Public Markets 3 Days

Last updated: June 23, 2026, 5:30 AM ET

Global Equities & Market Sentiment

Global stock markets experienced a broad selloff, with technology shares leading the decline, particularly in Asia. Futures for the Nasdaq Composite fell more than 2% in early European trade as a tech rout gathered momentum. In South Korea, the Kospi index tumbled 10% from its record high, driven by renewed concerns that the recent rally in chip-heavy stocks had become overextended. Chinese equities listed in Hong Kong edged closer to a bear market, weighed down by tepid consumer spending and fading confidence in e-commerce firms, while broader sentiment soured on concerns over the global economic outlook. The SpaceX rally also reversed sharply, contributing to a wider decline in global stocks.

Economic Indicators & Inflation

European Central Bank officials see inflation lingering above target for an extended period, according to Chief Economist Philip Lane. Governing Council member Jose Luis Escrivá noted that elevated oil prices are beginning to affect other sectors of the economy. Despite these inflationary pressures and geopolitical jolts from the Iran conflict, business activity in the euro area contracted less than expected in June, fueling cautious optimism about the region's resilience. In India, economic activity showed a slowdown in June, with a flash survey indicating that cost pressures and softening demand are weighing on businesses.

Energy & Commodities

Oil futures declined on expectations of increased supply following progress in US-Iran peace talks, with hedge funds boosting bearish bets on crude. However, prices later edged higher amid mixed signals from the negotiations, as conflicting information emerged regarding the status of the US waiver allowing some Iranian oil exports. Iran is actively seeking to court major Asian oil importers as a 60-day US sanctions waiver takes effect, aiming to resume exports and clear a backlog of crude. The Strait of Hormuz saw increased traffic as more tankers openly signaled their intent to traverse the chokepoint, reflecting growing confidence among shipowners, though some Thai shippers remain wary despite a ceasefire. Aluminum prices touched a three-month low as peace talks suggested the return of supplies from key producing regions, although the broader shock to the aluminum market was blunted by Chinese supply and alternative transit routes despite the Iran war. Natural gas futures in the US gained on weather forecasts, while European gas edged higher after initial talks between the US and Iran appeared rocky.

Corporate Activity & IPOs

SoftBank-backed used-car marketplace Carro is reportedly exploring a US IPO, potentially filing confidentially as soon as this month. In China, renewable energy group China Resources New Energy Holdings is set to raise $3.6 billion in what is poised to be the country's largest IPO in four years, attracting strong interest from retail investors ahead of its Shenzhen debut. The IPO drew strong demand from investors, underscoring its significance. Meanwhile, GM-backed self-driving firm Momenta Global is gauging investor interest for a Hong Kong IPO as early as this week. Private equity firm IG4 Capital stated it has sufficient capital to acquire all of Raizen SA's debt in cash as it seeks control of the sugar and ethanol producer. In the IPO market, Bending Spoons SpA and its backers are seeking to raise up to $1.62 billion in an initial public offering.

Technology & AI

The global selloff in technology stocks continued to deepen, impacting markets worldwide. South Korean chipmakers were particularly hit, with the Kospi index tumbling significantly. Investors are pouring AI stock windfalls into South Korea's overheated property market, despite government efforts to redirect funds. In the US, OpenAI is pitching ChatGPT advertisements to marketers at the Cannes Lions festival, signaling its growing ambitions in the advertising space. Nvidia's head of healthcare, Kimberly Powell, believes AI can reinvent the doctor experience, easing workloads and addressing staff shortages. Eli Lilly is leveraging its weight-loss drug profits to develop an "App Store" for scientists, collaborating on AI for drug discovery.

Asia Markets & Currencies

Indonesia faces a critical review by MSCI, with a potential market-status downgrade threatening billions in capital and potentially spurring further capital flight. The energy ministry has directed miners to urgently boost domestic coal supplies amid rolling blackouts, adding strain to the new administration. Chinese stocks in Hong Kong eyed a bear market after the holiday, pressured by weak consumer spending and a shift in investor focus towards AI shares. China is also linking its offshore and onshore yuan in a move aimed at broader currency use. The Thai baht dropped to a one-year low on expectations of a widening interest rate gap with the US, as domestic demand faces multiple headwinds. Japan's five-year government bond auction saw weaker demand than the 12-month average, with yen weakness fueling speculation that the Bank of Japan may need to raise rates sooner. Japanese officials reaffirmed readiness to bolster the yen, and traders are on high alert for intervention following reports of talks between the Japanese Finance Minister and US Treasury Secretary raising intervention risk.

