Public Markets 3 Days

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

Public Markets Briefing: Recent Developments

Currency Markets & Intervention Watch

The Japanese yen plunged to a fresh 40-year low against the dollar, touching 162.77, prompting traders to remain on alert for potential foreign exchange intervention. This historic slump is forcing investors to rethink traditional strategies for gauging currency movements, according to Mizuho Bank. The yen's slide has persisted despite government pledges to curb excessive volatility as traders remain on alert, with Japanese Finance Minister Satsuki Katayama vowing to address the weakening trend renewing a pledge. Meanwhile, bullish bets on the Chinese yuan are fading rapidly as options traders unwind crowded positions following the Federal Reserve's hawkish stance.

Corporate Earnings & Dealmaking

Alcoa Corp. has agreed to acquire South32 Ltd.'s bauxite, alumina, and aluminum assets for up to $5.6 billion, a move that solidifies Alcoa's position as a leading producer amid expectations of strengthening long-term demand and disruptions in the Middle East that have driven up prices for the metal strike $4.8bn deal. In the tech sector, Lime, backed by Uber, priced its initial public offering at $25 per share, with underwriting support from Goldman Sachs, and Jefferies. Separately, Bending Spoons SpA, a company focused on acquiring software businesses, and its investors successfully raised $1.68 billion in a U.S. IPO, exceeding its marketed range. ITG Inc., a digital infrastructure services firm, also completed a U.S. IPO, raising $312.2 million but pricing its shares below initial expectations.

In the private equity space, KKR & Co. and Sixth Street Partners are providing $1 billion in preferred equity to biotechnology firm Bridge Bio Pharma Inc. KKR is also set to acquire EDF Power Solutions’ North American operations for $4.2 billion, adding renewable energy assets including solar, wind, and battery storage to its portfolio. In a move reflecting the ongoing consolidation in the media industry, Getty Images plans to terminate its merger agreement with Shutterstock after UK regulators imposed conditions requiring Shutterstock to sell its editorial business. This announcement led to a significant plunge in Shutterstock shares in after-hours trading.

Economic Indicators & Market Performance

U.S. stocks concluded the second quarter with their strongest performance in years, with the S&P 500 notching a nearly 15% gain and the Nasdaq Composite rising 21%, marking their best quarterly performances since 2020 chalk up biggest quarterly. This rally was fueled by optimism surrounding corporate earnings, particularly those driven by artificial intelligence corporate earnings driven by AI. Asian equities, however, edged lower after a recent rally in chipmakers and tech stocks, which had propelled them to their best quarter in 17 years. Gold prices held steady in early Asian trade, entering a medium-term bearish consolidation zone below $4,115 an ounce, according to Swissquote Bank heads worst quarter. Oil futures rose in early Asian trade on potential technical recovery signs, following their sharpest quarterly drop since 2020. The market is now balancing potential oversupply concerns noted by Goldman Sachs with the ongoing impact of geopolitical tensions and recovering traffic through the Strait of Hormuz Hormuz traffic climbs.

Geopolitical Tensions & Market Impact

The conflict in the Middle East continues to influence energy markets, with oil prices edging higher following reports of a potential agreement between the U.S. and Iran to halt attacks in key shipping lanes, easing fears of escalation oil rises as US. This development follows a flare-up that saw a supertanker hit near the Strait of Hormuz, leading to a sharp decline in vessel traffic. The war has also rewired China's petrochemical trade, enabling plants to ease export gluts of key materials for plastics and textiles. European Central Bank officials are closely monitoring the situation, with Governing Council member Olli Rehn noting that the energy shock is producing stagflationary effects ECB's Rehn says energy, while other officials insist the inflation shock cannot yet be judged over ECB officials stay alert. Trading in the South African rand saw a sharp increase in the first quarter due to volatility induced by the Iran war.

Technology & Artificial Intelligence

The U.S. government has lifted restrictions on Anthropic's most powerful AI models, allowing the company to re-release its advanced technologies and de-escalating a dispute with the former administration White House lifts ban. This move comes as artificial intelligence continues to permeate various sectors, with Grindr's CEO aiming for all code to eventually be written by AI to streamline operations. However, scholars caution that the "unknown unknowns" of implementing AI in the workplace may be undermining its advertised benefits. The AI boom is also driving significant investment in energy infrastructure, with companies engaged in a dealmaking blitz to build the necessary power systems for data centers. Meanwhile, China's EV makers are accelerating their use of locally developed semiconductors to bolster national self-reliance.

Regulatory & Political Developments

Two federal courts have blocked a Trump administration rule that could have restricted eligibility for student loan forgiveness programs for public servants. The Supreme Court has also upheld birthright citizenship, delivering a blow to the Trump administration's efforts to end the practice blocks Trump’s bid. In political primaries, Phil Weiser defeated Michael in Colorado's Democratic gubernatorial primary, positioning himself as a strong opponent for former President Trump. In Texas, Manny Rutinel won the Democratic primary for a competitive House seat. Meanwhile, President Trump reported earning at least $2.2 billion in 2025, largely from his cryptocurrency businesses, according to his latest financial disclosure, with reports indicating he made over $1 billion in crypto deals Trump made more than and licensing of Bibles, watches, and perfume while in office made more than $1bn.

Other Market Movers

In India, Kotak Mahindra Capital Co. has reclaimed the top position in the country's equity capital markets league table for the first half of the year, anticipating significant deal flow. Traders in India are also bracing for a squeeze in Reserve Bank funding, which could reduce returns from arbitrage and market-making activities. In the United States, Martin Marietta struck to acquire limestone supplier Lhoist North America, marking its largest acquisition to date. The United Nations plans to save hundreds of millions by altering its rules regarding unspent funds and non-payments from member states. Dish DBS, a subsidiary of Echo Star, has filed for bankruptcy, aiming to repay debt once a spectrum deal with AT&T closes, while its parent company's market capitalization has surged due to its SpaceX holdings Dish files bankruptcy.