Public Markets
Last updated: August 7, 2026, 3:45 PM ET
Equities
U.S. stocks rose sharply on Friday after the July jobs report came in much cooler than expected, prompting traders to scale back their rate-hike expectations. Major indexes gained as the Dow industrials led the rally, while the Nasdaq Composite pared gains after an initial morning surge. The S&P 500 is poised for another record as the AI spending narrative holds strong, with Big Tech stocks storming back as fears over excessive capital expenditure fade. European stocks rose for a fourth straight week, with the Stoxx 600 index reaching fresh records on a stronger-than-expected earnings season and growing M&A chatter. The FTSE 100 also gained as oil prices dipped on hopes of a Strait of Hormuz deal, while UK shares have become "hotter than below decks in a heatwave" according to one columnist. Japanese stocks were mixed as chip-related shares declined, but the broader Nikkei 225 recovered some losses on optimism over Iran deal talks. China's AI-linked stocks slid on fears of a US ban on optical transceivers, while the country's export boom continued despite a domestic slowdown.
Corporate earnings drove European indexes higher on Thursday, with consumer-facing stocks and healthcare leading the advance. Deutsche Telekom lifted its buyback by up to $3.5 billion and raised its cash-flow guidance after posting higher second-quarter revenue. Allianz posted an 11% rise in operating profit, reaching a new record as the insurer reshapes its portfolio through dealmaking. WPP shares surged after its top-line decline eased thanks to a recovery in media-buying operations. Under Armour lowered its revenue outlook on soft demand, noting weakened traffic trends in North America and Asia-Pacific. Take-Two Interactive logged higher sales but losses widened due to discontinued development of a title. Eli Lilly posted higher revenue on continued demand for its GLP-1 weight-loss drugs. Dream Finders agreed to buy Beazer Homes for about $915 million, marking a consolidation play in the homebuilding sector.
Wendy's withdrew its outlook and slashed its dividend as its turnaround struggles to gain traction. Papa John's also cut its outlook and suspended its dividend citing a soft consumer environment. Warby Parker swung to a profit thanks to a tariff refund, offsetting costs of its upcoming AI eyewear launch. AIG profit beat estimates on strong underwriting, roughly two months after Eric Andersen took over as CEO. Blackstone's BDC profit dropped 94% even as loan performance steadied. Blue Owl Capital sought to shore up confidence in its private credit funds, stressing that borrower fundamentals remained strong. SpaceX shares sank after reporting $15.8 billion in AI spending in Q2, and the company doesn't plan to slow down.
Veritas-backed Gainwell Technologies began a $5.8 billion debt overhaul, the US software sector's biggest of 2026. Private-equity firms eager for exits are pouncing on the hot IPO market as sluggish dealmaking makes it hard to find buyers. Whatnot, a live-shopping platform, nearly doubled its valuation to $20 billion in less than a year. Reformation's IPO growth story looks flimsy according to analysis, as its edge on quality and value appears unproven. Unitree Robotics aims to raise about $900 million in an IPO that tests investor appetite for humanoid robots. Dien May Xanh rose in its Vietnam trading debut even as the broader market retreated.
Big US hedge funds were targeted by a wave of cyber attacks, including Point72 and Citadel, via audio phishing schemes. Bank of America's sentiment gauge hit its most extreme bullish level since 2021, prompting strategists to warn it's time to reduce exposure to risky assets. The S&P 500 is poised for another record as AI spending momentum continues, with SpaceX reporting higher-than-expected AI-related outlays. Index funds that seem identical are performing very differently this year due to the concentration in a few hot stocks.
Fixed Income
US Treasuries rallied after the weak July jobs report, which diminished expectations that the Federal Reserve will raise interest rates. Treasury yields fell following the much-weaker-than-expected payrolls data, with the 10-year yield dropping sharply. The US Treasury sparked debate by discussing auction cutbacks to temper yields, challenging long-held beliefs about the world's biggest bond market. Bond traders were bracing for labor market data that could tip the scale on a Fed rate hike in September. The bond market is signaling rising risks as yields remain elevated, causing hardship for home buyers and raising hurdles for AI data centers and stocks, but offering a boon for retirees.
Japanese government bonds extended their rally tracking overnight Treasury gains, as traders priced in a potential pause in rate hikes. Japan's four largest life insurers reported a 7% increase in unrealized bond losses to a combined ¥15 trillion ($96 billion) in the June quarter, highlighting risks from rising interest rates. The Fed's Fima repo facility went unused for an eighth straight week, suggesting Japan didn't use the tool for its latest yen intervention. Wellington Asset Management reduced its US Treasury exposure and shifted into German bonds after last week's Fed meeting fueled doubts about its inflation-fighting credentials.
