Public Markets 3 Days

Last updated: June 11, 2026, 11:31 PM ET

Equity Markets & IPOs

Stocks rallied globally after President Donald Trump signaled a potential U.S.-Iran deal that could end hostilities and reopen the Strait of Hormuz, with South Korea's Kospi jumping 8% as chip stocks led gains and Japanese equities adding 2.1% on improved risk appetite. The optimism extended to financials, where U.S. bank shares reached record highs amid dual tailwinds from diplomatic progress and SpaceX's blockbuster offering. Elon Musk's rocket company priced shares at $135 to raise $75 billion, attracting more than $70 billion in retail orders alone and drawing several billion dollars in commitments from Gulf wealth funds. However, the valuation debate continues, with analysts noting SpaceX trades at a discount to space peers but commands premium multiples typical of AI stocks, while the $15 trillion ETF industry races to convert the offering into leveraged retail vehicles.

Energy & Commodities

Oil futures extended their decline after Trump's weekend deal announcement, with Brent crude settling 1.8% lower at $72.40 per barrel as traders priced in reduced supply disruption risks. The easing energy tensions supported a 1.3% copper rally from three-week lows, while Kuwait shipped liquefied petroleum gas through the Strait of Hormuz using its own tanker amid broader regional supply adjustments. Natural gas futures retreated to their lowest levels since late May as weather forecasts moderated and weekly inventory builds surprised to the upside. In metals, Chinese zinc smelters faced record-low processing fees amid feedstock shortages, and Malaysia's palm oil reserves jumped the most in five months as exports slumped 12% from April levels.

Fixed Income & Currencies

Treasury yields rose across the curve following oil's pullback, with 10-year notes yielding 4.21% and compressing the spread investors demand to hedge the $9 trillion S&P 500 rally. Japanese government bonds tracked the gains in Tokyo morning trade, though a 30-year bond auction drew the weakest demand since June 2025 as yields fell to 1.45%. Gold held gains near $2,340 per ounce but remained below the key $4,500 consolidation level as investors balanced haven demand against easing inflation pressures. The WSJ Dollar Index fell 0.31% to 96.27, snapping a two-day winning streak, while the Singapore dollar weakened slightly amid position adjustments despite broader risk-on flows.

Geopolitical Risk & Market Sentiment

The prospect of an Iran deal calmed markets after Trump's social media announcement canceling planned strikes, though the administration's earlier retaliation threats briefly lifted Treasury yields and the dollar. Private equity firms are capitulating on valuations according to Apollo's Scott Kleinman, as borrowing costs normalize after years of easy-money conditions. The rapid expansion of complex credit structures mirrors pre-crisis buildup patterns, warned Pacific Investment Management Co.'s Dan Ivascyn, as junk debt markets flash stagflation warnings amid Middle East uncertainties. European equities snapped a four-day losing streak with energy shares leading gains after the ECB's first rate hike in three years lifted bank stocks.

Technology & AI Markets

Media Tek shares are poised for record quarterly gains as investors bet on the chipmaker's AI transition, with the stock up 34% this quarter on hopes its new processors can challenge Nvidia's dominance. Adobe's CFO exit coincides with plans to prioritize "freemium" AI offerings over short-term recurring revenue growth, signaling a shift toward user acquisition at the expense of immediate monetization. However, Meta's AI push encountered security setbacks after a bug in its new artificial intelligence software allowed hackers to take over Instagram accounts. The AI public market floodgates are opening according to FT analysis, with the huge sums Wall Street is raising representing only an initial down payment on sector expansion.

M&A & Private Markets

Blackstone is in talks to acquire Canada's H&R REIT in what would mark the private equity giant's latest real estate push, while Crowe LLP agreed to sell a majority stake to KKR in a nearly $3 billion deal. Vodafone Three bid for TalkTalk's consumer business to fulfill ambitions of doubling its broadband footprint, and Carlyle Group invited bank pitches for a potential India IPO of its healthcare RCM provider. Brookfield and BlackRock's Global Infrastructure Partners advanced their $7.5 billion Kuwait pipeline bid despite regional conflict, indicating sustained infrastructure investor appetite.

Regional Market Developments

India weighed additional steps to attract foreign capital inflows as it seeks to strengthen external finances, while corporate profits hit record highs versus GDP even as domestic stocks struggled amid economic concerns. New Zealand's two-speed growth got a farm sector boost as commodity prices reached sweet spots and cooperative weather patterns supported agriculture. Greece's Atlantic SEE LNG found long-term U.S. deals more difficult to secure after the Iran war upended global energy markets