Public Markets 3 Days

Last updated: June 12, 2026, 2:30 AM ET

Energy, Metals & Commodities

Oil futures slid 1.3% in early Asian trade as OPEC+ signaled potential output increases, while gold held near $2,340 amid a weakening dollar. A surge in aluminum prices propelled China Hongqiao's Zhang Bo past $48 billion, cementing his position among Asia's wealthiest industrialists. Copper rallied and mining stocks surged after President Trump claimed the US was nearing a deal to end the Iran war that had clouded global economic prospects. Oil extended declines following Trump's announcement, while Iraq boosted exports and Kuwait shipped cooking gas out of Hormuz as Middle East supply routes stabilized. Europe secured rare Oman, UAE oil as China curbed purchases, and Malaysia's palm reserves jumped amid slumping exports.

Fixed Income & Central Banks

Japanese government bonds extended gains tracking overnight Treasury rallies as traders increasingly priced in a September Fed rate cut. The European Central Bank hiked rates to 4.5% and IMF said more tightening is needed, while the Bank of Canada held steady describing the economy as "weak." Canadian bonds rallied across the curve, and longer-dated Treasuries held oil-driven gains despite middling auction demand. The ECB's second straight hike came as ECB Governing Council member Nagel signaled readiness to hike again if Middle East shocks required it.

Equities & IPO Momentum

Asian chip stocks rebounded strongly alongside South Korean shares as Iran deal hopes sparked a broad risk-on sentiment. MediaTek's rally signaled a shift from laggard to AI contender, while Asian stocks rose ahead of SpaceX's blockbuster listing. US bank stocks hit record highs on Iran deal optimism and IPO fever, with dollar-denominated bonds weakening as the greenback fell 0.31%. Gold settled 3.6% lower at $4,108.20, while Bitcoin found a bounce but remained below key consolidation levels. SpaceX IPO drew at least $5 billion from BlackRock, with Asian investors shut out seeking creative exposure to the $75 billion offering.

Currencies & Cryptocurrencies

The WSJ Dollar Index fell 0.31% to 96.27, snapping a two-day winning streak as Trump's Iran deal signals eased haven demand. The Singapore dollar edged lower amid position adjustments but remained poised for gains on risk-on sentiment. Emerging-market assets rallied as foreign investors sold Indonesia amid protests against President Prabowo's economic policies. The British pound fluctuated ahead of a UK parliamentary vote, while eurobonds faced volatility from political uncertainty.

Corporate News & Deals

Victoria's Secret board won shareholder approval with all nine directors reelected, including the controversial chair. Frasers Group offered €2 billion for Hugo Boss as Mike Ashley expands his fashion empire. Lovesac cut forecasts as losses widened, contrasting with RH's raised outlook expecting 4.5%-8% revenue growth. Danske Bank's CEO eyed first acquisition since the laundering crisis, while Qualitas expanded to the UK via a loan manager buy. Canyon tapped ex-Atlas CEO for a new asset-backed finance venture targeting $5 billion in annual lending.

Market Structure & Technology

CME announced 24/7 WTI oil and gold contracts to extend trading hours. Adobe shifted focus to freemium users amid CFO exit, prioritizing user growth over short-term revenue. Coupang paid $409 million in a record Korean data breach fine, while Amazon disclosed 2.5 billion gallons of data center water use in 2025. Waymo launched national ads as autonomous vehicle rivals proliferated, and KPMG admitted AI hallucinations in its own sustainability reports.

Geopolitical & Macro Risks

Trump's Iran stand-down calmed markets after he called off strikes and signaled a potential peace deal. Severe storms swept the Midwest with tornadoes reported in Illinois, Indiana, and Wisconsin. US Treasury eased Venezuela licenses to facilitate oil investment, while Israel struck Lebanon's Tyre as a US-brokered truce faltered. Navy admiral fired by Hegseth advanced in a House runoff, reflecting broader political turbulence. Governments ramped up bond issuance at record pace as public spending surged, with Europe set to get rare Oman, UAE oil displacing Russian supplies.