Public Markets 24 Hours

Last updated: August 8, 2026, 11:36 PM ET

Markets Overview

Global equities extended their gains as blockbuster earnings from America’s largest companies eased worries about AI spending and inflation. The S&P 500 hit fresh records, while regional markets showed signs of stabilization after recent turmoil. South Korea’s Kospi index rebounded as the most extreme phase of the Korea volatility subsided, with leveraged positions flushed out and regulatory curbs on risky products taking effect. Meanwhile, China’s inflation data pointed to cooling demand pressures.

Equities

U.S. stocks powered higher as corporate results exceeded expectations, reinforcing confidence in the economic outlook. The rally was broad, with technology and industrial sectors leading. In China, a major driver of equity issuance has been CICC, the investment bank that has become the dominant financier in Beijing’s push to compete with the U.S. in the AI race, underwriting a wave of tech IPOs. Across the Atlantic, British housebuilders finally caught a break: London housebuilders are seeing a pickup in construction activity, though merely returning to normal won’t be enough to meet ambitious government targets. In the grocery sector, Sainsbury’s faces pressure to adopt bolder strategies, having delivered distinctly terrestrial returns over the past two decades. Pharmaceutical giant Pfizer is grappling with sliding vaccine revenues and concerns it overpaid for new drugs, putting pressure on its CEO. A temporary reprieve was granted to WuXi AppTec, when a U.S. judge blocked the Defense Department’s designation of the pharmaceutical contractor as a Chinese military company.

Fixed Income & Credit

The bond market saw a shift as highly-indebted companies increasingly ditch private credit loans for cheaper bank debt, a move underscored by higher-for-longer rates. Private credit lenders are feeling the squeeze as borrowers refinance into the bank loan market. In distressed debt, First Brands is urging a court to approve a bankruptcy settlement that would fund lawsuits to pursue billions of dollars in claims arising from an alleged fraud scheme at the collapsed car‑parts maker. Meanwhile, Vistry suppliers face a cash‑flow squeeze after Allianz Trade moved to cut credit insurance cover for the UK housebuilder’s suppliers.

Commodities & Energy

Oil markets remain tense amid geopolitical jitters. A top Iranian official laid out tough Hormuz demands for reopening the Strait of Hormuz, including U.S. withdrawal, while the UAE reported a missile attack on one of its ships. Separately, Tehran’s demands include compensation for war damage. The standoff is tightening oil supply expectations. A diesel squeeze is setting the stage for a worse crunch: diesel squeeze from wars in the Middle East and Ukraine is driving prices higher just as demand rises ahead of the Northern Hemisphere winter. In coal markets, Indonesia—one of the world’s biggest producers—is battling to keep the lights on as Indonesia coal price controls discourage domestic supply, leading to blackouts. Europe’s power system, already under stress from heatwaves, faces a new threat from a solar eclipse power that will tighten electricity supplies across the continent. The turn toward renewable energy is gaining pace elsewhere: Cuba solar, with Chinese help, is helping the island weather increased U.S. pressure as it runs low on oil. In Venezuela, daily blackouts have sparked protests as Venezuelans protest despite government pledges to invest in the grid.

Currencies & FX Policy

Currency markets saw action as intervention efforts drew scrutiny. The U.S. intervention in yen markets exposed a financial weak spot: US yen intervention points to the squishy underbelly of American economic strength. A broader analysis of currency interventions shows they have a mixed record—you can’t fight macro forces with FX moves. In trade tensions, Canada‑U.S. trade talks saw Ottawa offer concessions to prevent 50% tariffs, but Prime Minister Carney insists on a comprehensive deal.

Macro & Policy

China’s inflation data provided a key reading on the world’s second‑largest economy. China inflation cooled more than expected in July, while factory‑gate prices eased for the first time since the Iran war broke out, as the oil shock from the conflict begins to fade. In the U.S., the Senate passed a stopgap bill to avert a government shutdown more than a month before the deadline, reflecting eagerness in both parties to avoid a messy fight before the midterms. Across the Atlantic, UK Prime Minister Burnham’s talk of using “flexibility” within fiscal rules to ramp up investment could backfire by destabilizing financial markets, according to fiscal flexibility concerns at the Treasury. City bosses are urging Burnham to rule out changes to pension lump sums in the next Budget, warning against inviting pre‑Budget speculation.

Deals & IPOs

The IPO market showcased blockbuster activity. Elon Musk’s SpaceX saw its market value swing by $300 billion after the biggest IPO ever, putting Musk back in grind mode to execute on highflying promises. SpaceX’s market value volatility was a test of his staying power. On a smaller scale, a virtually unknown fintech that once soared to a $1 billion market value after signing a deal with the Trump family’s crypto platform has sold its core business for just fintech sale $12 million. In the M&A space, Berkshire Hathaway’s Greg Abel finally put the conglomerate’s massive cash pile to work, ploughing a net $20 billion into stocks as he ended a more than three‑year selling streak. Greg Abel is now aggressively deploying capital.

Crypto & Digital Assets

The crypto world had a rough week, but traders found solace at crypto bar meetups. Meanwhile, a landmark crypto bill stalled in the U.S. Senate despite a $225 million lobbying push, as lawmakers spar over regulation.

Autos & Consumer

The electric‑vehicle honeymoon in America appears to be over. Drivers who got hooked on great lease deals are now considering hybrids and gas cars—or simply paying higher prices. EV market dynamics are shifting as early adopters reconsider their options.

Essays & Analysis

For those seeking a longer perspective, a veteran market strategist shares a valuing stocks history, reflecting on a career spent trying to find what shares are really worth—and whether that will protect against losses in the next crisis.