drahi over his U.S. telco restructuring, with Apollo and Oaktree arguing the billionaire is liable for a “brazen” plan. Deloitte partner pay hit a record £1.1mn as firm cuts staff, with Deloitte partner compensation rising amid staff reductions. Inox Clean Energy filed for a $1 billion India IPO, with Inox Clean Energy submitting a draft prospectus for its initial public offering.
Special Features
The U.K. bakery chain Greggs plans to close four manufacturing sites with 740 jobs at risk, with Greggs to cut factory jobs amid inflation pressures. Radiant World faces expanded job cuts after a Singapore court stripped founders of control, with Radiant cuts staff beyond its core iron ore business. France’s 10-year bond risk premium rose to 120 basis points as investors gird for policy shifts, with France bond risk reaching another milestone. Shell-led consortium backed a $23 billion expansion of the LNG Canada project, with Shell-led consortium doubling the flagship liquefied natural gas project’s production capacity.
Private Equity
Last updated: September 30, 2026, 6:06 AM ET
Private Equity Deal Activity
KKR agreed majority investment in Indian liquid storage platform Cisternina, a bulk liquid and gas storage and logistics business serving e-commerce and industrial clients. Parthenon Capital sealed $200m sale of eSec Lending to fintech Capitolis, exiting a securities lending and auction business founded in 2000. Webster Equity Partners inked $664m take-private of Lifecore Biomedical, a Minnesota-based CDMO specializing in pharmaceutical development and manufacturing. Greenbriar struck deal for Spectrum Control, acquiring RF components maker from AEA Investors to expand industrial electronics exposure. HIG Capital completed acquisition of UK fulfillment specialist Torque, adding warehousing and returns management capabilities to its portfolio. Bain Capital took minority stake in Kahua at above $1bn valuation, backing an AI construction management platform headquartered in Alpharetta, Georgia. Kohlberg-backed CLEAResult sealed deal for California energy code platform CHEERS, enhancing its energy efficiency offerings. Mutares agreed deal to buy Steinmüller Engineering from Japan’s IHI, a German engineering and pressure vessel manufacturer. Riverside backs French medtech CDMO Medical Group in Selenium Medical tie-up, supporting a Saint-Priest-based firm serving medical device clients. Inflexion took minority stake in French nail care brand Manucurist, a Paris-based company in the beauty supply chain. Audax Private Equity agreed $1.4bn sale of GCG to Rexel, divesting a US specialty wire, cable, and connector business for €1.4bn. Biospring Partners led growth investment in spray drying CDMO Serán Bioscience, a Bend, Oregon-based firm providing analytical and clinical services. Luminate Capital Partners made growth investment in ITpipes, a Seattle-based pipe inspection software firm using Esri Arc GIS for municipal and industrial clients. Incline Equity Partners invests in The Conrad Company, a York, Pennsylvania-based industrial distributor supplying pneumatic and hydraulic systems. The Visualize Group closed eCOGRA deal, combining it with BMM Testlabs to expand gaming and lottery testing capabilities. Sun Capital completed CV for Anderson Global, with Bain Capital’s Matt Evans discussing partial exit of MRO Holdings to AAR. Ara Partners hires CFO Masumi Waida from ACON Investments to lead corporate and fund finance, accounting, tax, and treasury functions.
Fundraising and Strategic Moves
a16z-backed Elise AI raised $350M, doubling its valuation to $4B in a year as it scales its AI-powered leasing and property management platform. Tiny Health raised $33M to explore gut data’s predictive potential for future health, led by a Series B round in Austin. Zenithon raised $10M for AI world models lab development, backed by Exclusive: Backed and SOSV to advance generative simulation technologies. Pantheon opened Abu Dhabi office, appointing Firas Mallah as head of Middle East after his tenure as managing director and head of MEN at Sagard. Juicebox opened London office to take on Jack & Jill, leveraging Sequoia backing to disrupt the children’s apparel and parenting products market. Dazzle launched by Marissa Mayer, betting that camera rolls contain more life insights than inboxes for its AI-powered photo assistant. Oura hit pause on IPO while Anthropic’s prospectus revealed the high cost of its AI ambitions, delaying the wearable health tech firm’s public offering plans. Tapestry VC partner warned that the AI safety debate overlooks risks of physical AI systems, urging greater scrutiny of embodied AI in robotics and automation. Hamilton Lane’s Giannini to retire, with Mario Giannini set to relinquish his duties as executive co-chairman in 2027, marking the end of a prescient voice in private equity. CNPADC seeks investment consultants, issuing an RFP as the Italian private pension fund looks to strengthen its investment advisory framework. Side Letter highlighted defence dilemma, noting reputational risk as a barrier to defence sector interest amid Hamilton Lane leadership transitions. Sagard’s Bernard Sabrier declared private equity’s era of “financial artists” over, citing a $3tn exit backlog, broken distribution cycles, and AI as forces separating genuine operators from financial engineers. KKR takes majority stake in Cisternina to build pan-India liquid storage platform, reinforcing its commitment to bulk logistics infrastructure in India. Bain Capital’s Matt Evans discussed partial exit of MRO Holdings, noting the deal valuation represents 10.7x forecast full calendar year 2024 EBITDA. The VCs competing to run the UK’s £1bn Scale-Up Fund were profiled, with multiple firms positioning to manage the government-backed initiative targeting high-growth startups. Employee liquidity becoming fundamental to private businesses, as the secondaries arms race intensifies and liquidity options evolve beyond traditional exits. Stress intelligence urged for business models, advocating continuous monitoring to build resilience into workplace wellbeing frameworks. Sex, money, power — or EU Inc? debated at Sifted Summit, where moderators explored cultural, financial, and regulatory forces shaping Europe’s corporate future. As Flat Pay soars, Nordic fintech searches for its next act amid shifting market dynamics and competitive pressures in the payments sector.
Sector Investment
Last updated: September 29, 2026, 6:08 AM ET
Infrastructure
Blackstone has hired James Burke, former co-head of Infra Bridge, as a managing director in London to bolster its $95 billion global infrastructure platform. EQT launched a dedicated Middle East platform to pursue energy transition and digital infrastructure opportunities across the region. Meanwhile, QIC expanded its North American presence with a senior hire in New York, and CAI Capital Partners invested in a battery storage development platform targeting the US market.
Healthcare
Providence Equity Partners agreed to acquire Checked Up, a patient engagement platform serving ophthalmology and dermatology practices, adding to its healthcare technology portfolio.