European Markets & Regulation

European stocks were set to tumble as the technology selloff intensified. Top carmakers have warned that the EU's push for tech sovereignty will increase costs, as Brussels' proposals to reduce reliance on US Big Tech raise concerns. Stub Hub UK was ordered to pay a £1.5 million penalty for "drip pricing," failing to include additional charges in advertised prices. The Netherlands plans to open up €1.5 trillion of its pensions market to foreign providers, while domestic funds currently dominate the country's workplace retirement system. Germany has reached an agreement to buy 40% of Europe's largest tank maker, paving the way for a potential IPO.

US Markets & Policy

The US Treasury Secretary held calls with Japan's Finance Minister, providing a short-lived boost to the yen. Kalshi Inc. has added India to its restricted jurisdictions list, weeks after India's technology ministry declared prediction market platforms illegal and moved to curb access. The Commodity Futures Trading Commission has sought public input on perpetual contracts and 24/7 trading for energy derivatives, following concerns raised by industry participants. A federal judge blocked bans on using food stamps for sugary drinks and candy, ruling the Agriculture Department lacked the authority to approve state waivers restricting SNAP purchases. The Justice Department has eased enforcement against those who install "defeat devices" on pickups, stopping criminal prosecutions for modifications that make diesel trucks faster and more efficient but also dirtier.

M&A and Private Equity

Building materials group CRH Plc. is reportedly close to its largest deal ever to acquire competitor Arcosa Inc., with an agreement potentially next week. Private equity firm Reverence Capital plans to invest in accounting firm Eide Bailly, in a deal valued at $1.8 billion, reflecting growing PE funding in the professional services sector. Carlyle Group Inc. is developing a new risk framework for its portfolio, aiming to increase the role of weather insurance to account for severe weather shocks. Private equity bosses are increasingly seeking loans against future profit shares, as payouts stall amid a slow buyout market. Buyout investors are reportedly recreating software products to assess their competitiveness. In Australia, IFM Investors is nearing a 50% stake in toll road operator Atlas Arteria Ltd. ahead of a takeover bid deadline on Thursday night.

Company Specifics & Leadership

Heineken NV has appointed Rafael Oliveira, the former CEO of JDE Peet’s, as its new chief executive, breaking tradition by hiring an outsider to address declining sales. Porsche AG plans to prune its model lineup and deepen cooperation within Volkswagen to improve margins pressured by US tariffs and weak demand in China. Banca Monte dei Paschi di Siena SpA's CEO, Luigi Lovaglio, welcomed competing proposals for the bank, viewing them as a testament to the value created during its turnaround. One of the billionaire heirs of French drugmaker Ipsen SA has left his $4 billion fortune to a Luxembourg charity and an offshore trust, clouding the company's long-term control. Nike CEO Elliott Hill stated that restructuring is taking longer than expected due to the scale of the problems the company faces.

Geopolitical Tensions & Trade

The US and Qatar have warned that EU methane regulations could trigger a gas supply crunch, a claim disputed by industry experts ahead of an EU energy ministers meeting on EU methane rules. Iran is expected to ship 30 million barrels of oil in the week before a US waiver, with sellers slashing prices for crude sold to China following an interim peace deal. Iranian President Masoud Pezeshkian is scheduled to visit Pakistan to discuss increased cooperation, signaling closer bilateral ties. Israel's assets have plunged on peace talks following years of a rally, with concerns that a peace agreement with Iran will weaken Israel's position. Ukraine has escalated attacks in Crimea, creating a new pressure point for Russia by isolating the peninsula. The UK anticipates secure power supplies this winter despite potential disruption from the Iran war, according to the National Energy System Operator on UK winter power.

Market Infrastructure & Regulation

The CFTC's approval of perpetual futures has led to a selloff in US exchanges' shares and prompted a lawsuit. Kalshi Inc. has added India to its restricted jurisdictions, following India's warning that prediction market platforms were illegal and moves to curb access. Indonesia's stock market reforms, including larger free-float requirements and greater transparency, could lead to company delistings.

Other Markets

Gold prices fell in Asian trading, facing near-term challenges, while Deutsche Bank AG