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Last updated: August 27, 2026, 3:02 AM ET

Global Equities

Global stocks were mixed Thursday as investors digested Nvidia's results, which beat Wall Street expectations for the 15th straight quarter and projected 70% sales growth next year. The chip giant's bullish outlook bolstered optimism that this year's rally in artificial intelligence shares has further to run, with Nasdaq futures rising in response. In Europe, stocks held steady with banking shares advancing ahead of the earnings report, while the FTSE 100 was expected to miss out on the Nvidia-fueled rally. Asian markets were mixed after the results, with Japanese chip stocks initially falling 0.4% ahead of the announcement before recovering.

US equities ended Wednesday unchanged as investors prepared for Nvidia's earnings, while a day earlier stocks ticked down after a surprisingly hot inflation report. After the bell, Nvidia climbed in postmarket trading, with European chip stocks mixed beforehand. The results were a strong validation of the AI infrastructure trade, according to Saxo Markets, though a persistent $1.5 trillion revenue gap question remains unanswered. US index futures indicated a flat to slightly higher open as traders shifted to the key Jackson Hole symposium.

Currencies & Fixed Income

The dollar rose by the most in over two weeks, recovering about half of the losses triggered by Treasury Secretary Scott Bessent's surprise buyback move, as inflation data remained elevated. Treasury yields edged higher after the PCE index showed inflation remains above target, and the dollar and the yields both edged higher. Shorter-maturity Treasuries fell as traders weighed the data, with bonds slipping marginally against their peers.

The climate has reignited expectations that the Fed may need to raise rates, with Kevin M. Warsh scheduled to deliver his first address at Jackson Hole with bond markets on edge. The Treasury's buyback move is showing early signs of working for the bond market, with Morgan Stanley's Vishal Khanduja scaling back long-bond bets. Yet the US Treasury is on a collision course with the Fed over bond dynamics. Mr Bessent is also conducting a credibility test in his quest to tame markets, while his activist Treasury style makes the November refunding a wildcard for the bond market, and experts weigh whether his D-Day sanctions will be a game changer. On the eurozone side, French borrowing costs have now exceeded Italian for most of the summer, with France replacing Italy as Europe's biggest bond market worry. Political fragility has moved sovereign risk premiums based on how power is organised. In Asia, the yen was also steady ahead of the Bank of Japan's deputy governor speech, while the Singapore dollar consolidated against its trading partners.

Commodities and Energy

Crude oil prices fell for a fourth day as traders weighed progress on increasing energy flows through the Strait of Hormuz against rising Russia-Ukraine tensions, while oil futures settled lower in choppy trade on cautious expectations of a reopening. Brent fell near $85 as Nvidia earnings dominated. US economic sanctions threatened any entity engaging with Iran's gold, crypto, aviation and tech sectors, while the Justice Department readied a Civil War-era court to seize Iranian oil as naval prizes. The US has also vowed economic war against Bank Melli, Iran's largest lender, and Iranian tankers are gathering off Sri Lanka as the blockade hits. A shipping boss said the Iran war was approaching a Ukraine-style stalemate.

The Kremlin's war effort has led to wheat hitting a three-year high as Russia prepares to escalate, while global food systems face El Niño risk. Diesel supplies in the US hit a record seasonal low as demand season looms, and Europe's diesel crunch is drawing the first Mexican supplies in seven years. The diesel surge is helping oil companies and hurting consumers, while US natural gas futures rose to a one-month high as hot weather persists, even as gas overtakes oil as the key inflation risk for European debt.

Gold, Metals and Mining

Gold bounced above $4,600 an ounce as investors turned focus to the Fed's rate path ahead of Jackson Hole, with the precious metal facing limited downside due to the dollar debasement trade continuing to attract buying. Both Bitcoin and gold ETFs drew $7 billion as investors hedge against fiscal anxiety—not choosing but buying both. The rich went wild for gold this year, with their faith in the metal seemingly untarnished.

Hochschild Mining shares jumped over 12% after earnings soared, with average gold prices rising around 47% and silver 130%. Swedish miner Boliden has agreed $1.3 billion to take control of zinc producer Nexa Resources, expanding into Brazil and Peru by acquiring Votorantim's stake.

FX and Rates

Hedge funds are boosting bets the Aussie dollar will outperform the kiwi on prospects of higher Australian rates. After a hot CPI reading, economists predict an RBA rate hike as early as September. Australia's household spending also surged past estimates in July despite previous rate rises.

The Colombian peso stumbled on a dollar shortage, testing the currency's carry appeal, while the central bank chief warned of damage from the unrelenting peso putting exporters at a tremendous disadvantage. The Indonesian rupiah and bonds edged lower as investors eyed a protest in Jakarta. The Indian rupee is being supported by the central bank whenever it weakens, endowed with fortifying FX reserves.

Capital Markets and Deals

Asset management is consolidating: Vanguard bought Altruist for $4 billion to push into advisory, while Victory Capital agreed to buy First Eagle for approximately $7 billion as fund deals reached $53.8 billion this year. Shein backers have agreed to a six-month lockup on new IPO shares, and Unique, a cinema software group, is exploring a £300mn London listing. Red Bird is near a deal for Puck at $250mn valuation. Sports streamer DAZN is acquiring Ever Pass Media to expand further into the US.

The Hong Kong court decision means Liquidators can pursue PwC globally over this Evergrande collapse, with the ruling to threaten Big Four firm network partnership model. Macquarie has dropped KPMG as auditor amid a data scandal in Australia.

Meta will pay up to 1847.6 billion to settle claims it harmed young users on social media in a landmark with several states. A movement to restrict social media for children globally has gained acceptance, and teens are divided on new efforts.

Metals and Infrastructure

Fortescue weighs its debut Panda bond for about $446 million despite China tensions. Li Ka-shing's CK reaped maintaining a $22.8 billion ask for its ports portfolio despite Panama loss. D.R. Congo copper railway secured a 30-year and the first US phosphate plant in decades is planned as a Louisiana proposal.