Public Markets 24 Hours

Last updated: June 29, 2026, 2:30 AM ET

Global Markets & Geopolitics

Geopolitical tensions in the Persian Gulf continue to reverberate across markets, with oil prices edging higher after days of attacks. Reports of a US-Iran agreement to halt hostilities initially eased concerns, leading to a dip in corn futures as traders weighed the impact of hot weather on crops. However, traffic through the Strait of Hormuz persisted at reduced levels following attacks on two ships, raising fresh concerns about maritime safety and supply flows, particularly for liquefied natural gas. Pakistan is urgently seeking LNG for this week's delivery due to disruptions in the super-chilled fuel's transit, while Russia is expanding its LNG dark fleet with a 19-year-old tanker to navigate sanctions. The flare-up also saw gold prices decline amid renewed inflation concerns, despite earlier expectations of falling energy prices and tempered market sentiment.

Artificial Intelligence & Tech Sector

The artificial intelligence boom is now raising concerns about its economic impact, with significant capital allocation towards AI potentially stifling growth in other sectors. Despite a global semiconductor selloff, Chinese investors poured a record amount into a communication devices ETF, signaling resilient domestic demand. In Europe, investors are creatively seeking AI exposure by investing in companies that enable the technology or stand to benefit from it, such as power suppliers and banks, as traditional tech stocks become increasingly expensive. South Korea is set to unveil a spending plan to solidify its position as a tech powerhouse, while the IT sector is seen as a potential driver for the UK's growth. Sovereign wealth funds are increasingly pivoting to private assets, including private credit and infrastructure, to capitalize on the AI wave while mitigating national security concerns and traditional market risks.

Asia Markets & Dealmaking

In Asia, Chinese investors' record inflows into tech ETFs contrast with a broader global chip selloff. Meanwhile, autonomous-driving firm Momenta Global Ltd. has begun taking orders for its Hong Kong IPO, aiming to raise HK$5.9 billion ($752 by capitalizing on a multiyear high for share sales . Japanese IPOs have fallen to a 15-year low, with no rapid rebound in sight despite strong stock market performance. RBC Blue Bay Asset Management, however, remains bullish on Japanese AI-related stocks, anticipating a rally into 2027, though it's trimming near-term risk ahead of potential July and August slowdowns. In Hong Kong, commercial property faces weakness, with one complex cutting unit prices by up to 57%. Separately, Ant International-backed fintech unicorn is planning the Philippines' largest-ever IPO, aiming to raise up to $1.5 billion.

North America & US Economy

The US power sector is experiencing an AI-fueled M&A boom, with companies making deals to build the necessary energy infrastructure for data centers. The leverage that has propelled the US stock rally is now becoming a growing concern for investors. In the agricultural sector, government support for American farms is rising, with a recent request extending a run of interventions intended to aid the economy. The Trump administration is also involved in a significant mining deal with Kazakhstan, potentially benefiting the president's sons. Meanwhile, a heat dome is forecast to bring triple-digit temperatures to the Midwest and Eastern US, potentially breaking records into the Fourth of July weekend.

European Markets & Corporate Activity

European producers are urging Brussels to close a loophole on Russian aluminum. In telecommunications, Verizon and BT Group Plc are reportedly nearing a joint venture deal for their international businesses. Virgin Media O2's bonds have slid as broadband rivals squeeze its cash flow, with investors concerned about the £2bn Netomnia deal. Volkswagen is considering selling some of its core assets as it restructures, following a €10bn valuation from an auction of its Everllence unit. Heathrow's expansion is being described as a "luxury Mercedes" by an airline group boss, raising concerns about its "eye-watering" costs. U.S. equity futures climbed on reports of potential peace talks resuming, while the S&P 500 futures market remained little changed. Wall Street banks are abandoning bets for a stronger euro, anticipating the US will outpace Europe in interest rate hikes for the remainder of the year.

Fixed Income & Rates

Bond managers are focusing on specific market areas to navigate the early days of the Kevin Warsh era, with volatility potentially dominating the second half of the year. The Federal Reserve's communication has been adding volatility to rates markets, with potential for greater surprises as markets seek fundamental information. Emerging market bonds face challenges from a hawkish Fed, even as falling energy prices offered some respite. Goldman Sachs has recommended investors go long on India's 30-year government bonds. The Singapore dollar consolidated amid a cautious mood in the Asian session, while the New Zealand dollar faces headwinds in the third quarter due to a resurgent greenback and lingering energy shocks from Middle East tensions.

Commodities & Energy

Oil futures showed a slight increase following days of attacks in the Persian Gulf , with prices rising after reports of a US-Iran agreement to halt hostilities. However, commercial traffic through the Strait of Hormuz remains reduced after ship attacks , impacting LNG supply and prompting Pakistan to seek urgent deliveries. European Union gas storage facilities are not refilling quickly enough ahead of winter, risking 15-year lows. Citigroup's commodities trading arm, Citigroup Energy, has been significantly impacted by the energy market volatility, with its trading revenue falling by 50% in the second quarter. In metals, copper declined as the Federal Reserve's hawkish stance and a strong dollar weighed on industrial metals sentiment.

Corporate & Deal News

Williams Cos. is reportedly in advanced talks to acquire rival natural gas pipeline operator Momentum Midstream for approximately $5.5 billion. The UK's Bridgepoint is nearing a deal to buy a real estate unit, betting on the US property market. WeWork's CEO is focused on rebuilding the brand, aiming for more mature growth after its disruptive beginnings. In a significant move for the electric vehicle sector, GM-backed self-driving firm Momenta is seeking $752 million from a Hong Kong listing. The race to become America's rare-earth champion is intensifying between two major companies, illustrating the effort to reduce China's dominance in the sector.