Public Markets 24 Hours

Last updated: August 3, 2026, 2:31 AM ET

Treasury Yields and Currency Markets

U.S. Treasury yields slid in Asian trade as oil prices fell on an improved outlook for a solution in the Middle East. The U.S. Treasury may be using euros rather than dollars to fund its yen purchases to avoid weakening its own currency and casting doubt on its strong greenback policy, according to strategists. More rounds of coordinated U.S.-Japan FX intervention could occur, HSBC Global Investment Research said. Treasury Secretary Scott Bessent’s championing of a Federal Reserve facility Japan can use to boost the yen comes with the benefit of protecting the US bond market from excess sales. The US Treasury has limited liquid resources to support further coordinated currency intervention alongside Japan, though its firepower could be expanded substantially if officials resort to more extreme measures. Japan’s Orix has agreed to buy Aer Fin Ltd., a UK-based airplane parts company, in a deal worth about ¥100 billion ($640 including debt, people familiar with the matter said.

Emerging Market Equities and Listings

Emerging-market equities fell for the first time in three days, led down by South Korean chipmakers unwinding some of the record gains they made on Friday. South Korean stocks slipped, as heavyweight chipmakers faced selloffs after Friday’s record gains while investors unwound leverage-backed trades. Morgan Stanley upgraded South Korean stocks to overweight, saying the recent “leverage washout” offers investors a better entry point into the artificial intelligence trade and industrial super-cycle. CXMT Corp. is one of the most polarizing stocks in Asia, with the range of analyst opinions delineating the key arguments driving volatility in the memory-chip stock trade. India’s initial public offering boom is fading, as proceeds are down by a fifth from a year earlier as companies cut deal sizes, accept lower valuations, and delay listings, raising doubts about sustainability. Zepto, Manipal Health, Indo-MIM, and Juniper Green Energy have cut offer sizes to get their deals through, indicating a cooling in India's listing boom. India’s short-dated bonds will outperform debt with long duration, as the central bank is expected to keep interest rates on hold and banks are set for a large cash surplus, according to traders. India’s equity-market close is about to align with major global peers, which could come at a cost for arbitrage funds.

Commodities and Corporate Deals

Oil prices fell in early Asian trade amid hopes of a possible U.S.-Iran deal that could ease supply disruptions. Oil prices plummeted as investors digested a pause in fighting in the Iran War. The cartel nears the end of a cycle of production hikes, while potentially difficult talks over future quotas loom. Iron ore sank to the lowest level in more than a year amid concerns about a major physical trader of the commodity, which compounded existing market softness linked to a challenging demand outlook. Japan’s Orix has agreed to buy Aer Fin Ltd., a UK-based airplane parts company, in a deal worth about ¥100 billion ($640 including debt, people familiar with the matter said. Malaysia’s Maybank has agreed to buy out Belgian insurer Ageas SA’s minority stake in Etiqa, a move that would give Malaysia’s biggest lender full ownership of the Southeast Asian insurer. Italy’s Prysmian is in advanced talks to acquire electrical manufacturing company Atkore Inc., people familiar with the matter said.

Automotive and Energy Sectors

Detroit carmakers had a strong second quarter, while their European rivals remain downbeat. Santos, Inpex Australian LNG sites face tougher pollution rules. A regional environmental regulator in Australia has recommended tougher license conditions for two liquefied natural gas export facilities operated by Inpex Corp. and Santos Ltd. Hungary braced for power cuts amid extreme drought. Record-low water levels on the Danube have forced Hungary’s first shutdown of a nuclear power plant.

Technology and Financial Services

NHS England will revise its Palantir platform data after staff concerns, with changes to two widely cited claims coming as scrutiny grows over the U.S. tech company’s contract. Ofcom chair has launched a review of the regulator to help rein in Big Tech, telling the FT that the watchdog will need ‘more resources’ to enforce online safety rules as it takes on a wider brief. Financial companies hope to modernize markets with blockchain technology, but systemic risks remain. Nanit and other baby-tracking start-ups want to track your children through the night—and soon, for much longer than that. An Equable study shows how the market is already helping workers with public pension AI. Efforts to curtail data centers risk a potential gold mine for our society, according to an opinion piece.

