Public Markets 3 Days

Last updated: July 1, 2026, 2:30 AM ET

Public Markets Roundup

Dealmaking and Corporate Activity

Global mergers and acquisitions have surpassed $2.5 trillion in the first half of the year, driven by a surge in deal activity that suggests momentum will continue. The French shipping group CMA CGM is nearing a $1.4 billion deal for FedEx’s logistics unit, a move aimed at expanding its U.S. presence and supply chain operations. In the pharmaceuticals sector, French company Ipsen is set to acquire Swiss biotech Memo in a deal that could reach over $800 million, following its earlier agreement to purchase Kartos Therapeutics. Meanwhile, Alcoa agreed to a $5.6 billion acquisition of South32’s bauxite, alumina, and aluminum assets across Australia, Brazil, and South Africa. Private equity giants continue to be active, with KKR plotting an entry and KKR and SK jointly. In the IPO market, Uber-backed Lime raised $167 million in its bike and scooter group offering, while Bending Spoons SpA and its backers secured $1.68 billion in a US IPO. Digital infrastructure firm ITG Inc. raised $312.2 million in its own US IPO.

Currency and Fixed Income Markets

The Japanese yen has plunged to a fresh 40-year low against the dollar, prompting speculation about potential currency intervention by Japanese authorities. Traders are observing a shift in tactics, with some believing past interventions have proven effective as Japan’s FX chief stated. The yen’s historic slump is defying traditional rate-based strategies. Elsewhere, the Singapore dollar weakened against the U.S. dollar amid rising Treasury yields, and the South Korean won is sliding toward its weakest level since 2009 as global funds divest local equities. In India, foreign buying of bonds has hit a record $5.2 billion after the government eliminated taxes for foreign investors, contributing to a $2 billion inflow in the last quarter through state-run company stake sales bucking the equity market slowdown. The Reserve Bank of India’s short dollar book reached a record $106.7 billion in May, as the central bank employed derivatives to support the currency hitting record levels. South Africa plans to tap existing rand sukuk for its funding needs.

Commodities and Energy

Aluminum prices fell to their lowest point since February, pressured by a strengthening U.S. dollar. This comes as Alcoa agreed to buy South32’s aluminum assets for up to $5.6 billion. Oil futures rose on possible technical recovery after a sharp quarterly drop, though Goldman Sachs flagged a potential oil surplus as the impact of the Iran war fades and traffic through the Strait of Hormuz recovers signaling an oversupply. Chinese petrochemical trade has seen massive swings due to the Iran war, enabling plants to increase exports and ease gluts rewiring trade flows. In battery metals, trading of cobalt and lithium futures has surged this year amid increased volatility.

Technology and AI

The U.S. has Anthropic’s most powerful AI, allowing the company to re-release its Mythos and Fable models and de-escalating a dispute with the Trump administration as reported by the White House. Meanwhile, Chinese inverter manufacturer Sungrow Power Supply Co. tumbled 20% on reports of a potential U.S. import ban due to national security concerns. The European Union will limit tariff-free steel imports, applying a 50% duty above quota to protect its domestic industry. In the electric vehicle sector, local Chinese rivals have largely elbowed out foreign brands with a more agile, tech-focused approach to car manufacturing, prompting Chinese carmakers’ increased use of locally developed semiconductors boosting self-reliance.

North America

In the U.S., Donald Trump’s financial disclosure revealed he earned over $1 billion last year, largely from digital currency interests, real estate, and stock trades, with his total earnings for 2025 reaching at least $2.2 billion an unprecedented windfall. He also received numerous tickets to major sporting events from allies as disclosed. The U.S. Treasury has sanctioned two Mexican citizens and nine companies for their alleged involvement in a fuel-smuggling scheme tied to a cartel. In New York City, a record-breaking heatwave is expected, prompting the mayor to sign an executive order to protect outdoor workers. Federal courts have blocked a Trump administration rule that could have narrowed eligibility for student loan forgiveness.

Asia-Pacific

Japan’s currency chief stated that past intervention to support the yen was successful, as the currency hovers near multi-decade lows against the dollar. The yen's slide to a 40-year low against the dollar continues to keep traders alert for potential government intervention as reported, with Mizuho Bank noting the slump is defying conventional strategies rethinking currency rules. Asian stocks were poised for a rise, with the yen weakening to a four-decade low against the dollar as markets wrapped. Taiwan’s dollar may face pressure as U.S. currency strength increases and local companies prepare for a record dividend payout facing pressure. In India, Kotak Mahindra Capital Co. has reclaimed the top spot in equity capital markets, poised to lead a year with significant upcoming listings, with two IPOs expected to raise a combined $7 billion driven by AI jitters. Global funds have invested a record $5.2 billion in Indian bonds this month following a tax break easing equity outflows.

Europe and Defense

European armies are filling gaps left by U.S. military withdrawals, according to Dutch Prime Minister Mark Rutte, who also noted that U.S. jobs are benefiting from Europe's defense build-up as weapons are made in Germany and logistics deals are struck. Germany is actively pursuing joint production of U.S. weapons in Europe wooing Trump. The UK’s defense procurement strategy is under scrutiny, with calls for a more assertive approach to the high cost of military equipment urging a stronger fight. The EU is also set to limit tariff-free steel imports, imposing a 50% duty above quota to shield its industry from overcapacity. In finance, Schroders is nearing a sale of its financial planning arm for over £200 million.

Other Markets and Economic Indicators

The job market is showing signs of reacceleration, raising questions about the broader economy as reported. Gold prices have fallen for a third consecutive day, influenced by concerns over the U.S. Federal Reserve’s potential policy tightening and ongoing U.S.-Iran peace talks. The FTSE 100 is expected to fall at the start of the second half. In the U.K., Britain’s electricity prices risk due to increased spending on networks and renewable subsidies, offsetting lower wholesale costs. In South Africa, the government plans to tap existing rand-denominated sukuk for its fiscal year funding. In the luxury goods sector, Chanel's new designer is driving pressure on Dior amid a competitive market.