San Juan triggered a $121 million muni-bond sale rush as investors seized a rare opportunity to get exposure to Puerto Rico. Once-AAA bonds on a New York megamall face a $350 million loss as Pyramid Management Group buys back the mortgage for cents on the dollar. South Africa's bond market has already upgraded the country's debt to investment grade even as rating firms lag, with authorities focused on hitting budget targets.
Currencies
The dollar fell to a seven-week low against a basket of currencies after the July payrolls data showed an unexpected decline in nonfarm jobs. The WSJ Dollar Index fell 0.2%, down six of the past seven trading days, as rate-hike expectations faded. The dollar dropped to its lowest level since May after soft US labor data reduced expectations that the Federal Reserve will raise rates soon. The yen surged 1% against the dollar after the jobs data, following earlier speculation that authorities might intervene again. Japan confirmed it intervened in the currency market three times during the spring Golden Week holiday to prop up the yen, going beyond its usual twin-punch playbook. Bank of America expects the yen to strengthen 6% against the dollar by year-end following coordinated currency intervention.
The US selling euros to support Japan's yen is adding to geopolitical risks and further dimming the appeal of longer-maturity government bonds, according to BlackRock. India's foreign exchange reserves are expected to swell to a near-record high within weeks, driven by stronger capital inflows after central bank measures. The Chinese yuan remained under pressure as the central bank stockpiled more gold in Hong Kong to support the city's bullion hub ambitions.
Commodities
Oil futures moved higher as the market waited for news on a deal to reopen the Strait of Hormuz, with concerns over supply disruptions persisting. Iran's oil exports have stalled and Kharg Island has idled under the US naval blockade, with interdiction halting tankers from carrying Tehran's crude. Oil analysts are stumped by the case of the missing barrels as data discrepancies puzzle the market. U.S. crude oil inventories rose by 2.5 million barrels in the week ended July 31, contrary to expectations of a draw. U.S. natural gas futures picked up following losses on the expanding inventory surplus.
Global food prices rose to a three-year high in July as renewed concerns over key grain export corridors compounded adverse weather across major growing regions. Food prices rose due to the near-total closure of the Strait of Hormuz and expectations of a strong El Niño that could disrupt harvests. El Niño threatens to disrupt the world's most-traded commodities and is set to be one of the strongest since 1950, raising the risk of food shortages and inflation. Ukraine's grain exports could fall by more than half after Russian attacks disrupted Black Sea ports, threatening the country's biggest source of export revenue.
Copper is heading for new highs as the US and China squeeze buffers, depleting LME inventories and raising the risk of another spike in futures. A copper market crunch is brewing as a surge in shipments to the US and rising orders in China set the stage for a rally to all-time highs. Hindalco's first-quarter profit jumped 75% after supply disruptions from the Middle East war drove metal prices higher. China's central bank extended its gold buying streak to 21 months, ramping up additions as bullion prices built support above $4,000 an ounce. China is also stockpiling gold in Hong Kong to support the city's push to become a major bullion-trading hub.
Brazil's CSN is seeking at least $2.9 billion for its cement business and expects four bids. Ghana's central bank incurred losses of $1.9 billion under a domestic gold purchase program. The Democratic Republic of Congo will investigate reports of excess uranium in cobalt exports, following an FT and Lighthouse Reports investigation. Sodium-ion batteries, made from salt, are finally here and could be cheap enough to reduce fossil-fuel dependence. Global sugar traders are losing trust in Brazil's cane-crush data, the most important data piece in the market, as opacity increases.
Macro & Policy
The July jobs report showed the US economy unexpectedly shed jobs, with nonfarm payrolls declining for the first time in months. The labor market shifted into reverse as employers balked at hiring, with a spring surge rapidly fading amid higher prices and uncertainty. However, the weak jobs report does not eliminate the prospect of a rate rise as Fed officials remain focused on inflation after five years of overshooting the 2% target. BlackRock's Rick Rieder said the surprise contraction reflects a "productivity revolution" rather than economic weakness, arguing the US economy remains on track for 6% growth. The jobs report poses a new test for Fed Chair Kevin Warsh as investors increasingly expect the Fed to begin raising rates as soon as next month. Warsh's silence is manufacturing market noise as investors seek clarity on how the Fed will react to changing data.