Corporate Earnings and Market Volatility

Big Tech earnings are sending valuations in opposite directions, with reports from tech giants driving big gains and losses, while the Fed-fueled bond selloff adds to market pressures. America’s biggest companies report ‘rock solid’ profits as consumers face higher costs. S&P 500 groups are on track for their strongest earnings in five years. SpaceX is giving its first results call, Flutter is migrating to New York, and inflation updates are expected from China and India. Fanuc Corp. shares plunged the most in four decades after the maker of factory robots raised its profit outlook by less than expected, heightening fears about soaring prices of materials. The one-way trade in semiconductor stocks that has defined equity markets this year is coming unglued, triggering stomach-churning volatility as investors grow increasingly concerned that the fire hose of demand is drying up. Leveraged ETFs offer the tantalizing prospect of doubling or tripling the daily returns of an individual stock are famously risky for investors who buy them.

Global Economic Indicators and Trends

China’s manufacturing activity slowed in July for export-oriented firms, according to a private survey, in line with an official gauge. Chinese government bond futures began trading in Hong Kong on Monday, marking authorities’ third attempt to use the hedging tool to further open up the country’s debt market. McDonald’s signature burger offers economic lessons, but not about purchasing power parity. A digital iron curtain is threatening the global economy. Amid geopolitical barriers that risk slowing progress and trade, Europe can become a trusted connector.

Political and Social Developments

Blanche’s confirmation as attorney general has been held up over concerns about a planned $1.8 billion fund for Trump allies and the president’s immunity from tax scrutiny. French banks signal willingness to offer campaign loans if government guarantees are in place, potentially boosting support for Le Pen. The ‘Trump effect’ is taking a toll on corporate gender goals. Changes at the Australian Securities Exchange are the latest sign of a global rollback of diversity policies, reflecting a "Trump effect." To help prevent heat-related deaths, the French government has asked postal workers to check in on older people. Moroccan migrants described their despair at their economic future, explaining what propelled them across the border with Spain. Spain’s migrant crisis reopens deep EU rifts. The bloc’s home affairs ministers will convene this week as tensions over immigration policy mount. Far-Right leaders step up calls for expelling remaining migrants in Ceuta. Anti-immigration campaigners were set to hold a rally in the Spanish territory to call for tougher action, after thousands of migrants entered the exclave last week.

Market Commentary and Analysis

Gold rises on a technical rebound, with the direction of the U.S. dollar, U.S. Treasury yields, and incoming U.S. labor market data set to affect gold’s trends more than the traditional safe-haven narrative. Gold advanced after US President Donald Trump said fresh negotiations with Iran would begin later on Monday, raising hopes for a breakthrough in the months-long conflict that would ease energy-driven inflation. A second act for high-yield bonds. The ‘junk’ label for high-yield bonds has been left where it belongs—in a different era. Governments have stopped correcting budget deficits, but so far, bond markets have let them. Bond traders flying blind on Fed see risk yields spiral higher. Bond investors, including Brandywine Global Investment Management and Wellington Management, say the risk of a deeper Treasury rout is rising as Federal Reserve Chairman Kevin Warsh keeps investors in the dark.

Company News and Dealmaking

AstraZeneca and Bristol Myers Squibb are discussing a potential $400 billion tie-up. British entrepreneur James Dacombe, has tripled his AI chip start-up’s valuation to $3.3 billion, raising $312 million from investors including Arm in an effort to take on Nvidia. AB InBev is shifting marketing dollars to other brands as tie-ups with celebrities and cage fighting fail to halt the decline in Bud Light sales. US sales of Campari’s orange spirit have been outstripped by Bacardi’s St-Germain elderflower liqueur. Monte dei Paschi explores Banco BPM takeover after ‘merger of equals’ talks collapse. SpaceX is giving its first results call, Flutter is migrating to New York, and inflation updates are expected from China and India. Morgan Stanley’s underwriting of SpaceX and other new issues generated a $74 billion second-quarter haul in wealth management assets. Walter insurers paid millions of dollars to credit rating provider Egan-Jones. Billionaire investor Walter is facing a wide-ranging probe into the private credit holdings of insurers he controls. eBay harassment campaign led to $56 million payout. Employees’ cyberstalking of a Boston couple involving macabre deliveries ended in jail time and financial settlement.

Geopolitical and Environmental Concerns