Public Markets 24 Hours

Last updated: August 12, 2026, 8:35 PM ET

Equities

Asian stocks were poised to gain Thursday after the latest US inflation report matched expectations, easing fears of imminent Federal Reserve rate increases. U.S. equities closed near all-time highs, with the technology sector leading gains after a subdued CPI reading. The S&P 500 was mixed earlier as deadlock in the Middle East offset relatively benign consumer-inflation data and an artificial-intelligence earnings bonanza. Ed Yardeni raised his S&P 500 target to 8,400, citing “fabulous earnings momentum,” while some analysts worry that earnings growth has been too strong.

In corporate news, Cisco reported a sharp jump in profit as AI orders rolled in. Foxconn posted another strong quarter, boosting production of servers for the global AI build-out. Lambda Inc., an AI cloud-computing provider backed by Nvidia, wrapped up a $926 million leveraged-loan deal to finance AI chips. Wall Street giants are betting that Nvidia’s AI chips will hold their value for years, and an exotic money pipeline is being built for the AI boom. Optical component makers surged again as confidence in AI spending revived.

Australia’s ASX Ltd. missed profit estimates and costs grew ahead of incoming CEO Anthony Attia. ANZ Group profit climbed in the third quarter on deposit and loan growth. Origin Energy beat estimates as EV and battery uptake accelerated. Treasury Wine earnings dropped 36% amid a global alcohol downturn. CapitaLand Investment profit rose in the first half on fee increases.

In Asia, Tata Group lost $4.5 billion in market value after Chairman Natarajan Chandrasekaran said he will step down. His departure comes amid a succession row at India’s largest conglomerate. Godrej Consumer shares plunged after CEO Sudhir Sitapati resigned with immediate effect. Sanrio tumbled 20% after a first-quarter operating income miss. Rakuten sank the most in over two years as mobile losses persisted. SK Hynix and Samsung gained on a report that Temasek plans to invest. JPMorgan raised its Singapore stocks target to 7,000.

In Europe, European indexes were mostly lower as Middle East tensions weighed. ABN Amro beat profit estimates on higher fees and raised its revenue outlook. Hannover Re posted lower net profit on a currency hit. Vestas shares soared after wind turbine orders bounced back, and its CEO said the EU prevents mergers needed to compete globally. DMG Mori aims to raise $300 million via a Japan share sale. Shoprite jumped as e-commerce fueled profit growth. AGL Energy shares jumped on strong battery performance. Northern Star faces activist Elliott nominating six board candidates.

Other notable moves: Tencent AI spending slowed its profit-growth run. GoTo faces MSCI index exclusion after a share plunge. Turing, a Japanese self-driving startup, plans a U.S. office and targets a $10 billion IPO. India’s small and mid-cap funds remain hot, outpacing large caps. Singapore Airlines lost almost $800 million on its Air India bet.

Fixed Income

A $42 billion auction of 10-year US Treasuries resulted in the highest yield since 2007, luring decent appetite. Treasury yields and the dollar partially recovered from morning declines after the CPI data. Eurozone government bond yields rose ahead of the U.S. data. South Korea’s 30-year bond yield hit a record on oil and rate hike bets. Pimco says market angst over Fed credibility is overdone and current US bond yields look attractive.

In credit, Air Baltic bonds slumped further into distressed levels after the airline announced a debt-for-equity swap. QTS held investor calls ahead of a potential $2.85 billion data-center bond sale. Hormuz closure helped emerging-market company bonds outperform US peers. China revived its free-trade-zone bond market after a crackdown. Goldman Sachs is doubling down on "boomer candy" ETFs using derivatives to limit downside. Business development companies are paying more to borrow as the Fed hikes. Wealth management has a $3 trillion problem: investors are keeping too much cash.

On the regulatory front, the SEC rejected Egan-Jones bid to re-enter government debt ratings. MEMX filed to list prediction market-style bets on earnings. Korea will require mock trading for leveraged ETFs. India options trading dropped 27% due to a new closing auction.

Currencies

The yen traded near 160 per dollar, keeping traders on watch for intervention. Yen option activity increased ahead of US inflation data. Intervention to strengthen the yen put China’s yuan under more pressure to appreciate. Emerging-market currencies traded mixed as inflation data failed to shift Fed bets. The Brazilian carry trade faced election jitters. The rand carry trade lured investors to South African bonds. China authorized Deutsche Bank as the first non-Chinese yuan clearer in Europe.

Commodities

Gold steadied near $4,400 an ounce after tame US inflation data eased rate-hike bets. Precious metals climbed, with gold up for a fourth consecutive session and silver rising 1.2%. A market talk roundup covered gold, silver, palm oil and Glencore.

In agriculture, the USDA made a surprise cut to corn yield projections, now at 180.7 bushels per acre. China’s soybean commitment under the trade truce is tested as private crushers hold back. China’s commodity markets defy the economic rulebook by surviving on lower prices. Colombia’s coffee exports were disrupted by an earthquake, though partial resumption through Buenaventura began.

In base metals, Rio Tinto’s aluminum smelter received a $1.8 billion government bailout to keep operating. Lloyds Metals was authorized to restart the giant Panguna copper mine in Papua New Guinea.

Energy

Oil futures ended little changed as Strait of Hormuz talks appeared at a standstill. U.S. crude stockpiles posted an unexpected build of 17.4 million barrels. Russia’s oil output lagged its OPEC+ quota by almost 1 million barrels a day in July due to Ukrainian attacks. Black Sea tanker rates surged to a record after drone attacks. OPEC again cut its oil-demand forecast as Hormuz talks stalled. The IEA said the Hormuz standoff deepens the demand slump. Saudi Arabia reported a 1 million bpd output rebound in July. The UAE offered to shuttle Iraqi oil through the Strait of Hormuz.

Natural gas futures rose on hotter weather forecasts. Americans are paying record prices for fuel so late in the year. Scotland’s North Sea oil revenues dropped 12%, and North Sea producers were told to speed up well closures. Germany seeks bids for Uniper, the nationalized energy firm. Power stocks are losing steam as data-center backlash complicates demand. A Bloomberg analysis suggests most electricity sought for AI data centers won’t materialize. Eskom targets the data centre “gold rush” with its power surplus.

Fund Flows & Macro

Norway’s $2.3 trillion sovereign wealth fund achieved a record first-half return, and its CEO says it’s “as good as it gets.” The fund also posted its best quarter since 2020. A separate report shows a record profit of nearly $185 billion before currency effects, buoyed by Asia tech stocks. New York City’s five pensions gained 13% on surging US stocks. Bank of America committed $250 billion to US projects. India’s inflation held within the RBI’s target, backing a pause. A judge dismissed Adani fraud charges.