The Senate passed a sanctions bill targeting Russia and Iran, championed by Senator Lindsey Graham after his sudden death last month spurred quick action. The Trump administration restarted its battle to fire Fed Governor Lisa Cook, sending a letter saying it is "considering" removing her after the Supreme Court rebuffed an earlier attempt. Christopher Phelan was confirmed as chairman of the Council of Economic Advisers, a former adviser to the Federal Reserve Bank of Minneapolis. Bill Cassidy will back Todd Blanche as Attorney General, salvaging his confirmation by giving Republicans enough votes for a majority. Trump officials deported a group of Mexicans despite torture risk, using a rare authority even though their removal was blocked over concerns they would be tortured.
US law firms are weighing stake sales to private equity according to the First FT newsletter. The CFTC warned prediction markets against using American-style casino odds as it fends off legal challenges alleging the platforms are illicit sports betting. DraftKings CEO Jason Robins blasted prediction markets for allowing bets on what executives say on earnings calls. The Clarity Act for digital assets is a matter of national security, argues an op-ed, as if the US does not set terms, crypto activity will migrate beyond American laws. Senator Cynthia Lummis defends the Clarity Act as providing clear jurisdictional lines, consumer protections and safeguards against illicit finance.
Other Markets & Notable Moves
The yen jumped 1% against the dollar after the jobs data, while the dollar hit a seven-week low. The Australian dollar gained on improved risk appetite, and emerging market currencies broadly strengthened. Hong Kong's Hang Seng index rose as Chinese tech stocks rebounded on hopes of policy easing. Brazil's B3 experienced its worst-ever trading outage, the latest disruption to bedevil investors in Latin America's biggest economy. SK Hynix suffered a second 30% pre-market flash crash on Nextrade, raising fresh questions about trading volatility on South Korea's alternative exchange. Nextrade will temporarily prohibit orders at the daily price limit following the repeated flash crashes.
Apollo's upmarket plans for easyJet include premium seats and more charges under a proposed £5.7 billion takeover. Monte dei Paschi is weighing options to fend off Intesa's bid, as its CEO questions the impact of Intesa Sanpaolo's $35 billion offer. JBS secured $2.5 billion from Indonesia's Danantara sovereign fund to form a joint venture focused on the protein market in Southeast Asia. ADNC spent $1.3 billion to expand its tanker fleet as crude exports boom after the UAE left OPEC. The UK managed a record share of assets on behalf of overseas clients, helping dispel worries over London's status as a financial centre.
Private Equity
Last updated: August 7, 2026, 2:52 PM ET
Megadeals & Takeovers
Apollo secured a recommended cash offer for easy Jet valuing the FTSE 100 airline at approximately £5.7bn, ending a fast-moving four-week bidding contest in a landmark European take-private. The deal highlights how “bear hugs” are on the rise in UK take-privates as buyers move aggressively to secure targets. In a separate contested situation, Bodycote confirmed receipt of two competing conditional cash offer proposals from CVC and Veritas Capital Fund IX, with the heat treatment specialist attracting £1.56bn in rival bids. KKR has agreed to acquire Medicover India, the Indian hospital operations of Nasdaq Stockholm-listed Medicover AB, adding a 24-hospital multi-specialty network to its healthcare portfolio. Bain Capital is set to acquire the Gong cha bubble tea chain from TA Associates, expanding its consumer brands portfolio.
Credit & Private Capital
Ares Management is leading a $2.2bn direct loan to finance Med Impact Holdings' planned acquisition of Puerto Rico-based Medical Card System, according to Bloomberg. BlackRock TCP Capital has agreed to sell a $523m slab of its private credit portfolio to funds and accounts managed by Pantheon, in a landmark BDC continuation vehicle. The new vehicle will house over $500m of debt positions held by TCPC, with pricing coming in at 95% of gross fair value as of 31 December 2025. Allianz posted record operating profit for the second quarter and first half of 2026, with the standout contribution coming from its asset management arm, which saw €39bn of net inflows as PIMCO and AGI pushed third-party AuM to a record €2.16tn.
Secondaries & Fundraising
G Squared has secured $2.3bn for its seventh flagship secondaries fund, which is about twice the size of its previous vehicle and took half as long to raise as venture secondaries heat up. Singapore's GIC is preparing to offload around $1bn worth of private equity fund stakes on the secondary market, according to sources cited by Bloomberg, as sovereign wealth funds keep tapping the market. VC investor Ryan Moore has closed on $78.5m for Revenant Ventures' debut fund, a regulatory filing shows, marking the Draft Kings seed investor's entry into venture secondaries. Carlyle increasingly views AlpInvest as more of a corporate finance business than a standalone secondaries unit, with cyclical tailwinds buoying the market expected to persist for the “next several years.” GP-leds dominated the secondaries market in the first half of the year, with fundraising and expansion into new asset classes driving growth beyond what market volatility alone would explain. The single-asset secondaries market within infrastructure is blooming, though discipline, alignment and entry valuations remain critical to ensuring buyers secure good deals. Industriens Pension is mulling adding more infrastructure secondaries exposure, with the Danish retirement scheme favouring indirect over direct investment and having made commitments to all five infra secondaries vehicles managed by Pantheon.
