Public Markets 3 Days

Last updated: June 25, 2026, 5:30 AM ET

Technology & AI

Artificial intelligence continues to dominate market sentiment, with Micron Technology's earnings reigniting AI enthusiasm and sparking a rebound in Asian tech stocks, particularly in South Korea which had previously seen a 10% rout. The AI-driven rally, coupled with a weakening dollar, also boosted copper prices, a key metal for electrification. However, concerns persist, with Alibaba shares sliding to a 16-month low after accusations of illicit AI model access, and Asia’s chip-dominated markets showing volatility due to lingering AI jitters. Oracle, meanwhile, shed 21,000 jobs as it sharpens its focus on AI investment. The potential of AI in space was also highlighted, with a SpaceX holder suggesting the company's Starship rocket opens new avenues for orbital data centers.

Mergers & Acquisitions and Corporate Activity

Germany's dealmaking has surged, with engines and elevators lifting its M&A activity past $120 billion for the year, marking one of the country's busiest periods in decades. In the healthcare sector, Prosus is investing €400 million in health insurer Alan, valuing the company at $6.3 billion. Easy Jet's board has rejected a fourth takeover bid from Castlelake, valuing the airline at approximately $6.49 billion, though talks are extended. H.B. Fuller is nearing a £628 million ($827 deal to acquire UK medtech firm Advanced Medical Solutions. Volkswagen is selling a 51% stake in its engine subsidiary Everllence to Bain Capital to streamline its investment portfolio. In the UK, tankmaker KNDS is preparing for a listing in Paris and Frankfurt, testing investor appetite for defense stocks amid a regional rearmament drive. Hollywood power broker Ari Emanuel is in advanced talks to acquire theatre group ATG Entertainment for £4.5 billion.

Energy & Commodities

Oil prices have fallen toward prewar levels as shipping in the Persian Gulf resumes, with Brent crude trading below $72.48 a barrel, a level not seen since before the Iran conflict erupted in February. This decline has prompted President Trump to call for a probe into U.S. gasoline prices, accusing oil companies of "gouging" consumers. Russia's gasoline crunch is worsening, with at least two-thirds of its regions facing rationing or supply disruptions due to Ukrainian drone attacks on refineries. Despite falling prices, Iran's President is scheduled to visit Pakistan to discuss greater cooperation, a sign of closer ties following a recent deal with the U.S. . Iraq has warned it might consider leaving OPEC if it doesn't receive a higher production quota. Insurers have slashed war premiums for ships in the Strait of Hormuz by more than half as a ceasefire deal holds, though a closure of the strait previously stranded almost 1,200 cargo ships with $125 billion worth of goods.

Fixed Income & Currencies

Japanese government bonds have extended their rally, mirroring overnight gains in U.S. Treasurys as markets price in a potential September Federal Reserve rate cut. However, Japan's 20-year bond sale drew the weakest demand in over a year, raising concerns about inflation and fiscal policy. Prime Minister Sanae Takaichi’s $2.3 trillion investment plan also risks putting fresh pressure on Japan’s government debt market. Hungary's bonds have rallied significantly, with yields approaching those in the UK, signaling investor confidence in the new government's economic plans. The Hong Kong dollar is heading toward the weak end of its trading range due to low volatility and cheap borrowing costs. Meanwhile, Japan's currency officials continue to signal a willingness to intervene in markets to support the yen as it tumbles. The weak yen, however, could provide Japan's carmakers with a $5.8 billion profit windfall this year.

Global Markets & Economic Indicators

China's bond market is facing scrutiny, with the central bank urging domestic rating firms to curb the concentration of top-tier AAA ratings. The country is also marketing a record €5 billion ($5.7 of sovereign bonds. Chinese equities in Hong Kong are edging toward a bear market, impacted by tepid consumer spending and waning confidence in e-commerce firms. In Australia, the housing downturn has wiped A$185 billion ($128 billion) off the value of the nation’s top two markets this quarter. Australian hiring rebounded in May, pushing unemployment lower and validating the Reserve Bank's view of a tight labor market. The UK’s proposed steel import curbs have been modified after businesses warned they would damage production. Indonesia has ordered miners to increase coal supplies amidst rolling blackouts, adding strain to the current administration.

Financial Services & Investment

Commerzbank has indicated that a small portion of its institutional investors have accepted UniCredit’s takeover offer, a shift from earlier statements. Private equity continues to flow into the professional services sector, with accounting firm Eide Bailly set to sell a stake to Reverence Capital in a $1.8 billion deal. In Dallas, Morgan Stanley is weighing an expansion with a $1.33 billion office-building deal, joining other financial institutions establishing a presence in Texas. The Chicago Mercantile Exchange plans to launch wind derivatives across the U.S., Europe, and Australia as renewable energy's role grows. A massive options expiry could exacerbate Bitcoin's woes, potentially pressuring a market already struggling with fading institutional demand.

Retail & Consumer Goods

H&M reported weaker-than-expected second-quarter earnings, dented by $127.2 million in restructuring costs, posing a fresh challenge to its turnaround efforts amid intense competition and cautious consumer spending. Some major Chinese banks are shutting down retail gold trading services following a multiyear rally in gold and silver that has reversed in recent months. The European Union is set to introduce a new levy on online shoppers, primarily targeting China, which will increase costs for consumers.

Other Notable Developments

Two powerful earthquakes shook Venezuela, causing death and destruction. The U.S. World Cup cities are undertaking a spending spree on counterdrone equipment, with FEMA providing $250 million to protect the tournament from airborne threats. The 1994 World Cup's transformation of the business of football is being examined, noting its limited commercial significance before that tournament. Swiss President Guy Parmelin will meet with U.S. Trade Representative Jamieson Greer to finalize a broader trade deal amid renewed tariff pressures.