Public Markets 3 Days

Last updated: July 1, 2026, 11:30 PM ET

Public Markets Briefing

Global Equities and IPOs

Indian IPO activity is poised for an acceleration, with bankers anticipating a record pipeline as major companies prepare to list IPO pipeline hits record. In South Korea, investor sentiment has markedly improved, with top finance ministry officials noting a significant uptick in global interest in the nation's economy and capital markets global appetite grows. This positive outlook comes as South Korea prepares for 24-hour won trading. Meanwhile, South Korean stocks experienced a sharp 6% tumble, driven by concerns over artificial intelligence capacity and a selloff in chipmakers following Meta Platforms' plans to offer computing power South Korean stocks tumble. Data center firm Switch Inc. is initiating a private funding round, aiming to raise approximately $2 billion, with Andreessen Horowitz leading the effort Switch seeks $2 billion. In the U.S., Bending Spoons, the owner of AOL and Eventbrite, saw its shares surge 40% on its Nasdaq debut, raising $1.68 billion in one of Europe's largest tech IPOs this year Bending Spoons soars 40%. Similarly, Uber-backed Lime's shares climbed following its IPO, with its stock initially priced at $25 per share Lime climbs after IPO. Tankmaker KNDS, however, has postponed its initial public offering, citing unfavorable market conditions and an expected valuation exceeding €12 billion KNDS postpones IPO. Mirae Asset Securities Co. has confirmed its work related to SpaceX's IPO, disputing earlier reports about its role in the deal Mirae confirms SpaceX IPO.

Commodities and Energy

Oil futures extended their decline for a third consecutive day, with Brent crude falling to its lowest levels in recent trade oil futures extend decline. This downturn is attributed to increased flows through the Strait of Hormuz and signs of progress in indirect U.S.-Iran talks oil futures extend decline. OCBC has consequently lowered its Brent oil forecasts, projecting $75 per barrel for both the third and fourth quarters of 2026 OCBC cuts oil forecasts. United Arab Emirates oil exports have returned to pre-war levels, utilizing undetected tankers through the Strait of Hormuz and a bypass pipeline UAE oil flows hit. U.S. crude oil inventories also saw a decline, falling by 3.8 million barrels in the week ended June 26, placing them approximately 7% below the five-year average U.S. crude oil inventories decline. Natural gas futures remained range-bound, with hot weather boosting cooling demand but abundant production capping gains U.S. natural gas futures.

Fixed Income and Currencies

Japanese government bonds edged lower, mirroring overnight price declines in U.S. Treasurys JGBs edge lower. The yen consolidated against the dollar and other currencies as traders awaited the U.S. nonfarm payrolls report yen consolidates ahead of payrolls. The yen later hit a fresh 40-year low against the dollar, prompting heightened alert for potential Japanese government intervention yen hits 40-year low. Traders are plotting a worst-case scenario for the yen, with some considering a slide to 200 per dollar as a medium-term risk, though an extreme one traders plot worst-case yen. Emerging market bonds have attracted significant foreign investment despite fears of Federal Reserve rate hikes, as regional central banks are expected to maintain elevated interest rates emerging Asia bonds draw. However, a gauge for emerging market currencies fell, erasing year-to-date gains as speculation over higher U.S. interest rates fueled a dollar resurgence emerging-market currencies erase gains. In Australia, record issuance of $36 billion in Kangaroo bonds is being driven by global treasurers eager to tap the market, with Asian capital suppressing borrowing costs Kangaroo bond sales hit. JPMorgan reports that private municipal bond accounts have swelled to $1.6 trillion, making these money managers significant holders of state and local government debt private muni-bond accounts swell.

Monetary Policy and Inflation

Gold extended its gains following remarks from Federal Reserve Chairman Kevin Warsh, which eased expectations of interest rate hikes this year to combat inflation gold extends gain after. Gold and silver futures also saw a positive start to July, marking their second consecutive session of gains gold and silver gain. Central bankers' less hawkish commentary is supporting the precious metal, according to ANZ Research gold gains, helped by commentary. U.S. stocks closed modestly lower as investors parsed Fed Chairman Kevin Warsh's comments for clues on interest rate paths U.S. stocks edge lower. Wall Street analysts are concerned that Fed Chairman Kevin Warsh's promise of a quieter central bank could lead to increased market volatility Wall Street worries less. The European Central Bank faces divided views on its next rate move as inflation sinks with oil prices, with no consensus on future actions three weeks after a unanimous rate hike ECB views splinter. ECB Governing Council member Joachim Nagel stated he is keeping his options open for the next two interest-rate meetings, as uncertainty persists ECB's Nagel keeps options. Martins Kazaks, another ECB Governing Council member, indicated that multiple rapid rate hikes are unnecessary ECB's Kazaks sees.

