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Last updated: August 9, 2026, 8:34 PM ET

Equities

Blockbuster earnings from the U.S.'s largest companies have bolstered stocks' record run, easing worries about AI spending and inflationary pressures. Stock funds are up 10.6% so far in 2026 despite a turbulent month, with tech stocks zipping about on AI expectations. The leveraged ETF boom is creating new ways to profit from sudden bursts of volatility in tech stocks. Europe's hot stock markets are drawing money managers who say the rally is durable, with the Stoxx Europe 600 firing on all cylinders. Investors are returning to European stocks as strong earnings lift the gloom from the Iran war; companies in the Stoxx 600 are on track for a 22% profit increase in the second quarter. China is betting on AI stocks to race against the U.S. for chip and tech dominance, marking a break from reliance on subsidies. CICC has become the dominant financier in China's AI IPO boom. Asian carmakers like Honda, Hyundai and Toyota are cashing in as high petrol prices lift U.S. hybrid demand, with sales jumping a fifth in July. Treasury Wine flagged a A$558.4 million ($395 million) post-tax writedown ahead of full-year earnings, tackling excess U.S. supply. Westpac reported a slight profit expansion as deposit and loan growth offset the CEO's caution on the housing market. Barrick chairman John Thornton's planned overhaul is facing investor backlash after he seized control from the long-time CEO. German shipbuilder TKMS has secured large order wins, with CEO Oliver Burkhard stressing prudent growth and delivery focus. Hargreaves Lansdown, the UK's biggest DIY investment platform, ordered staff back to the office three days a week.

Fixed Income

U.S. Treasury Secretary Scott Bessent is sending fresh signals to calm bond-market angst, as Wall Street sees efforts to keep yields from spiking. Private-credit funds report liquidity differently, with some using aggressive math to project strength, raising questions about transparency. Hungary's central bank renewed support for joining the euro area, saying it would benefit the economy.

Currencies

The Aussie-yen is poised to climb back toward a 35-year high against the yen as the impact of Tokyo's currency intervention fades and the RBA's hawkish stance bolsters the Australian dollar. Emerging Asia is finding ways to support currencies without dipping into foreign-exchange reserves, as recurring Middle East tensions and higher-for-longer rates persist.

Commodities

Oil prices climbed as hopes for a breakthrough on the Strait of Hormuz were dashed over the weekend. Oil extended gains as Iran and Oman remained short of a deal, while Houthi militants claimed an attack on a Saudi refinery near the Red Sea. Tehran hardened its rhetoric, saying the U.S. must meet new conditions before reopening the strait, after an Iranian missile hit a UAE tanker. Iran is holding firm to Hormuz, pushing for a return to a June MOU to leverage frozen assets, lift sanctions, and end the naval blockade. Trump's Venezuelan oil boom is sputtering as the costs of forcing Caracas to hold free elections prove too high for Washington. Turkey resumed allowing ships to transit its straits to the Black Sea after unexplained delays amid heightened security risks. Australia's wheat crop is rebounding, with prospects turning optimistic, helping buffer an increasingly grim global supply outlook for the grain. Romania extended the operation of the second nuclear reactor at Cernavoda by nine days after explosive works on the Danube increased river flow by 4cm. Indonesia, one of the world's biggest coal producers, is battling to keep lights on as attempts to contain domestic prices discourage companies from supplying the local market. Cuba is turning to solar with China's help amid low oil supplies, helping the island weather increased U.S. pressure.

Economy

China's inflation cooled more than expected in July, with consumer and factory-gate price growth both decelerating, suggesting tepid domestic demand and reflecting extreme weather and falling oil costs. China's factory-gate inflation eased for the first time since the Iran war broke out, while consumer prices also decelerated, indicating cost pressures from the oil shock are fading. U.S. consumer brands like packaged-goods companies, retailers, and food makers are seeing substantial increases in overseas revenue that are outpacing slowing domestic sales.

Geopolitics

Israel rejected President Trump's 15-point plan to disarm Hamas, which aimed at a Gaza withdrawal. Iranian demands are disrupting Trump's plan to end the war, as Iran holds firm on the Strait of Hormuz. Iran's old guard is consolidating power with the appointment of longtime I.R.G.C. commander Mohsen Rezaei as secretary of the Supreme National Security Council. Israel and the U.S. are targeting Hezbollah's finances beyond just weapons, going after the Lebanese militant group's money. Turkey's new cyber law shifts sweeping powers to the presidency, raising concerns about "absolute digital obedience" among social media and gaming platforms. Beijing's crackdown on offshore money flows has targeted Leaf Li's brokerage as a central focus in controlling Chinese capital.