Public Markets 24 Hours

Last updated: July 1, 2026, 2:32 AM ET

Public Markets

Global mergers and acquisitions surpassed $2.5 trillion in the first half, driven by a surge in dealmaking that suggests the robust pace will continue. In a significant move for the pharmaceutical sector, French drugmaker Ipsen agreed to acquire Swiss biotech Memo for potentially more than $800 million, marking its second acquisition this week. Meanwhile, Alcoa is set to acquire South32's aluminum assets for up to $5.6 billion in a cash-and-stock deal spanning Australia, Brazil, and South Africa. The shipping industry also saw major activity, with French logistics group CMA CGM nearing a $1.4 billion deal for FedEx's logistics unit to expand its U.S. presence. In another large transaction, private equity firms IVEST Consumer Partners and Cloverlay sold the Care Bears brand to Authentic Brands Group, leveraging licensing and royalty agreements. The IPO market saw activity as well, with bike and scooter operator Lime raising $167 million in its public offering, underwritten by major banks.

Currencies & Rates

The Japanese yen hit a fresh 40-year low against the dollar, intensifying speculation of government intervention. Traders are closely watching for action, as Japanese authorities have reportedly changed tactics after the yen's slide to historic lows, a move that is defying traditional rate-based currency analysis. In Asia, the Singapore dollar weakened amid rising U.S. Treasury yields, which typically enhance the appeal of dollar-denominated assets. The South Korean won slid toward its weakest level since the 2008 financial crisis as the dollar strengthened and foreign investors divested local equities. Bullish bets on the Chinese yuan are fading as options traders unwind crowded trades following the Federal Reserve's hawkish pivot. In contrast, India's federal government raised $2 billion from stake sales in state-run companies last quarter, a bright spot in its subdued capital market. The Reserve Bank of India's short dollar book reached a record $106.7 billion in May as the central bank used derivatives to defend the rupee as seen in its policy measures.

Equities & Markets

London's FTSE 100 is poised for a fall to begin the second half of the year. In the U.S., Alcoa agreed to buy South32's aluminum assets for up to $5.6 billion in a cash-and-stock transaction. The market is also anticipating the U.S. jobs report, with particular attention on wage growth. In India, AI-related sentiment is boosting IPOs, with two listings expected to raise a combined $7 billion. Kotak Mahindra Capital Co. reclaimed the top spot in India’s equity capital markets for the first half, positioning itself for a strong year. Meanwhile, U.S. equity futures edged higher in early European trade. In the fintech space, Bending Spoons SpA raised $1.68 billion in a U.S. IPO. However, Chinese inverter maker Sungrow on reports of a potential U.S. import ban due to national security concerns.

Corporate & Industry News

In the defense sector, European armies are already filling gaps left by U.S. withdrawals, with Germany actively pursuing joint production of U.S. weapons in Europe to bolster its defense capabilities ahead of the NATO summit. The global energy market is facing a potential oversupply, with Goldman Sachs flagging an oil surplus as traffic through the Strait of Hormuz recovers and the impact of the Iran war fades. India is planning to reduce its reliance on Middle East oil following the supply shock of the Iran war, exploring alternative options. In the automotive sector, Western automakers losing ground in China, as local EV rivals increasingly dominate with a faster, tech-focused approach. China's EV makers are also boosting their drive for national self-reliance by increasing their use of locally developed semiconductors.

Technology & AI

The U.S. has Anthropic's most powerful AI, allowing the company to re-release its advanced technologies, de-escalating a dispute with the Trump administration. Grindr's CEO is aiming for all code to be written by artificial intelligence, seeking to make the company leaner. The growing use of AI agents is expected to increase corporate AI token spending, prompting some companies to adopt cost-control techniques from the cloud era. In the realm of AI-related ventures, Neon acquired the film "Artificial", which focuses on OpenAI's CEO Sam Altman, after Amazon withdrew its interest.

Economic Indicators & Policy

The U.S. job market is showing signs of reacceleration, raising questions about the broader economic outlook. The FTSE 100 is set to fall as the second half begins. The yen's unprecedented slump is forcing investors to rethink currency intervention strategies. In the U.K., energy prices risk remaining due to increased spending on electricity networks and renewable subsidies, despite lower wholesale costs. The European Central Bank may not hike rates in September if energy markets remain stable, though one analyst suggests a hike is still possible despite recent energy price drops.

Legal & Regulatory

A small fraction of EU crypto groups possess licenses as new regulations, known as MiCA, come into effect, pushing unlicensed digital asset companies to shed customers. In the U.S., two federal courts have blocked a Trump administration rule that could have limited eligibility for student loan forgiveness for public servants. The European Union will limit tariff-free steel imports, imposing a 50% duty above quota to protect the bloc's steel industry from overcapacity. Getty Images plans to terminate its merger agreement with Shutterstock following conditions imposed by a U.K. regulator, leading to a significant drop in Shutterstock's shares.

Real Estate & Infrastructure

KKR is planning to enter the UK and European pension buyout markets, joining other private capital firms in the lucrative pension risk-transfer business. In Texas, a new city for SpaceX workers is emerging in the desert, highlighting the company's expansion efforts.

Other Market Developments

Gold held steady in bearish consolidation, trading below $4,115 per ounce. However, gold dropped third day as traders weighed potential Fed tightening and tracked U.S.-Iran peace talks. The U.S. Treasury has sanctioned Mexican companies for alleged cartel-linked fuel smuggling. In a rare move, the Depository Trust & Clearing Corp. will conduct a double-settlement day due to a significant number of erroneous trades. South Africa plans tap existing rand-denominated sukuk bonds for its funding needs.