Last updated: August 7, 2026, 2:51 AM ET
Global Equities
FTSE 100 futures eased as Middle East uncertainty persisted heading into the London session. The Nikkei fell 0.7% in early trade, dragged by chip-related stocks as uncertainty over the Middle East conflict and energy costs lingered. European indexes rose as earnings drove markets higher, with the Stoxx 600 led by consumer-facing stocks and healthcare. European shares gained for a fourth straight day on a big earnings day, with WPP leading gains in the media sector. U.S. stocks fell in a jittery session amid doubts about the reopening of the Strait of Hormuz. The Dow industrials led U.S. stocks mostly lower as oil prices rose, with the Dow poised to break its winning streak. The Dow fell 460 points, breaking its winning streak, while oil prices gained amid talks to reopen the Strait of Hormuz. Memory giants saw shares drop on soft guidance as oil prices jumped and the Dow broke its winning streak.
Currencies & Fed Policy
The dollar index traded in a tight range during a quiet Asian session, with focus shifting to U.S. non-farm payrolls for July as a key input into the Fed's tightening cycle. The yen surrendered nearly half of its intervention-driven gains, fueling speculation of renewed intervention among traders. Japan confirmed it intervened in the currency market three times during the spring Golden Week holiday, going beyond its twin-punch playbook with an additional round. Tokyo and Washington's desire to maintain stability may be creating long-term danger, as yen intervention illustrates the risks of monetary experiments. The dollar finished its best day in two weeks as oil prices advanced amid fading optimism over easing Middle East tensions. Traders are rushing to hedge against swings in the dollar ahead of Friday's payroll numbers, as Fed Chairman Kevin Warsh leaves Wall Street guessing at his next move. Treasury yields rose ahead of the payrolls report, as job-cut plans remained calm in July alongside low weekly jobless-claims figures. US support for Japan's efforts to prop up the yen is unlikely to damage the dollar's status, according to Goldman Sachs skepticism about dominance threats. The pushback against the Fed chair is unwarranted as he drives much-needed reform, with Warsh being misread by markets. The success of his chairmanship may rest on the nation's ongoing fiscal deficits, an issue that sits outside monetary policy purview. A rarely used Federal Reserve liquidity facility saw no activity last week, suggesting Japan didn't use the Fima repo tool in its latest effort to support the yen. Research suggests Japan's neutral rate has moved up slightly in the past few years, prompting revised estimates from analysts.
Commodities & Energy
Gold was on track for its biggest gain in more than six months as dip-buyers supported prices, looking past flare-ups in the Strait of Hormuz that risked adding to energy costs. Comex gold settled 0.09% lower at $4,242.00, as gold and silver prices dropped, snapping two- and three-day winning streaks respectively. Oil rose in early Asian trade amid concerns over supply disruptions in the Middle East. Oil extended gains after a report that Iran attacked "hostile targets" in the Strait of Hormuz, with Tehran seeking to bar U.S. ships from the critical waterway in a deal with Oman. Oil gained as prospects for a lasting agreement to reopen the Strait of Hormuz remained elusive, with bonds falling on inflation concerns ahead of the U.S. jobs report. Copper headed for a record close in London after strong gains fueled by signs of tighter supply across the global market. Lost capacity in Russia and the Gulf is a boon to U.S. refiners, with the refining crunch keeping fuel prices high as crude retreats. US refineries cash in while consumers face rising diesel and petrol costs, as crude retreats but fuel prices stay high. America's fuel-makers are maxed out as they try to fill in the gaps of the global fuel supply crunch, with "Refine, Baby, Refine" becoming the energy industry's new mantra. US imports of Saudi Arabian oil dropped to zero in July, the first time that's happened for an entire month since 1985, as Saudi crude shipments plunged. Global sugar traders are increasingly losing trust in what is widely considered the most important data piece in the market, as Brazil cane-crush indicators become more opaque. Indian sugar producers are set to start crushing cane earlier than usual, as record prices spur mills to advance crushing ahead of the festival period. This year's weather pattern is set to be one of the strongest since 1950, with El Niño threatening to disrupt the world's most-traded commodities and raising the risk of food shortages and inflation. It hasn't been that long since Hurricane Hilary made a run at Southern California, and El Niño might mean more storms near California than the Atlantic Coast.
