Public Markets 24 Hours

Last updated: August 9, 2026, 2:35 AM ET

Equities

A wave of strong corporate earnings has lifted European stocks, with companies in the Stoxx Europe 600 on track to deliver a 22% profit increase in the second quarter. The rally comes as investors shake off geopolitical gloom. In the U.S., blockbuster earnings from the largest companies have eased worries about AI spending and inflation, helping to extend stocks’ record run. In Asia, South Korea’s stock-market turmoil appears to be ebbing after a historic selloff flushed out leveraged positions; the Korea volatility spike has eased as regulatory curbs cooled trading in the riskiest products. Meanwhile, the Chinese investment bank CICC has emerged as a dominant financier in Beijing’s tech race, leading a China AI listings bonanza as Beijing pushes to compete with the U.S. On the corporate front, Berkshire Hathaway’s Greg Abel has put Warren Buffett’s cash pile to work, ending a more than three-year selling streak by ploughing a net $20bn into stocks. In another notable move, SpaceX experienced a $300bn swing in market value after its record IPO, and Elon Musk must hang on to execute on highflying promises. A virtually unknown fintech that once soared on a Trump-linked crypto deal has sold its core business for just $12 million, a stark comedown from a $1bn market value.

Fixed Income & Credit

The higher-for-longer interest rate environment is reshaping credit markets. Highly-indebted companies are increasingly ditching private credit loans for cheaper capital in the bank loan market, as private credit squeezed by bank refinancings underscores the shift. Meanwhile, bankrupt auto-parts maker First Brands is urging a court to approve a settlement plan that would fund lawsuits to pursue billions in claims arising from an alleged fraud scheme. The bankruptcy settlement aims to unlock value for creditors.

Commodities & Energy

Middle East tensions continue to roil energy markets. Iran has demanded that the U.S. withdraw from the region and pay compensation for war damage before reopening the Strait of Hormuz. A top Iranian official laid out a series of tough demands for opening Hormuz, while a separate Tehran statement said the U.S. must "rectify its behaviour." Oil prices remain elevated amid the stalemate. In Asia, Indonesia—one of the world’s biggest coal producers—is struggling to keep the lights on as its attempt to contain domestic prices has discouraged companies from supplying the local market, leading to coal shortages and power blackouts. In Europe, an approaching solar eclipse threatens to tighten the continent’s already-strained electricity system, which is under stress from heatwaves. The solar eclipse is expected to reduce solar generation sharply.

Currencies & FX

Currency interventions have a mixed record, as central banks struggle to fight macro forces. A new analysis shows that currency interventions often fail to reverse fundamental trends. The dollar strengthened on safe-haven demand amid the Iran crisis. In trade news, Canada is offering the U.S. concessions to prevent 50% tariffs on many Canadian goods, with Prime Minister Carney demanding a comprehensive deal in ongoing talks. China’s inflation data released over the past 24 hours showed consumer prices decelerating more than expected in July, while factory-gate inflation eased for the first time since the Iran war began. The WSJ report and a separate Bloomberg analysis both point to cooling cost pressures from the oil shock, suggesting the People’s Bank of China may have room to ease policy.

Cryptocurrencies

It was a volatile week for digital assets. Crypto traders hit the bars to commiserate after a tough stretch, with one Bitcoin bar in New York seeing a surge in business. Meanwhile, a landmark crypto bill has stalled in the U.S. Senate despite a $225mn lobbying push. The crypto bill faces partisan gridlock as lawmakers spar over regulatory oversight.

Policy & Geopolitics

The U.S. Senate passed a stopgap spending bill more than a month before the deadline, reflecting a desire in both parties to avoid a messy fight before the midterms. The stopgap bill averts a government shutdown and punts contentious budget negotiations to after the election. Elsewhere, the Iran war depletes weapons stockpiles, with analysts warning that a drawn-out conflict benefits Russia and China. The U.S. burning through weapons in Iran has significant implications for defense stocks and geopolitical risk premiums. In the Middle East, Yemen teeters on civil war as the Hormuz stalemate escalates conflict between the government and Iran-backed Houthi rebels.