Public Markets 24 Hours

Last updated: July 7, 2026, 2:30 AM ET

Global Equity Markets

Asian equities mostly traded lower as the AI-led rally took a breather, with South Korea leading regional losses. Samsung Electronics Co. tumbled despite projecting a 19-fold surge in its second-quarter operating profit, as investors had even loftier expectations, fueling a stock rotation to less-loved sectors with cheaper valuations less prone to the chipmaker's volatility. LG Energy Solution Ltd. also reported preliminary second-quarter earnings that missed analyst estimates due to lackluster electric vehicle demand in key markets like the US. Meanwhile, the FTSE 100 was set to outperform, benefiting from a tech selloff that dampened broader sentiment.

Technology & AI

The period of vertical ascent for AI-related stocks is likely over, as investors begin to take profits. Samsung Electronics expects another record quarter on robust AI chip demand, its third consecutive quarter of record profit on AI demand, yet its shares sank as expectations outpaced even soaring results. Syntiant Corp., an AI chip and software maker backed by Intel, filed for an initial public offering to capitalize on investor enthusiasm for the technology. TeraWulf signed a $19 billion lease with Anthropic for an AI-infrastructure campus in Kentucky, potentially generating significant revenue. HSBC's Kettner sees hyperscalers back in favor amid a "melt-up" as they demonstrate profitability while spending heavily on AI infrastructure.

Fixed Income & Currencies

Japan's 30-year government bonds rose after strong demand in an auction, indicating investor appetite for higher yields despite fiscal policy concerns. Japanese borrowers drove Asia offshore bond issuance to a record, surpassing China's previous dominance. The Korean won's 24-hour trading debut passed with below-average volume, suggesting a cautious market reception. Hungary's forint rally, triggered by political shifts, is fading as euro accession looms, with Barclays strategists noting the daunting task ahead for Prime Minister Peter Magyar. Hedge funds have turned most negative yen since 2007, as the currency hovers near its weakest level in four decades, potentially spurring global volatility alongside rising JGB yields yen weakness. China's central bank unveiled new measures to cement Hong Kong's yuan, expanding an investment channel with the mainland and enhancing the city's role in promoting the renminbi.

Mergers & Acquisitions and Corporate Deals

Vertex Pharmaceuticals agreed to acquire Crinetics Pharmaceuticals for $10 billion, aiming to bolster its drug pipeline and potentially boost annual revenue by $5 billion. Lockheed Martin will acquire Ultra Maritime for $3.45 billion, enhancing its anti-submarine warfare capabilities. Comcast is set to acquire Sky's stake in British broadcaster ITV for $2.1 billion, combining media assets to compete with streaming giants. Rogers Communications is buying the remaining portion of Maple Leaf Sports and Entertainment for C$4.35 billion. Adnoc of the UAE struck a $1 billion deal for Shell's South African fuels business, marking a significant overseas expansion.

Energy & Commodities

Oil futures rose on potential position adjustments ahead of expected U.S.-Iran talks, following the funeral of Iran's former Supreme Leader Ali Khamenei. Saudi Arabia slashed its main crude oil price for Asian buyers to a rare discount, a move not seen since its 2020 price war, amid a surge in global supply and threat oil surplus. Japan's Inpex Corp. signed a 15-year deal with Abu Dhabi National Oil Co. for liquefied natural gas supply. Germany plans to sweeten terms of gas to attract more bids for urgently needed back-up power capacity. Trucking cannot replace Strait Hormuz shipping, according to Kuehne+Nagel's chief executive, citing costs and congestion.

Defense & Aerospace

European defense stocks are experiencing a fledgling rebound, with a NATO summit expected to provide clarity on member states’ defense spending plans defense stocks rally. Canada selected a German bid for a submarine contract over South Korea's Hanwha Ocean, which saw its shares plunge over 20%. France's Thales will take a stake in maritime drone maker Exail, valuing the company at $4.46 billion.

Real Estate & Infrastructure

Boston's Logan International Airport is borrowing $812 million for a revamp as traffic soars, tapping the municipal bond market to upgrade facilities. Brookfield Corp.-backed Csquare Inc., a data center company, is seeking to raise as much as $1.35 billion in a U.S. initial public offering. India's K Raheja Corp. Pvt., a large real estate developer, has delayed its $700 million IPO after feedback from investment bankers.

Financial Services & Investment

HSBC is pulling back from riskier private credit lending, informing clients it will not renew certain facilities. Investors in a KKR & Co. retail private credit fund received all requested cash in the second quarter, suggesting easing jitters in the asset class. Lone Pine Capital posted a 43% gain for its hedge fund investors through June, marking one of its best starts to a year. Blackstone Inc.-owned Indurent has begun early investor engagement for a potential London listing or sale.

Other Markets & Developments

German startup Proxima Fusion has raised €411 million ($469 from investors including RWE and Google to develop a nuclear fusion plant. Hong Kong has launched a trial operation of a new gold clearing system, backed by major banks, to bolster its ambition as a bullion-trading hub. UBS recommends investors buy SK Hynix's new and sell the South Korean-traded stock, anticipating a premium for the U.S. listings. China has ramped up its purchase of U.S. soybeans following a summit between the two nations China buys soybeans.