Corporate Earnings
Allianz, Europe's largest insurer by market capitalization, booked a 10.6% rise in group operating profit, hitting a record high on asset management growth. The owner of bond manager Pacific Investment Management Co. generated record second-quarter profit, as Pimco saw €32 billion in inflows on better results in insurance and asset management. Fujifilm Holdings shares fell by the most on record after the Japanese company reported weaker-than-projected quarterly results, with shares declining most on record on a profit miss and spinoff plan. Draft Kings posted a loss of $67.6 million for the second quarter compared with a profit of $157.9 million a year earlier, as second-quarter revenue fell, hurt by promotions. The online sports betting company reported second-quarter sales and earnings that missed expectations, as the industry confronts a new challenge from prediction-market players. Options traders were piling into bullish wagers on Draft Kings ahead of the sports betting firm's earnings report, with bullish bets accumulating. Instacart reported revenue increased to $1.04 billion from $914 million, beating Wall Street expectations of $1.03 billion, as shares rose on higher revenue and a strong outlook. Monster Beverage's 20% rise in second-quarter sales was driven by growth among customers outside the U.S., with international growth driving the gains. American International Group reported second-quarter results that surpassed Wall Street expectations, roughly two months after Eric Andersen took over as chief executive officer. Rocket Companies reported higher second-quarter revenue as its market share in both purchase mortgages and refinancings rose, with revenue surging on mortgage market share gains. Lyft's second-quarter gross bookings rose to $5.5 billion, though bookings are expected to rise at a slower pace of 15% to 19% in the current quarter. Airbnb now expects revenue to increase by at least a mid-teens rate this year, up from its prior projection, as the short-term-rental company boosted its full-year forecast on strong demand. WPP said revenue less pass-through costs fell less sharply last quarter thanks to a recovery in its media-buying operations, with shares surging after turnaround helping ease the top-line decline. Improved results follow the London-listed advertising group's root-and-branch review, with WPP shares jumping more than 25% as the overhaul begins to bear fruit. SoftBank's first-quarter profits declined following records set in recent quarters, though an $8bn gain on Intel stake helped the Japanese group beat expectations. The Japanese technology investment company has vowed to become a leading builder of AI data centers, using its OpenAI stake to borrow $10 billion. Siemens' digital industries division faces excess customer inventories, with shares falling as order growth misses expectations amid weak demand in China. Peloton issued a muted revenue outlook for fiscal 2027 as subscriber losses continue to deepen, with the company forecasting revenue decline overshadowing fourth-quarter profit gains. Planet Fitness cut its profit outlook as it invests in marketing and tinkers with pricing, with sluggish member sign-ups driving the revision. Molson Coors Beverage said second-quarter sales fell as the company tries to balance sluggish customer demand with higher supply costs, with sales falling 3.3% to $3.1 billion. Six Flags Entertainment shares slumped after the company's second-quarter revenue and attendance fell short of estimates, with shares sliding after the miss. Celsius Holdings shares tumbled after the energy drink maker's second-quarter revenue missed expectations, as competition hurt sales of its namesake brand. Warner Bros. Discovery reported a steep drop in sales as it copes with the loss of National Basketball Association rights, with sales falling on the NBA loss and a weak film slate. Keurig Dr Pepper logged higher sales in the second quarter and said it continues work to separate into two companies, with separation work continuing. Warby Parker swung to a second-quarter profit as results were helped by a tariff refund, with the company turning to profit, offsetting costs of the upcoming AI eyewear launch. Kenvue reported higher profit and sales in the second quarter boosted by higher prices and volumes, with the company posting higher profit as its turnaround continues ahead of the Kimberly-Clark acquisition. The New York-based utility company posted a second-quarter profit of $308 million, up from $246 million a year earlier, as Consolidated Edison reported higher profit and revenue. The South Korean internet company posted resilient second-quarter earnings despite higher AI-related operating costs, with Naver posting resilient profit supported by solid growth in its core search platform. Honeywell slashed its outlook as bottlenecks limit ability to convert strong demand for advanced parts into sales, with aerospace shares plunging on failure to overcome supply snarls. Rheinmetall cut its sales outlook after Germany scrapped a warship project, with the CEO saying moving into naval was still "the right decision." Wizz Air swung to a loss of almost €200 million between April and June, with high fuel costs warning that profits may be wiped out. Deutsche Telekom raised its full-year buyback program after posting higher revenue in the second quarter, with the company lifting buyback by up to $3.5 billion and raising guidance for a key metric.
