Public Markets 24 Hours

Last updated: June 23, 2026, 5:30 AM ET

Global Markets & Macroeconomic Trends

Global stock futures signaled a sharp decline as a widespread selloff in technology shares gained momentum, with Nasdaq futures slipping more than 2% in early European trading. The tech rout reverberated across continents, with South Korea's Kospi index tumbling 10% from its record high, and Chinese equities in Hong Kong edging toward a bear market amid concerns over sluggish consumer spending and waning confidence in e-commerce. The broad market selloff was amplified by the reversal of a rally in SpaceX shares, which shed over $400 billion in market value.

European business activity showed unexpected resilience in June, shrinking less than anticipated despite faster inflation and geopolitical jolts from the Iran conflict, feeding optimism that the region's economy can weather these pressures. However, European Central Bank Chief Economist Philip Lane warned that inflation risks remaining above the 2% target for an extended period, while Governing Council member Jose Luis Escrivá noted that high oil prices are beginning to ripple through other sectors. Meanwhile, the euro area's business activity has demonstrated a capacity to withstand the fallout from the Middle East conflict, with more ships openly signaling passage through the Strait of Hormuz as tensions ease, suggesting a return to more normal shipping patterns.

Technology & AI

Alphabet shares fell 2.5% following the departure of another prominent artificial intelligence leader to a rival firm, underscoring the intense competition in the AI sector. In a move to bolster its AI capabilities, Qualcomm is nearing a $4 billion deal to acquire AI chip startup Modular Inc. The broader tech rally is expected to continue for at least two more quarters, driven by accelerating AI infrastructure spending. Meanwhile, OpenAI is pitching ChatGPT advertisements to marketers at the Cannes Lions festival, seeking to monetize its generative AI technology ahead of a potential IPO. The firm is also reportedly developing AI-driven advertising tools.

Energy & Commodities

Aluminum prices retreated to a three-month low as progress in Middle East peace talks bolstered expectations for a return of supply from the region. Copper prices, however, rallied on optimism that peace talks between the US and Iran would ease inflation pressures and normalize traffic through the Strait of Hormuz. Oil futures edged higher amid mixed signals from US-Iran negotiations, following a near 3% drop in the previous session after an initial US waiver allowed Tehran to resume some exports. Iran is actively courting major Asian oil importers as the 60-day US sanctions waiver takes effect, potentially clearing a backlog of crude oil.

The European Union faces a potential natural gas supply crunch due to new methane regulations, according to warnings from the US and Qatar, though industry experts dispute this. In Europe, falling Rhine water levels due to a heatwave are severely hampering fuel shipments, forcing barges to operate at less than half capacity. In the US, Chevron is expanding into power generation by striking a deal with Microsoft to develop an AI data center in West Texas, which will feature its own natural gas-fired plant.

Emerging Markets & IPOs

Indonesia faces a critical review by MSCI that could result in a market status downgrade, potentially triggering significant capital flight from the country as it grapples with market reforms that may lead to company delistings. The nation's energy ministry has directed coal miners to urgently increase domestic supply amid rolling blackouts, highlighting strains on President Prabowo Subianto's administration.

China Resources New Energy Holdings is set to launch what will be the largest IPO in China in four years, attracting substantial interest from retail investors ahead of its Shenzhen debut. In Southeast Asia, SoftBank-backed car marketplace Carro is reportedly exploring a US IPO as soon as this month, testing investor appetite. Meanwhile, Momenta Global, a self-driving firm backed by GM, is also gauging investor interest for a Hong Kong IPO.

Corporate & Financial News

Heineken NV has appointed Rafael Oliveira, the former CEO of JDE Peet's, as its new chief executive officer, marking the first time an outsider will lead the Dutch brewer as it attempts to reverse a slump in beer sales. Porsche AG is planning to streamline its model lineup and increase collaboration within the Volkswagen Group to revive profit margins pressured by US tariffs and weak demand in China. In the pharmaceutical sector, AbbVie is acquiring Apogee for $10.9 billion to secure an inflammatory disease drug, marking the company's largest deal in over five years amidst a surge in sector M&A.

Banca Monte dei Paschi di Siena SpA CEO Luigi Lovaglio welcomes competing proposals for the Italian bank, viewing them as validation of the value created during its turnaround. Private equity firm IG4 Capital has stated it has sufficient capital to acquire all of Raizen SA's debt in cash if necessary, as it seeks control of the sugar and ethanol producer. In Australia, allegations of sexual misconduct against Wise Tech Global's billionaire chairman are testing investor patience.

Other Developments

The baht has fallen to a one-year low as expectations grow for a wider interest rate gap between the US and Thailand, with domestic demand facing multiple headwinds. Japanese government bond futures declined, mirroring overnight losses in the US Treasury market, while the yen consolidated with increased risk of currency intervention by Japanese authorities, particularly after reports of talks between Japanese Finance Minister Satsuki Katayama and US Treasury Secretary Scott Bessent heightened intervention concerns.

Gold prices fell in Asian trading, facing near-term challenges, with Deutsche Bank AG reducing its gold price forecasts by as much as 22% due to increased investor wariness regarding US monetary policy and drying investment demand for the precious metal. In a separate development, Kalshi Inc. has added India to its restricted list after the country's technology ministry declared prediction market platforms illegal.