Public Markets 3 Days

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

Global Equities & IPOs

The FTSE 100 faced its second day of declines, reflecting broader market jitters, while Asian deals surpassed $750 billion year-to-date despite global disruptions. China Resources New Energy launched Asia's largest IPO this year, raising $3.6 billion on heavy retail demand. In contrast, Japanese and South Korean chip stocks tumbled, mirroring a U.S. tech selloff and raising concerns about artificial intelligence capacity. Bending Spoons, the owner of AOL, saw its shares jump 40% in its stock market debut, raising $1.68 billion. India's IPO pipeline reached a record high, with bankers anticipating accelerated activity. Meanwhile, US stock markets recorded their best quarter since 2020.

Fixed Income & Currencies

Overseas investors offloaded Japanese bonds at the fastest pace in three years in June, as the debt lagged global peers. The yen edged higher against the dollar amid speculation of further, unannounced intervention by Japanese authorities. Traders are on alert for the risk of intervention, with some seeing a yen slide to 200 per dollar as a medium-term, albeit extreme, risk. Japan's 10-year government bond auction drew weaker demand than the annual average, with concerns that the Bank of Japan isn't tightening policy sufficiently to curb inflation. Global treasurers fueled record Kangaroo bond sales of $36 billion, drawing capital from Asia. Emerging Asia bonds attracted global funds despite Fed hike fears, as regional central banks are expected to maintain elevated interest rates.

Commodities & Energy

Oil futures extended their decline for a third straight day as flows through the Strait of Hormuz increased and indirect U.S.-Iran talks showed signs of progress. OCBC cut its oil forecasts to $75 per barrel for Brent crude in late 2026, citing the rebound in Strait of Hormuz traffic. Palm oil prices dipped on weaker crude and an outlook for increased Malaysian production. Aluminum fell to its lowest level since February, pressured by a strengthening dollar, and was set for its steepest monthly loss since 2008 on an improved supply outlook from the Middle East. Iron ore futures briefly topped $100 a ton amid signals that China's state-backed buyer may restrict deliveries from Fortescue. Arabica coffee futures climbed for a third consecutive day, with investors turning bullish amid Brazilian supply risks, and saw the largest gain since 2022.

Corporate Dealmaking & Strategy

Chanel is acquiring the historic French shirtmaker Charvet, adding men's wear expertise to its portfolio. KKR-backed South Korean fashion retailer Musinsa plans an aggressive store expansion in China and Japan ahead of an IPO. CMA CGM will buy FedEx’s supply chain business for $1.4 billion to bolster its contract logistics in the U.S. Alcoa has agreed to buy South32’s aluminum assets for up to $5.6 billion. In the tech sector, data center firm Switch is seeking $2 billion in a funding round led by Andreessen Horowitz. Abu Dhabi's MGX has raised $49 billion for a new AI-focused fund. Italian energy giant Eni and Adnoc are buying stakes in an Argentine LNG project. Private equity investors are increasingly turning to debt-like deals in the current downturn, with alternative transactions reaching $9 billion last year.

Financial Services & Regulation

trial US banking services for its staff in December, aiming to attract wealthy American clients. The Bank of England plans to limit hedge fund leverage to make the gilt market more resilient, a move criticized for potentially raising funding costs. HMRC is intensifying its crackdown on corporate structures that provide millions in tax savings to City firms. The SEC is investigating alleged insider trades that cost Susquehanna International Group an estimated $100 million ahead of a Chinese crackdown. Segantii Capital Management's insider trading trial has entered its final stages. BlackRock's head of its beleaguered private credit fund is departing the firm, following months of losses and a regulatory probe. Cboe seeks regulatory approval to list options tied to corporate earnings.

Artificial Intelligence & Technology

The White House is accelerating plans for AI model standards, with guidance expected soon, following government intervention in Anthropic and OpenAI rollouts. Experts remain divided on whether companies like SAP can embrace AI without resorting to layoffs. Battery startups are seeing "crazy demand" for energy storage solutions to smooth power surges in data centers, driven by the rapid growth of AI training clusters and AI hardware demand. OpenAI has reportedly proposed a 5% stake to the Trump administration amid rising political pressure. Sony is ditching PlayStation discs for its latest console, marking a shift away from physical media.

Geopolitics & Economic Policy

U.S. nonfarm payrolls data is keenly awaited, with the yen consolidating ahead of the report and Fed commentary. The U.S. has resumed dollar transfers to Iraq after a monthlong suspension, part of efforts to pressure Baghdad to distance itself from Iran and stabilize the economy. The Democratic Republic of Congo is planning its first stock exchange to attract investment into an economy boosted by mineral demand and is ordering cobalt miners to surrender unused export quotas. Oman has reportedly proposed a fee plan for ships passing through the Strait of Hormuz following the U.S.-Iran conflict to manage passage. The European Union is considering weaker data center climate after lobbying from Big Tech. Argentina expressed anger over the prospect of an oil boom in the Falklands, which could transform the fishing-dependent economy.

U.S. Domestic & Political Landscape

President Trump's financial disclosures reveal he made up to $1.4 billion in stock purchases in 2025 and over $1 billion from crypto deals and licensing. A federal crackdown has led to nine arrests in L.A.'s. The Bureau of Prisons will close facilities housing thousands of inmates due to infrastructure issues, staffing shortages, and budget shortfalls to cut costs. A judge blocked the Postal Service from imposing restrictions on mail-in ballots, the second time curbs on voting by mail have been halted under President Trump. Colorado Governor Jared Polis commuted the sentence of Tina Peters, who tampered with voting machines in an attempt to prove election rigging. The U.S. Supreme Court upheld birthright citizenship, a blow to Trump's immigration agenda, though hundreds of other restrictions remain in effect. The U.S. government has allowed a potent synthetic version of kratom to be banned, paving the way for rivals who lobbied for the change to increase sales.

International Affairs & Social Issues

The Ukraine war has crossed a grim milestone, as scientists also revealed the creation of a synthetic cell with life-like characteristics as of Wednesday. Russia launched strikes on Ukraine, with explosions rocking the capital Kyiv, following warnings from President Zelensky of an impending "massive strike" on the city. A report on maternity care in England found an "overall system failure," leading the government to accept proposals for a national commissioner for maternity and neonatal care. The world has failed the Uyghurs, with calls for global action to help preserve their culture in exile amid Chinese atrocities. ICE has doubled its daily arrest numbers, leading to a surge in immigrant arrests, sowing fear in immigrant communities without fanfare. Nine arrests were made in a federal crackdown on L.A.'s sex-trafficking corridor, involving a scheme using social media and violence to control victims over many years.