Public Markets 24 Hours

Last updated: July 1, 2026, 8:30 AM ET

Equity Markets

Global equity markets are poised to extend their rally into the second half of the year, driven by surging earnings growth in technology companies, according to Peter Oppenheimer at Goldman Sachs. The S&P 500 and Nasdaq Composite posted strong gains in the second quarter, rising 15% and 21% respectively, marking the best quarterly performance since 2020 117. This exuberance in equity fundraising, particularly within the tech sector which accounted for a record $302 billion in global issuance during the first half, is raising questions about investor capacity for upcoming IPOs. However, some tech giants are seeing shifts in market sentiment; Alphabet has experienced a change in its "rock star" status, with a pivot in the AI trade causing it to lag the Nasdaq, despite a remarkable 12-month performance. Meanwhile, European banks are also showing strong momentum, with investors expecting continued upside after a 21% quarterly gain.

Artificial Intelligence & Tech Funding

The artificial intelligence boom is fueling a significant increase in private credit markets, with companies selling debt directly to insurance firms. Start-ups are racing to offer cheaper AI alternatives, with Together AI now valued at over $8 billion. The demand for AI infrastructure is substantial, with Abu Dhabi's MGX raising a massive $49 billion for one of the largest AI-dedicated funds ever assembled. Wall Street's embrace of AI for investment advantages is also raising concerns about market crowding, as researchers question the implications of widespread adoption of similar AI models. The US has also eased restrictions on Anthropic’s most powerful AI models, de-escalating a dispute with the administration. In a notable move, autonomous driving software firm Wayve Technologies has filed to list shares on the London Stock Exchange’s new Private Securities Market, marking a significant test for the novel system.

Corporate Deals & Restructuring

The global mergers and acquisitions market has surpassed $2.5 trillion in the first half of the year, indicating a robust deal-making environment likely to continue. In the retail sector, Kroger has agreed to acquire food and pharmacy retailer Giant Eagle for $1.65 billion. Elsewhere, ailing UK high-street retailer TG Jones Retail Holdings won court approval for a restructuring that will close over 100 stores and reduce rents, staving off insolvency. This follows a proposal after the buyout owner admitted the former WHSmith business was "almost completely broken". Getty has abandoned its $3.7 billion merger with Shutterstock after a UK watchdog order, despite US regulators having cleared the combination. Paramount and Skydance have offered concessions to the European Commission to gain approval for their $81 billion Warner Bros. deal.

Energy & Commodities

Oil futures posted their sharpest quarterly drop since 2020, influenced by relief over the reopening of the Strait of Hormuz and evolving US-Iran relations. Prices remained largely unchanged as markets monitored US-Iran peace talks and the continued return of shipping through the vital waterway. European natural gas prices have risen amid uncertainty over supplies from Qatar and sustained heatwaves. Italian oil major Eni SpA and commodities merchant Mercuria Energy Group have partnered to establish a global energy commodities trading venture. The US has warned it could redirect energy elsewhere, prompting some European countries to urge the bloc to revisit its emissions laws.

Inflation & Interest Rates

Euro-area inflation eased more than anticipated, partly due to falling global oil prices. However, Pakistan's inflation, while easing, remains in double digits, keeping policymakers cautious. European Central Bank Governing Council member Martin Kocher indicated that future policy decisions will likely involve either further interest rate hikes or holding steady, with uncertainty surrounding the economic situation. Joachim Nagel of the ECB stated he is keeping his options open for the next two meetings, acknowledging ongoing uncertainty. Gold prices fell for a third day, dropping below $4,000 a troy ounce as renewed fears of US rate hikes bolstered the dollar. Emerging market currencies have erased their gains for the year, with speculation of higher US interest rates driving a resurgence in the dollar.

Regulatory & Legal Developments

The UK Supreme Court has allowed ED&F Man Capital Markets Ltd. to be re-involved in a long-standing fraud case connected to the Cum-Ex tax dividend scandal. Separately, BlueCrest has warned that the UK is "no longer a serious contender" for business after losing a £200 million tax battle. In the US, the Supreme Court upheld birthright citizenship, a decision seen as a blow to President Trump's policy, 143. The court also delivered conservative victories, expanding presidential power and advancing long-sought goals, despite pushing back on some of Trump's signature actions. The UK's Competition and Markets Authority has launched an in-depth probe into the planned £2 billion takeover of Netomnia by Virgin Media O2 owners.

Retail & Consumer Goods

General Mills reported a loss in its fourth quarter, as the company focuses on cost-cutting and new product introductions to regain market share in a challenging consumer environment. Associated British Foods Plc has reported declining sales at its Primark division, ahead of the planned separation of its retail and food businesses. In the US, Kroger has agreed to acquire food and pharmacy retailer Giant Eagle for $1.65 billion.

Other Markets

The yen has hit fresh 40-year lows against the dollar, prompting traders to remain alert for potential Japanese government intervention, 102. Japan's currency chief has indicated communication with the US regarding intervention, as the yen hovers near historic lows. In other markets, South32 Limited is shifting its focus to copper and zinc after selling its aluminum business, which previously accounted for 60% of its earnings. Alcoa has agreed to acquire these bauxite, alumina, and aluminum assets for up to $5.6 billion. Chinese inverter manufacturer Sungrow Power Supply Co. plunged 20% following reports of a potential US import ban due to national security concerns.