Public Markets 3 Days

Last updated: June 24, 2026, 11:30 PM ET

Public Markets Briefing

Asia-Pacific Equities & Tech

Asian stocks were poised for gains, tracking a rally in U.S. equity futures after Micron Technology Inc. delivered an upbeat forecast that reignited confidence in the artificial-intelligence trade. Shares of Micron Technologies Inc. soared in after-hours trading, sparking a rally that sent Nasdaq futures higher, as the memory company projected a chip shortage extending beyond 2027 leading to a nearly 1,400% profit surge. SK Hynix Inc. shares surged 12% following the memory chipmaker's unveiling of a $29 billion U.S. listing plan, a move analysts believe will boost valuations through capacity expansion and greater foreign investment. The company has now overtaken Samsung Electronics to become South Korea’s most valuable company amid the AI-driven chip boom.

In Japan, Kioxia Holdings Corp. plans to offer US depositary shares in spring 2027, capitalizing on strong demand for AI-related semiconductor exposure. Japanese equities, long seen as a value market, are increasingly attracting growth funds, with AI-linked firms powering to the top of market-cap rankings. Meanwhile, Thailand's stock market is experiencing its best year among Southeast Asian peers, driven by investor discovery of AI exposure. Singapore dollar consolidated against its U.S. counterpart ahead of key U.S. economic data.

China Markets & Trade

China has urged domestic rating firms to curb the concentration of top-tier AAA ratings in its bond market, a significant step towards better credit risk assessment. The country has also started marketing up to €5 billion ($5.7 of sovereign bonds, potentially its largest-ever euro-denominated deal. Chinese copper manufacturer Zhejiang Hailiang Co. is betting that its U.S. customers will absorb higher prices should tariffs be imposed on refined copper suggesting demand resilience. In monetary policy, the People's Bank of China is introducing an overnight tenor into its open-market operations, a move seen as a key step in reshaping short-term borrowing costs. Separately, Jinko Solar Co. aims for breakeven this year as government measures alleviate chronic overcapacity in the solar manufacturing sector.

Energy & Commodities

Oil futures extended declines, nearing the erasure of wartime price gains due to swelling supply and progress in U.S.-Iran peace talks. North Sea crude is showing signs of weakness as Middle Eastern oil floods back into the European market, fueling concerns about a supply glut following the reopening of the Strait of Hormuz leading to a drop in oil futures. Iran is racing to secure new oil buyers, but market dynamics are challenging its efforts as US sanctions waivers take effect. Copper prices rose after Iran reported "major progress" in peace talks with the U.S., boosting expectations that traffic through the Strait of Hormuz may recover and ease inflation pressures leading to a rally in copper. U.S. natural gas futures traded in a tight range, with futures declining as cooler weather forecasts suggested a slight decrease in demand for gas-fired electricity and smaller LNG flows.

Global Fixed Income & Central Banks

Japanese government bonds extended their rally, tracking overnight price gains in U.S. Treasurys. The Bank of Japan's hawkish board member, Naoki Tamura, called for interest rates to be raised every few months, citing stronger upside inflation risks. In Southeast Asia, Philippine bonds are staging a rebound, but market watchers caution that inflation risks and a hawkish central bank may cap the bounce. Morocco kept interest rates on hold, aiming to support a building boom linked to the football World Cup while guarding against inflationary risks amid U.S.-Iran negotiations leading to a rate pause.

U.S. Markets & Economy

U.S. stocks finished mixed, with investors rotating out of high-flying technology and AI companies into beaten-down sectors. All of the biggest U.S. banks cleared the Federal Reserve’s annual stress test, immediately allowing them to boost buybacks and dividends. U.S. investment-grade bond sales set another record in June, fueled by strong investor demand and borrowing tied to the AI spending boom driven by Nvidia and SpaceX. Hedge funds’ growing exposure to Treasuries is primarily due to the revival of the cash-futures basis trade, according to the Federal Reserve highlighting basis trade activity. The U.S. saw the biggest increase in shipments among export markets for U.K. auto manufacturing in May indicating export strength.

Australian hiring rebounded in May, reversing previous losses, while the jobless rate edged lower, validating the Reserve Bank’s view that the labor market remains tight showing a hiring rebound. The Singapore dollar consolidated against its U.S. counterpart ahead of major U.S. economic data releases as traders await economic indicators.

Corporate & Deal News

Bain Capital is nearing a deal to acquire a controlling stake in Volkswagen AG’s heavy diesel engine unit, concluding a competitive private equity auction. Edgewell Personal Care Co., maker of Schick razors, saw its shares leap after rejecting an unsolicited takeover offer from Yellow Wood Partners. Luxshare Precision Industry Co., the maker of Air Pods, has begun gauging interest for a Hong Kong listing that could raise approximately $3 billion signaling a potential IPO. Jamieson Wellness Inc., a Canadian vitamins and supplements maker, is reportedly working with investment banks to explore a sale initiating a sale process.

In the tech sector, Qualcomm revealed Meta as its first major Big Tech customer for data center chips, with the announcement and a higher revenue outlook boosting its shares. Alphabet Inc.'s addition to the Dow Jones Industrial Average marks a step in the benchmark's adaptation to a market dominated by Big Tech. AI company Anthropic has accused Alibaba of obtaining "illicit" access to its Claude chatbot, alleging the Chinese e-commerce giant used fake accounts to extract its capabilities accusing Alibaba of data theft.

Regulatory & Political Developments

China is pushing rating firms to review the concentration of AAA ratings in its bond market, marking its most concrete step to better assess credit risks addressing credit risks. The U.S. Federal Appeals Panel rejected Trump’s effort to gather voting data from states, representing a significant rebuke to the Justice Department’s attempts to find ineligible voters blocking data requests. In New York, primary elections revealed a shifting political landscape, with progressive candidates achieving victories challenging the establishment.

A JPMorgan Chase spokeswoman confirmed that an employee, Angie Baez, was no longer with the company after a video of her taking a Knicks-themed trash can went viral leading to employee termination. The U.K. regulator has dropped its probe into "Essex Boys" traders after they offered to pay £1 million to charity, concluding an investigation into alleged collusion in oil trading dropping a trading probe.

Market Trends & Investor Sentiment

Retail traders in India are increasingly making leveraged stock bets, as a proposed regulatory review could allow brokers to access more funding sources. The daily chart for Nikkei futures shows a bullish bias, with momentum curling higher after a recent shakeout. Bitcoin hit a 20-month low, falling below $60,000 as retail investors shifted their focus to AI-related stock bets. This slide is reviving fears of what happens when the market’s largest buyer comes under pressure just as retail investors are facing challenges reigniting crypto fears. Exchange-traded funds are attracting cash at a record pace, reaching a trillion dollars despite inflation, war, and market volatility, a testament to American household investment indicating strong ETF inflows.