Corporate and Dealmaking

Mega takeovers are driving record dealmaking, with M&A volume expected to remain strong in the second half of the year as companies and investors adapt to economic shifts driven by AI mega takeovers drive record M&A. Melissa Sawyer, head of global M&A at Sullivan & Cromwell, noted the variety, range, and scope of deals suggest continued transaction volumes M&A volume stay strong. CNH Industrial is reportedly exploring a sale of its agriculture equipment business, a move that could value the unit at as much as $4 billion CNH Industrial explores sale. The Bureau of Prisons is set to close facilities housing thousands of inmates due to crumbling infrastructure, staffing shortages, and budget shortfalls Bureau of Prisons to close facilities. CMA CGM, the world's third-largest container line, plans to acquire FedEx's supply chain business for $1.4 billion, expanding its contract logistics operations in the U.S. buy FedEx Supply Chain. Alibaba and U.S. payment processor AUS Merchant Services will pay $600 million to settle allegations that they facilitated the sale of illegal pharmaceuticals and restricted items into the U.S. Alibaba, payment processor settle DOJ case. Lenders to Tungsten Automation have agreed to a debt restructuring pact following a significant slide in the software company's debt prices Tungsten Automation lenders sign. Shell Plc has announced a shuffle in its energy trading leadership as Executive Vice President David Wells is retiring Shell shuffles energy trading. Exxon Mobil Corp. will begin trading as Exxon Mobil Holdings Corp. after redomiciling in Texas, marking its first name change in over 25 years Exxon change name. BP's deputy chief, Carol Howle, who recently became deputy CEO, is set to retire, adding to recent upheaval at the oil major BP deputy chief leave. Comcast is planning to spin off NBCUniversal and Sky, separating its studio and broadcast businesses into distinct public companies Comcast spins off NBCUniversal. Satellite TV provider Dish DBS has filed for bankruptcy, intending to repay debt once its $20 billion spectrum deal with AT&T closes Dish DBS files bankruptcy. Getty Images intends to terminate its merger agreement with Shutterstock after a UK regulator imposed conditions requiring Shutterstock to sell its editorial business for approval Getty Images to end.

Technology and AI

The White House is accelerating plans to announce standards for AI models, with guidance expected as early as next week following government interventions in rollouts by Anthropic and OpenAI White House accelerates AI standards. Scholars suggest that AI "employees" may disrupt workplaces in unforeseen ways, potentially undermining advertised benefits due to "unknown unknowns" AI 'employees' may disrupt work. A study of 22,000 U.S. companies indicates that heavy corporate AI spenders are expanding their workforces faster than peers, challenging fears of widespread job losses driven by generative AI heavy corporate AI spenders. Social media platform Xiaohongshu, often referred to as "China's Instagram," is advancing its plans for a Hong Kong listing, targeting male users as it readies for an IPO China's Instagram targets IPO. Robinhood Markets Inc. is expanding into Europe with perpetual futures tied to commodities, ETFs, and currencies, aiming to capitalize on the growing trend of round-the-clock trading Robinhood rolls out perpetual. Crypto exchange Binance has ceased operations for European users after regulators raised concerns about financial crime, with the EU's markets regulator having advised national authorities to block its application under a new regime Binance cuts off European. A small fraction of EU crypto groups hold licenses as new stringent MiCA regulations come into effect, compelling unlicensed digital asset companies to divest their customers EU crypto groups hold licenses.

Economic Trends and Consumer Markets

Japan is nearing its longest postwar economic growth streak, even as households face struggles with higher oil prices and the central bank's efforts to normalize interest rates Japan nears longest postwar. In New Zealand, house prices have fallen for the third consecutive month, approaching a three-year low, signaling an economic slowdown exacerbated by the global oil shock affecting household incomes and consumer confidence New Zealand house prices. Sainsbury's has reported a slowdown in sales growth as consumer caution impacts retailers, a trend also seen at rival Tesco Sainsbury's sales growth slows. U.S. consumers are facing record-high beef prices this summer, driven by drought conditions and an invasive pest that are hindering efforts to expand cattle herds consumers to pay more for burgers. Egg producers have agreed to donate over 50 million eggs to resolve an antitrust investigation alleging market manipulation that kept prices at record highs egg producers manipulated market. CME Group is launching new beef contracts as U.S. cattle prices surge amid a shrinking herd CME launches new beef. The European Union's largest steelmakers are urging policymakers to avoid weakening the bloc's emissions market and to support strengthening its carbon border adjustments Europe's top steelmakers warn. BlackRock's research arm has become cautious on emerging market equities due to AI