Fund Launches & Closures
The EQT-managed Scaleup Europe Fund has made its first investment, co-leading a €450m round into Finnish satellite imaging company ICEYE at a €10bn valuation, debuting its €5bn fund with a substantial cheque. Nextalia held a first close of more than €1.1bn on Nextalia Private Equity II, pulling in commitments from over 200 investors in the five months since it opened fundraising in February and pushing the Italian platform past €3.4bn. TPG has nabbed the lion's share of a $17bn target for TPG X and its third healthcare fund, both launched in mid-2025 as part of the firm's $94bn Capital platform. Mega-firms are largely defying fundraising and exit headwinds in the latest earnings season, while OMERS is plotting a fivefold increase of its PE portfolio. Hamilton Lane's co-chief Erik Hirsch said some investors have been “housing capital” in evergreens before redeeming to fund a Hamilton Lane SMA, calling the hesitancy only temporary.
LP Activity & Mandates
The New Jersey Division of Investment is looking at re-ups and new opportunities on equal footing, with CIO Shoaib Khan saying the fund sees opportunity in the slow exit market despite being spared liquidity concerns. Italian pension fund ENPAV has released a request for proposal seeking private equity co-investment opportunities. MMAA looks to commit 300bn Korean won to domestic blind pool private equity and venture capital funds for 2026. Korea Post Insurance is seeking to commit 60bn Korean won to domestic blind-pool venture capital funds. Boston Retirement Systems has issued a request for proposal for up to an $85m private equity mandate.
Venture & Growth
Active startup investors kept up the pace in July, with familiar names topping the ranks in several metrics including most prolific venture dealmakers, most active lead backers, and biggest spenders. Moove is scaling up the autonomous vehicle fleet management side of its business after raising $250M, and plans to someday own, not just manage, Waymo robotaxis. WindBorne Systems has raised a $37 million Series B round to scale its weather balloons and AI forecasts, betting that AI can make weather prediction both better and lucrative. Fintech startup Moss has been crowned Europe's newest unicorn with a €30m Series C round. Oxylabs has hit a $3.6bn valuation after a decade of turning down VCs, with the founder citing “right timing, right partner.” Legaltech Wordsmith has raised a $14m Series B extension from Index and FT Ventures, according to an exclusive report. Y Combinator's growing class of second-time founders includes 454 repeat founders, according to a dataset shared directly with Crunchbase News. Robinhood is set to list a fund that lets any retail investor back Y Combinator startups, democratizing access to early-stage venture.
Healthcare & Life Sciences
Accel-KKR, Bain, Knox Lane and LLR Partners are among the PE firms transacting in healthcare workforce services, with eight deals highlighting the tech push in this sector. Nordic Capital has inked a radiopharmaceutical deal involving an $800m take-private of BWXT's nuclear medicine business, while clinical workforce services continue to attract private equity interest. Tortuga Growth Partners has invested in Advanced eClinical Training out of Tortuga Growth Partners Fund I, L.P. Veritas is set to acquire environmental consultant Trinity Consultants from Oak Hill, which acquired the firm in 2021 from LLCP for undisclosed terms. Veritas will also acquire Saber Power from Greenbelt, adding a vertically integrated power infrastructure services platform that helps customers build, modernize and maintain critical electrical systems.
Infrastructure & Energy
Partners Group has agreed to acquire a majority stake in AVK Power Solutions, a Maidenhead-based provider of power systems for data centers and AI infrastructure that has delivered more than 20,000 projects and installed approximately 3.5GW of power across Europe's FLAP-D markets. LS Power has agreed to acquire the Brazos Valley gas-fired power plant from Constellation, a transaction that satisfies a regulatory divestiture commitment tied to Constellation's 2025 acquisition of Calpine. Sunoco will acquire Court Square-backed oil transporter Offen Petroleum for $600m, with the target operating a fuel distribution network delivering approximately 2.5 billion gallons annually to approximately 7,000 customers. Goldman Sachs Asset Management is teeing up Divcon Controls for sale, with the company providing building management and electrical power monitoring systems to data centers and other mission-critical facilities. GSAM is also lining up data center contractor Divcon for sale, while Broad Sky has closed the sale of professional services firm Smith + Howard to TPG.
