Public Markets 24 Hours

Last updated: July 3, 2026, 2:30 AM ET

Global Equities

South Korean stocks rebounded 5% after a turbulent prior week, underscoring investor jitters surrounding the sustainability of the global artificial intelligence boom. In Europe, the FTSE 100 slipped 0.5% as a rally in chip stocks, fueled by AI spending, began to tighten tech's grip on Wall Street. Meanwhile, US stocks ended mixed following June hiring data that fell short of expectations, prompting investors to scale back bets on a Federal Reserve interest rate increase this month. The Nasdaq and S&P 500 experienced declines amid weakness in the technology sector, while the Dow industrials saw gains after the jobs report signaled a slowdown in labor market growth.

Energy & Commodities

Oil futures edged higher ahead of the US holiday weekend, recovering early losses as tanker traffic through the Strait of Hormuz increased further. Citigroup analysts suggest Brent crude could slump to $60 a barrel by year-end as disruptions in the waterway ease, adding to bearish market sentiment. Despite this, Saudi Arabia is exporting the most crude from inside the Persian Gulf since the Iran war truce, marking its biggest oil flow since the conflict. Japan, however, has sharply reduced natural gas-fired power generation, opting instead for more coal due to tightened LNG supplies stemming from the Hormuz transit concerns. Industrial metals, including copper, climbed alongside a weaker US dollar, as prospects for Federal Reserve rate hikes diminished.

Fixed Income & Currencies

Gold prices extended gains after weaker US jobs data reduced the likelihood of Federal Reserve rate hikes this year, pushing the precious metal toward $4,200. The yellow metal had previously risen in early Asian trade following a cooler-than-expected US jobs report. US government bonds rallied, with yields declining after June employment data challenged expectations for Fed rate hikes. Japanese government bonds saw their yield curve steepen amid some headwinds. Traders are paying up to hedge against sharp yen movements ahead of thin US holiday trading, speculating that Japanese authorities might adopt a less predictable intervention strategy. The dollar was little changed at 161.13 yen, with DBS Group Research suggesting Japan may be implementing new foreign-exchange intervention strategies.

Corporate & Financial News

ICICI Bank is reportedly in talks to raise at least $500 million in offshore bonds, its first such sale since 2017, to capitalize on a Reserve Bank of India concession. In India, an objection has been raised by a state government regarding Mediterranean Shipping Co.'s planned $1.4 billion investment in an Adani Group-run terminal, intensifying scrutiny after a chemical spill incident. Wall Street analysts' expectations for S&P 500 earnings are now rising at their fastest rate since the rebound from the Covid-19 pandemic, fueling fears of an "earnings bubble". Private equity firm Blue Owl reported significant investor withdrawal requests from its flagship funds, though these requests declined from the previous quarter but remained elevated. Barclays has withdrawn a near $1 billion financing for Sound Inpatient Physicians Inc. from the debt capital markets, marking one of the few leveraged loan deals to be pulled this year.

M&A and Dealmaking

Lockheed Martin is reportedly in the lead to acquire naval technology group Ultra Maritime for approximately $3.5 billion, with an agreement potentially announced early next week. Industrial machinery maker Renk Group AG is nearing a deal to acquire privately held David Brown Defence, expanding its exposure to the naval sector. Chanel has agreed to purchase Charvet, the oldest shirtmaker in France, known for its high-end shirts favored by figures like Winston Churchill. Private equity firm Apollo is reportedly struggling to sell a Hispanic grocer after US immigration raids impacted sales.

Emerging Markets & Sovereign Debt

Vietnam's economic growth unexpectedly jumped to 8.39% in the second quarter, with trade figures exceeding expectations for June and inflation slowing. China's services activity eased less than anticipated in June, according to a private survey, contributing to signs of improving economic momentum in the country. The International Monetary Fund is joining a backlash against opaque debt practices, initiating a crackdown in Nigeria concerning total return swaps that are seen as undermining efforts to increase transparency in emerging market sovereign debt. Investors are pulling back from Central American and Caribbean government bonds after a period of strong returns, deeming the rally "too far".

Economic Indicators & Policy

The latest US jobs report indicated a slower but steady pace of job gains in June, with employers adding fewer positions than in May while the unemployment rate decreased slightly to.2%. Average hourly earnings remained steady, suggesting the labor market is not acting as a significant source inflationary pressure. This data has led to a reassessment of strategy on Wall Street, with hopes that the Federal Reserve might hold off on raising interest rates. Federal Reserve Chairman Kevin Warsh has room to focus on combating inflation.

Regulatory & Legal Developments

South Korea's financial watchdog is proceeding with sanctions against private equity firm MBK Partners Ltd. concerning issues related to its distressed portfolio company, retailer Homeplus Co. . Egg producers have agreed to pay $3.3 million to settle a federal price-fixing lawsuit and will also donate over 53 million eggs to food banks and nonprofits in 17 states. A judge has demanded answers regarding plans for President Trump's East Potomac Golf Course, questioning the government over denials that renovations are proceeding without approval. The Justice Department is investigating an alleged insider trading scheme that reportedly cost Susquehanna International Group $100 million on options bets placed prior to a Chinese regulatory crackdown.

Technology & AI

Engineers are reportedly still finding ways to access AI models like Anthropic's Claude despite stringent restrictions, prompting the company to move to close loopholes that allow Chinese access. The AI spending frenzy has fueled a significant surge in semiconductors, tightening tech's grip on Wall Street. US energy regulator FERC has given grid operators 60 days to justify or revise how they connect 'large loads,' such as data centers, or the regulator will make the decision itself.

Other Notable Developments

The performance of star players in the World Cup has proven costly for gambling companies, with Draft Kings potentially losing as much as $50 million due to strong player performances and popular team victories. Resale ticket prices for the World Cup's final match in Mexico are reportedly as high as $36,000 as the host nation experiences significant tournament fever. Nigel Farage, the Reform UK leader, was paid £270,000 in May by Direct Bullion for 12 hours of work as a 'brand ambassador,' drawing scrutiny over his gold marketing activities.