Public Markets 24 Hours

Last updated: July 1, 2026, 5:30 PM ET

Public Markets Briefing

Technology & IPOs

Shares in AOL owner Bending Spoons soared 40% on its Nasdaq debut, marking one of Europe’s largest tech IPOs this year and raising $1.68 billion. The Italian tech group, behind Vimeo and Evernote, saw its stock jump above its initial price, reflecting strong investor appetite. In contrast, tank maker KNDS postponed its IPO, citing market conditions and investor balking at its €12 billion-plus valuation, halting what would have been one of Europe’s largest debuts. Meanwhile, Uber-backed Lime climbed after its IPO, with shares initially priced at $25 and the company raising $174 million. The tech sector’s performance was mixed, with lagging tech shares weighing on the Nasdaq, though overall U.S. stock markets recorded their strongest quarter since 2020, with the S&P 500 rising nearly 15%.

M&A and Dealmaking

Global mergers and acquisitions surged past $2.5 trillion in the first half of the year, driven by mega takeovers and companies adjusting to economic shifts, particularly the rise of AI. Transaction volumes are expected to remain strong in the second half, according to Melissa Sawyer, head of global M&A at Sullivan & Cromwell, citing the variety and scope of deals in the market. French shipping company CMA CGM is set to acquire FedEx Supply Chain, a move that will see them offer ocean transport and carrier services. In other deal news, Paramount and Skydance are offering concessions to facilitate EU approval for their $81 billion Warner Bros. deal, aiming to ease competition concerns.

Energy & Commodities

Crude oil futures extended their decline amid supply optimism and ongoing talks between the U.S. and Iran, with traffic through the Strait of Hormuz recovering. Goldman Sachs flagged a potential oil surplus as the impact of the Iran war fades and global stockpiles are rebuilt. U.S. natural gas futures remained range-bound, with hot weather boosting cooling demand but ample production and inventories capping gains. Shell Plc is shuffling its energy trading leadership as Executive Vice President David Wells retires. Eni and Mercuria have formed a global energy commodities trading venture.

Federal Reserve & Interest Rates

U.S. stocks ended modestly lower as Federal Reserve Chairman Kevin Warsh dodged questions regarding the path of interest rates, leaving investors parsing his comments for clues. Treasury yields rose ahead of the jobs report as investors digested economic indicators and Warsh’s remarks. Analysts express concern that a quieter central bank, a promise from Warsh, could lead to increased market volatility. Warsh has tapped former Bank of England Governor Mervyn King to co-chair the Fed’s new communications task force. Despite this, Fed Chairman Warsh indicated that inflation poses less risk than in recent weeks, while stressing the central bank’s commitment to price stability.

Cryptocurrencies & Digital Assets

President Trump and his family reaped significant financial rewards from a memecoin, even as many investors experienced losses. Trump reported more crypto-related income last year than any publicly traded U.S. digital-asset company, totaling over $1.4 billion. The European Union’s new MiCA regulations are pushing unlicensed crypto groups to offload customers, with a small fraction holding the required licenses. Binance has cut off European users after regulators raised financial crime concerns, with the EU’s markets regulator advising national authorities to block the crypto exchange’s application. Robinhood is rolling out perpetual futures tied to commodities, ETFs, and currencies in Europe, seeking to capitalize on round-the-clock trading.

Corporate & Financial News

General Mills rallied as it aims to win back thrifty consumers with protein and pet food offerings, planning new products and marketing to offset reduced prices. Caterpillar Inc. slid from a record high after Michael Burry, known for his 2008 housing market bet, announced he had shorted the stock, along with Tesla, Applied Materials, and a chip stock ETF. Exxon Mobil Corp. will begin trading as Exxon Mobil Holdings Corp. after redomiciling in Texas, marking its first name change in over 25 years. BlackRock’s head of its private credit fund, Tseng, is departing the firm following months of losses and a regulatory probe. Pimco warns of a "confidence gap" in private credit, suggesting that higher interest rates and real estate stress could expose weaker funds.

Global Markets & Economy

Euro-area inflation eased more than anticipated as global oil prices retreated, suggesting the European Central Bank may not need further rate hikes. However, ECB Governing Council member Ulo Kaasik indicated that further monetary tightening might be necessary to ensure inflation returns to target. New Zealand house prices fell for the third consecutive month in June, nearing a three-year low amid economic slowdown and the global oil shock. South Korea’s won slid toward its weakest level since 2009 as global funds sold local equities and the dollar strengthened. Emerging-market currencies erased their year-to-date gains as speculation over higher U.S. interest rates fueled a dollar resurgence.

Trade & Geopolitics

The U.S. has opted not to renew its trade deal with Mexico and Canada, opting instead for annual reviews of commerce terms with its largest trading partners. The Trump administration has also green-lit Anthropic’s latest AI models, lifting restrictions on its most powerful technologies and de-escalating a dispute over regulation. The U.S. is also taking aim at EU emissions laws, with warnings it could ship its energy elsewhere. Slovakia is set to revive primary aluminum production at a plant that was once a major European producer. China’s green technology advancements are expected to bolster its global finance ambitions.