Industrial & Business Services
PE-backed ContextLogic will acquire chemicals manufacturer gChem from Eagle Tree for $850m, with gChem becoming Context Logic's second operating business following its early 2026 acquisition of US Salt. Arlington-backed TRP Infrastructure has closed five add-on deals to form a new highway plastics division called Gulf Highway Materials. Thoma Bravo will sell Command Alkon, a software and platform technology provider for the heavy building materials industry, to Francisco Partners. Copley Equity-backed FMG Leading has acquired Broadbranch Advisors, with the deal closing at the end of July. RedBird's Affinia has added Wilson Partners in a UK accounting tie-up, with the target advising small and medium-sized enterprises, private individuals and private equity investors. Ridgemont has acquired remediation services firm Entact from JFLCO, a national provider of environmental remediation and geotechnical construction services. Nexa Equity-backed Facility Grid has acquired autonomous commissioning company Ping Cx, introducing a new product strategy centered on three integrated offerings — FG Construct, Validate, and Sustain.
Consumer & Retail
MPK Equity-backed Gorgeous Collective has acquired Clean Your Dirty Face, marking the first acquisition for the platform since its launch earlier in 2026. Axum Capital has agreed to acquire beverage brand Barcode, a Los Angeles-based plant-based and hydration drink company. Partners Group is in talks to buy beauty business Aroma-Zone from Eurazeo, adding to a busy period for the Swiss manager. Verdane has made a majority investment in Factbird, a Danish IoT and recurring software company providing manufacturing intelligence services.
Corporate Governance & Structures
Bernard Arnault has named Aymeric Le Clere as chairman and CEO of Financière Agache, the €3.1bn capital holding vehicle that anchors the Arnault family's control of LVMH, according to a filing in the latest reshuffle of the LVMH holding structure. Clearlake co-founder Jose Feliciano is nearing a record $3.9bn MLB deal for the San Diego Padres, which would be the most expensive franchise sale in Major League Baseball history. KKR-backed FGS Global has scooped up government affairs firm Rich Feuer Anderson, marking FGS's second acquisition of a bipartisan government affairs firm following the September 2025 acquisition of Tarplin, Downs & Young. Apollo, a year after acquiring a GP, is downplaying manager consolidation while also backing a novel first-time fund, according to PE International's Side Letter.
Market Trends & Analysis
Carlyle's US buyout strategy distributed capital at more than double the industry rate, driving strong earnings in the latest quarter, chief executive Harvey Schwartz noted on the firm's results call. The music industry is seeing some of the biggest deals it has ever seen, according to Reed Smith's Josh Love, with AI having enormous potential to improve administration, metadata management, royalty processing and licensing efficiency. PE firms like Blackstone, TPG and EQT have been active in partnering with AI businesses, while Thoma Bravo is selling Command Alkon to Francisco Partners. While integrating AI into a startup's product strategy is often viewed as a way to enhance valuation, it can inadvertently reduce exit value, argues tech strategic adviser Itay Sagie. Special situations investor Njord Partners is seeing “resilience” in the value segment, including in the exit market, with AI now a “key part” of operational improvements. Over 127,000 workers at U.S.-based tech companies were laid off in mass job cuts in 2025, per a Crunchbase News tally, with layoffs continuing into 2026. Assessing a quick-flip continuation vehicle on the asset's hold period alone is an imperfect metric, according to PE International. The UK has expanded its talent visa to more than 100 companies, broadening access for international tech workers.
Sector Investment
Last updated: August 7, 2026, 2:56 PM ET
Healthcare Private Equity
Regal Healthcare's fourth fund closed at $610 million, exceeding its target for healthcare-focused private equity. Altaris acquires Clarivate's Life Sciences business in a notable sector consolidation play.
Infrastructure Fundraising
ECP's largest fund closed on $8.1 billion, more than 50% above target in just 18 months, with DPI playing a key role in the raise. Agallas Equities' $5bn Caribbean fund targets Dominican Republic projects, drawing early interest from Gulf state family offices.
Infrastructure Leadership & Strategy
Hans-Martin Aerts exited APG after 25 years as APAC infrastructure head, a month after the global infra lead departed the €639bn Dutch manager. Kjaersgaard says it's "business as usual" despite geopolitical turbulence, as the €37bn Danish fund pursues co-investments and secondaries. Transport packaging assets may not be the full package for infrastructure purists, but LPs ultimately decide whether to accept delivery.