Public Markets 24 Hours

Last updated: June 29, 2026, 11:30 PM ET

Public Markets Briefing

Currency & Fixed Income

The Japanese yen hit a 40-year low against the dollar, reaching, prompting traders to monitor for potential foreign-exchange intervention from Japanese authorities as vigilance increases. This depreciation in the yen weighed on Japanese Government Bond futures, which edged lower as a weaker currency typically fuels import prices and inflationary pressures. In other currency news, the Taiwan dollar, on track for its first quarterly gain in a year, may face renewed pressure from a strengthening US dollar and record dividend payouts by local companies.

Equities & Dealmaking

Wall Street showed resilience as the Dow Jones Industrial Average reached a record high, boosted by gains in technology stocks. This upward trend was supported by higher-than-average net profit margins across various corporate sectors, suggesting a greater corporate America resilience. The market also saw significant deal activity, with Comcast planning a major spinoff of its NBCUniversal division, a move that could reshape the media and entertainment industry and potentially lead to further consolidation. Charter Communications debt saw record moves on speculation of a combination following Comcast's breakup. Meanwhile, Apple supplier Luxshare Precision Industry Co. is seeking up to $3.1 billion from a Hong Kong listing, the city's largest share debut. In the technology sector, Microsoft shares are heading for their worst month since the dot-com era amid investor concerns about its position in the AI landscape.

Commodities & Energy

Oil prices declined in early Asian trade as anticipation of US-Iran talks in Doha grew, though conflicting signals from both nations created uncertainty. Morgan Stanley has cut its oil forecasts due to a faster-than-expected return of flows through the Strait of Hormuz, coupled with robust US supply and weak Chinese demand, raising the risk of a surplus. Gold fell in early Asian trade, likely pressured by a hawkish repricing of the dollar following the Federal Reserve's latest meeting. The yellow metal held its decline as traders assessed mixed signals from US-Iran tensions ahead of talks aimed at ending the conflict that has fueled global inflation as tensions weigh. France and Oman have backed free transit through the Strait of Hormuz without conditions, promoting restriction-free passage.

Cryptocurrencies & Defense

Michael Saylor's company is overhauling its strategy by considering significant Bitcoin sales and stock buybacks to navigate a prolonged crypto winter, a departure from its prior "never sell" stance as it seeks to outlast. In a contrasting move within the investment sector, JPMorgan Chase is putting its own funds into defense and other vital industries, planning a broad expansion into the national-security sector, reflecting a fusion of business and defense that dates back to the nation's founding as ties deepen.

Global Markets & Economic Outlook

Spain is raising its economic growth forecast for 2026, expecting limited impact from the Iran war, and plans to phase out one of its main electricity generation taxes as government says. In Asia, China's stock market is underperforming significantly, trailing by the widest margin since 2001 despite AI advances, while two Chinese robotics startups have secured over $2.9 billion in funding, demonstrating continued investment in the sector as two robot unicorns emerge. Meanwhile, foreign investors are expressing concern that Japan is backsliding on economic reforms, with one executive noting a swing back toward economic nationalism.

Regulatory & Legal Developments

The US Supreme Court issued twin rulings, affirming the Federal Reserve's independence and protecting its leaders from arbitrary dismissal, while granting President Trump broader power to remove other independent regulators. In a separate decision, the court rejected Trump's request to appeal a $5 million verdict in the E. Jean Carroll case regarding sexual abuse and defamation. The UK's financial regulator has watered down landmark crypto, easing capital and disclosure requirements after industry complaints. Bank of America Corp. has agreed to pay $7.5 million to the SEC to settle allegations that its Merrill Lynch brokerage failed to file required disclosures.

Corporate & Industry Moves

Comcast is set to spin off its NBCUniversal and Sky divisions, creating two separate publicly traded entities and marking a significant realignment in the media industry. This move follows a trend of media companies separating core operations from content businesses, with some debt securities for Charter Communications seeing record moves on speculation of a potential combination. In the drone industry, AeroVironment reported a significant increase in fourth-quarter profit, with revenue more than doubling due to higher product and service sales. Super Micro Computer's Taiwan offices have been raided as part of a chip smuggling investigation, causing its shares to fall about 8%.

Other Markets & Developments

Egypt is $1.6 billion IMF payout following a preliminary deal on its latest program review. Brazil's Raizen SA reported a cash burn of 3.4 billion reais ($657 for the first three months of 2026, and has roughly doubled its impairment charge for the crop year amid a restructure as it burns more cash. In the UK, the average child receives £10 per week in pocket money, with the "tooth fairy" payout nearing £5, indicating childhood finances are outpacing inflation as UK childhood finances rise. The Spanish government will scrap one of its main electricity taxes, a move aimed at supporting the energy sector.