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Last updated: August 10, 2026, 5:35 AM ET

Equities

US equities futures ticked higher Monday, extending last week’s gains as blockbuster earnings from the largest U.S. companies eased concerns about AI spending and inflation. The Stoxx 600 and Germany’s DAX pushed to fresh record highs, while the FTSE 100 slipped. European markets were mixed; London’s underperformance continues to fuel calls for more capital to revive its public markets. Indonesian stocks are nearing bull-market territory as economic worries recede, while Korea small caps surged 30% on rotation from leveraged ETFs. China’s AI stocks are gaining traction as Beijing shifts from subsidies to direct market bets. Stock funds are up 10.6% so far this year despite a turbulent month, and the leveraged ETF boom is amplifying intraday volatility plays.

Fixed Income

Eurozone government bond yields edged higher amid uncertainty over U.S.-Iran negotiations to reopen the Strait of Hormuz. Treasury Secretary Bessent is sending fresh signals to keep yields from spiking, interpreted by Wall Street as bond-market angst. The private credit sector is showing growing strain, with default rates at recent highs and internal loan reviews pointing to tougher times ahead. India’s closing auction is drawing complaints from high-frequency traders after new SEBI short-selling rules.

Commodities

Oil prices rose on growing doubts that the Strait of Hormuz can reopen soon, with oil holding gains as Iran and Oman remain short of a deal and Houthi militants attacked a Saudi refinery. Bullion held above $4,400 an ounce after its best weekly performance since January, while gold steadied above $4,300 after soft U.S. jobs data trimmed rate-hike bets. Wheat futures hit a one-week high as Black Sea shipping disruptions raised supply concerns, and Australian wheat is rebounding, offering a crucial buffer. Turkey resumed Black Sea ship transits after unexplained delays, while Adnoc Gas plans $8 billion in expansion after OPEC exit, and Adnoc Gas is also exploring a new LNG export hub outside the Strait of Hormuz.

Currencies

The euro was flat against the dollar after a seven-week high, with ING saying Wednesday’s U.S. CPI data could lift it above $1.16. The yen has underperformed all G-10 peers this month as intervention support fades, putting traders on alert for further action. The Aussie-yen cross is set to approach a three-decade high as the RBA’s hawkish stance bolsters the Australian dollar. Emerging-market stocks and currencies climbed after soft U.S. jobs data eased Fed rate-hike expectations. India’s FX reserves climbed for five straight weeks, nearing a record, as foreign inflows boosted the stockpile. Emerging Asia currencies are increasingly supported without dipping into reserves, as central banks find new ways to guard against Middle East tensions.

Geopolitics & Trade

Iran’s demands for reopening the Strait of Hormuz are narrowing Trump’s options, with Iranian rhetoric hardening as Tehran insists on a return to the June MOU. Strait of Hormuz remains Iran’s best leverage to secure frozen assets and sanctions relief. Israel rejected Trump’s 15-point plan to disarm Hamas, complicating the broader Middle East picture. The appointment of Mohsen Rezaei as security secretary suggests Iran’s old guard is consolidating. Sunrise Energy shares soared after the U.S. provided a $400 million loan to develop a scandium project, while Australian rare earths faced widening orders on Chinese investors. Ice Silk Road shipping through the Arctic reduces voyage times, bypassing traditional chokepoints.

Central Banks

The BoJ faces a critical moment as the yen weakens and intervention boost fades. Destry Damayanti was nominated by Indonesia’s president to head the central bank, a move likely to calm markets after Perry Warjiyo’s resignation. The Philippine central bank is keeping a rate hike on the table despite weak GDP growth, while Hungary’s central bank renewed support for joining the euro area. Egypt’s inflation accelerated for the first time since March, disrupting an easing streak amid the ongoing U.S.-Iran war.

Sector Movers

Asian carmakers are cashing in as high petrol prices lift U.S. demand for hybrids, with sales from Honda, Hyundai and Toyota jumping a fifth in July. Treasury Wine shares soared to an eight-month high after a massive writedown to tackle U.S. supply issues. Westpac shares dropped as mortgage applications fell, signaling a worsening housing slump. Barrick faces investor backlash over its chairman’s