Public Markets 24 Hours

Last updated: August 10, 2026, 2:36 AM ET

Public Markets

Global equities were mixed as markets digested soft US jobs data and geopolitical tensions. Stocks extended their record run, with blockbuster earnings from large US companies alleviating concerns about AI spending and inflation. However, UK stocks were set to fall, with the FTSE 100 under pressure amid a steady pound. Japanese stocks rose 1.2%, led by electronics and metals, as weak US jobs data reduced the likelihood of Fed rate hikes. Stock funds are up 10.6% so far in 2026 after a turbulent month, with tech stocks seesawing on AI expectations. Europe’s stock market is firing on all cylinders, drawing money managers who believe the rally is durable. China is betting on AI stocks to race against the US for chip and tech dominance, marking a break from reliance on subsidies. South Korea’s small caps surged 30%, driven by rotation from leveraged ETFs as restrictions on chipmaker-focused funds shifted investor interest. Indonesian stocks are near bull-market territory, buoyed by a resilient economy and easing concerns. Westpac shares dropped as the Australian lender reported a decline in mortgage applications, signaling a worsening housing slump. Treasury Wine shares soared to an eight-month high after announcing a A$558.4 million writedown to tackle US supply chain problems. Barrick Gold’s chairman faces investor backlash over a planned overhaul, as he seizes control from the CEO. Sunrise Energy shares jumped after the US provided a $400 million loan to develop a scandium project, backing the Australian rare earth miner to cut out China. Australia widened orders on Chinese investors in a rare earths firm, requiring government approval for sales.

Fixed Income and Credit

Bessent is sending signals to calm bond markets, with Wall Street interpreting his moves as an effort to keep yields from spiking. JGBs edged lower amid a potentially quicker pace of BOJ rate hikes, following the Summary of Opinions from the July meeting. Private credit is under growing strain, with default rates hitting recent highs and internal reviews pointing to tougher times ahead. Private-credit fund liquidity definitions vary widely, with some managers using aggressive math to project strength. Leveraged ETFs are creating new ways to profit from sudden volatility in tech stocks. Hungary’s central bank renewed support for joining the euro area, saying it would benefit the economy.

Currencies

The yen underperformed all G-10 peers this month as the boost from recent intervention fades, putting traders on alert for further official action. The Australian dollar is poised to climb back toward a 35-year high against the yen, supported by the RBA’s hawkish stance. Asian currencies weakened against the dollar ahead of US CPI data due Wednesday. Emerging-market stocks and currencies climbed as expectations for Fed rate hikes eased following the weak US jobs report. India’s FX reserves climbed toward a record, rising for five straight weeks amid foreign inflows. Emerging Asia is finding ways to defend currencies without dipping into reserves, as Middle East tensions persist.

Commodities

Gold held steady in the Asian session, with the US July payrolls report encouraging a softer labor-market path, weighing on the dollar. Gold steadied above $4,300 an ounce as a surprise contraction in the US jobs market allayed rate-hike fears. Oil prices climbed as hopes for a breakthrough on the Strait of Hormuz were dashed, while oil extended gains as Iran and Oman remained short of a deal and Houthi militants claimed an attack on a Saudi refinery. Iranian demands hardened, with Tehran saying the US must meet new conditions before reopening the strait. Wheat hit the highest in more than a week on disruptions to Black Sea shipping. Australia’s wheat crop is rebounding, which could help buffer the global supply outlook. Turkey resumed allowing ships to transit its straits to the Black Sea after unexplained delays. Romania extended its second nuclear reactor’s output by nine days after explosive works on the Danube increased river flow. The London bullion market is planning a digital gold pivot, with the FCA encouraging digitization of financial markets. Adnoc Gas will invest more than $8 billion in expansion after the UAE’s OPEC exit.

IPOs and Corporate Actions

Shein is valued at $22 billion to $25 billion ahead of its IPO, according to Bloomberg Intelligence. DatVietVAC, a Vietnamese TV producer, is pursuing an IPO to replicate the success of South Korea’s entertainment industry. HFTs are shunning India’s stock closing auction over SEBI short-selling hurdles, affecting the $5.2 trillion market. Asian carmakers are cashing in as high petrol prices lift US demand for hybrids, with sales jumping a fifth in July.