Deals & M&A
Nielsen Holdings agreed to buy Double Verify in a deal with an enterprise value of about $2.15 billion, with Nielsen acquiring DoubleVerify to bolster its digital advertising measurement capabilities. Kirin Holdings shares rose 2.4% to near record levels after the Japanese beverage maker announced a deal to acquire Toronto-based Jamieson Wellness, with the $1.4 billion deal valuing the Canadian vitamins and supplements maker. French asset manager Eurazeo is in talks to sell its stake in beauty group Aroma-Zone, with Partners Group nearing a €2bn deal for the group that sells face serums and food supplements. London-listed supplier to UK and US nuclear submarines has received bids from buyout firms, as Goodwin explores the sale of its defence business. BlackRock TCP Capital is moving $523 million in loans to a Pantheon-backed fund, with the BlackRock BDC deal involving nearly half of its debt investments. Jane Street is in talks to shift its $11 billion in debt to investors including Pimco, as the private credit deal would allow the secretive trading firm to make further investments in AI. Alphabet has received about $115 billion of orders for its latest jumbo bond sale, signaling renewed investor appetite for debt tied to the AI boom. David Ellison made commitments on news provision, investment and programming to win government approval, as Paramount agreed safeguards for UK approval of the $110 billion WBD deal. Once high-flying start-up Airtable is selling itself to Bending Spoons for just under $2.3 billion, with the cut-price sale marking just the start for software also-rans. The group behind Dealogic and Mergermarket made late payments on offices in Sydney, Munich and Connecticut, as billionaire's financial data group Ion is chased by landlords for overdue rent. Top law firms are exploring ways they may be able to take outside capital, with Big Law's new private equity era dawning. Top US law firms are weighing stake sales to private equity, according to FirstFT reporting on the emerging trend.
Asia & Emerging Markets
Blockbuster share sales from AI-related companies in the Asia Pacific led to a record for equity capital markets activity last month, with SK Hynix leading record $83 billion of share sales by Asian firms. The head of India's only dedicated bullion exchange has stepped down, dealing a setback to the four-year-old platform as the CEO resigned from the fledgling exchange. For much of the first week of trading under India's new auction system to set closing stock prices, traders were convinced that one of the most consequential market structure reforms in years was faltering, with trading strategies buried alive by the stock auction. The first weekly expiry for India's BSE Sensex Index under a new closing-price methodology passed largely without disruption, as the new auction passed the Sensex expiry test after a chaotic week. Global funds are piling back into India IT stocks after selling for months, with smaller IT firms faring better than their larger counterparts during the June quarter. Philippine economic growth dramatically slowed in the second quarter, defying expectations of a pickup, as the protracted Middle East conflict stokes inflation and drags down consumer spending, with growth at the slowest pace since 2009 ex-Covid. No longer just a producer of cheap consumer goods, China is exporting more high-value items that underpin global manufacturing, with the new export engine supplying the factories of the world. Chinese solar stocks were whipsawed this week by a combination of domestic efforts to end below-cost sales and renewed tariff threats from the US, with solar stocks whipsawed by domestic policies and US tariffs. China's central bank is stockpiling more gold in Hong Kong, in a move that's likely to support the city's push to become a major bullion-trading hub, as the central bank adds gold in Hong Kong. China is accelerating its push to internationalize the yuan as domestic banks add new foreign currencies available for direct settlement, with Chinese banks expanding direct settlement to bypass the dollar in cross-border trade. Unitree Robotics wants to raise about $900 million in an IPO that tests market interest in humanoid robots, with China's Unitree pricing its IPO in a bet investors are ready for the technology. Zimbabwe's dollar-denominated stock exchange plans to increase its market value by 25% over the next year as it rolls out new products, with VFEX planning a $5 billion market value and a venture board for mining. South African authorities are focused on hitting budget targets rather than pleasing credit-rating firms, with the bond market already upgrading the country's debt to investment grade. Almost three months after the proposal was unveiled, there's a lack of consensus within the government on what form it will ultimately take, as Indonesia's commodity export overhaul remains in flux. Taiwan's $49 billion public-sector pension fund is planning to allocate more assets to third-party managers, with the pension fund turning to third-party managers for stock bets. The Colombian peso continues to be the best performing currency in emerging markets as investors shrug off the central bank's efforts to slow the currency's rally, with the peso defying central bank attempts to halt the carry-fueled rally. Japan's Topix stock index is poised for its biggest overhaul, with more than 600 companies likely to be gradually removed under new eligibility rules, as Japan small caps face a survival race. Japanese companies have already sold more corporate bonds with investor protection this year than in all of 2025, with Japan seeing a rush for covenant shelter as BBB-rated bond sales fly. Daiichi Life Group has been stepping into bankers' shoes and contacting companies directly to see if they want to issue bonds, with the top Japan insurer urging companies to issue bonds in a yield hunt. The UK's sluggish market for initial public offerings is leaving private equity and venture capital firms with fewer exit routes, with the UK IPO slump hurting private equity and venture capital.
Policy, Regulation & Other
The Federal Aviation Administration has ordered the inspections of Boeing 737 Max jets for cracks of a component that could affect the structural integrity of the planes, with FAA ordering inspections of over 400 jets. A New Mexico judge ordered the tech group to pay an extra fine in a lawsuit brought by the state attorney-general in 2023, as Meta was ordered to pay nearly $1 billion over social media harm to children. The administration will impose a minimum import price for polysilicon, a key component for semiconductors and solar panels, as Trump issues tariffs on key ingredients for electronics. The Trump administration has agreed to roughly $4 billion in settlements this year to cancel planned offshore wind projects, with Trump refunding $4 billion to cancel US offshore wind projects. Vanguard and Norway's sovereign wealth fund struck a cautious response to the regulator, as US public pension funds clash with business groups on the SEC climate risk disclosure shift. The US is banning exports of lithium ion battery and tungsten waste, with lumber prices surging despite the housing slump. The US urgently needs to broaden its export control regime if it's serious about winning the AI race, with Congress needing to hold Trump's feet to the fire on chips. California's attorney-general says the lawsuit involves "first-of-its-kind" litigation, as the state sues DuPont over alleged efforts to avoid "forever chemicals" liabilities. The US is halting key metal waste exports in a push to break China reliance, while White House AI guidelines exempt US open models from government review. Egan-Jones says it stands by the integrity and rigor of its ratings, which have been banned by a key regulator, as the ratings firm faces accusations of grade inflation over $40 billion of insurer debt. A meeting of key FIFA figures faced a stunning demand to sign off on a multibillion-dollar privatization project, with FIFA executives given an ultimatum to approve the World Cup privatization plan. The FDA approved the first drug to treat a root cause of narcolepsy, which could help other sleep conditions as well, with the race heating up for the next big sleep drug. The drug targeted inflammation, and its shocking failure has experts questioning whether inflammation really does cause heart disease, as a promising heart drug fails challenging a long-held theory. The position as a trusted sounding board is in high demand as business gets more complex, with CEOs hiring chiefs of staff in record numbers. The league had been trying to renegotiate its rights deals before an opt-out clause, but Fox will keep NFL rights through 2029. A report finds that meeting data centre demand primarily with gas creates financial risks for utility customers, as over-investment in natural gas could drive up US electricity bills. Repeated heat waves and droughts this summer have put Europe's power system on high alert, with low hydropower stocks in Europe threatening high prices for months. The Rhine conveys vessels and cargo that power European industry, with drought threatening a vital economic artery in the heart of Europe. Record low water levels are disrupting supply chains and adding costs, presenting fresh risks to growth.