Public Markets 3 Days

Last updated: July 3, 2026, 5:30 AM ET

Global Markets & Macroeconomics

Global equities climbed broadly and the dollar weakened, as a risk-on sentiment fueled by cooler-than-expected U.S. jobs data persisted through the end of the week. European blue-chip indexes opened higher driven by rebounds in tech and industrials. South Korean stocks rebounded 5% after a volatile prior week, though U.S. tech sector sell-offs on Thursday soured sentiment for Japanese and South Korean chipmakers. The S&P 500 recorded its strongest quarterly gain since 2020, rising nearly 15% in the second quarter. Wall Street analysts’ expectations for S&P 500 earnings are rising at their fastest rate since the rebound from the COVID-19 pandemic, fueling concerns of an "earnings bubble."

Commodities & Energy

Oil prices remained broadly stable with prompt spreads in contango, signaling ample near-term supply. Citigroup forecasts Brent crude could slide to $60 a barrel by year-end as disruptions in the Strait of Hormuz ease, a view echoed by Citi analysts who see both the U.S. and Iran having reasons to maintain a ceasefire leading to lower prices. Total Energies SE is offering millions of barrels of Iraqi crude for prompt delivery to Asia, adding to market supply. Tanker traffic through the Strait of Hormuz has increased significantly, with Saudi Arabia’s crude oil exports nearing pre-war levels as more ships transit the waterway following an interim peace deal. Japanese authorities are reducing natural gas use in favor of coal due to tightened LNG supplies stemming from Hormuz disruptions. U.S. crude oil inventories extended their decline, falling by 3.8 million barrels.

Fixed Income & Currencies

Gold prices advanced for a third day and approached $4,200, as weak U.S. jobs data reduced the likelihood of further Federal Reserve rate hikes. The yen strengthened as traders hedged against potential intervention before thinly traded holiday sessions, though earlier in the week it had hit a 40-year low against the dollar. Commerzbank suggested Japanese authorities might refrain from intervening to support the yen, despite the dollar being lower against the currency. U.S. government bonds rallied with lower short-term yields following June employment data that challenged rate hike expectations. Australia’s bond market is seeing a record A$36 billion in Kangaroo as global treasurers seek opportunities.

Corporate & Investment News

Taiwan’s largest brokerage, Yuanta Securities Co., is seeking up to NT$42 billion ($1.3 through two syndicated loans from various banks. Pluxee shares rose after a smaller-than-expected revenue drop of 3.3% on an organic basis. Neobank Starling Bank plans to cut jobs and restructure operations as its profits dip leading to operational simplification. Standard Chartered Plc is targeting mid-sized African companies for debt sales, following a successful $50 million green bond placement for a solar financier. ICICI Bank is considering its first benchmark dollar bond sale since 2017, aiming to raise at least $500 million following regulatory concessions. An Indian state is objecting to Mediterranean Shipping Co.’s planned $1.4 billion investment in an Adani Group terminal amid ongoing scrutiny. Blackstone’s QTS has ended a Virginia data center project following local protests. Private equity firms IVEST Consumer Partners and Cloverlay have sold the Care Bears toy brand to Authentic Brands Group following two years of ownership.

Technology & AI

The AI sector's trade signals are showing signs of strain as market participants grow uneasy about the profitability of massive investments. Next-generation AI factories are compelling power equipment firms to reassess their portfolios in a market projected to exceed $200 billion annually. Anthropic is restricting Chinese access to its Claude AI models, though engineers are reportedly finding workarounds. South Korean officials are preparing for currency flows related to SK Hynix Inc.’s upcoming U.S. listing. Germany’s grid operator Amprion Gmb H is urging the country to halt further closures of coal-fired power plants to ensure electricity supply amid renewable energy expansion safeguarding grid stability.

Asia-Pacific Markets

Japan's annual wage negotiations concluded with average pay gains exceeding 5% for a third consecutive year, underscoring economic resilience and supporting the Bank of Japan's stance on interest rates. Japanese companies have sold the highest volume of convertible bonds in over two decades in the first half of the year, seeking cheaper financing amidst rising interest rates regaining favor with issuers. China's services activity eased less than anticipated in June, according to a private survey, suggesting an uptick in economic momentum. Vietnam's economic growth unexpectedly jumped to 8.39% in the second quarter, with trade and inflation also showing positive signs.

Europe & Middle East

Business activity in the euro area was revised upward to stagnation for June, indicating better-than-expected performance. French Finance Minister Roland Lescure aims for a 2027 budget that brings the deficit below 5% improving public finances. Qatar has resumed liquefied natural gas tanker traffic through the Strait of Hormuz, marking the first observed passage in about a week signaling a rapid restart to output. China has called for "unimpeded passage" through the Strait of Hormuz amid discussions of potential transit fees for vessels to Iran and Oman. France's record heatwave has led to significant losses in corn production and poultry deaths impacting its agricultural sector.

Americas & Corporate Strategy

Aldi's U.S. Chief Commercial Officer Scott Patton discussed the grocery chain's strategies for lowering food costs. Global food prices edged lower in June as reduced concerns over the U.S.-Iran conflict eased supply chain disruption fears. Cumberland Farms Ltd, an operator of gas stations and convenience stores, has filed for a U.S. initial public offering joining a wave of debuts. Chanel has agreed to acquire Charvet, a historic French shirtmaker known for luxury garments. Tesla's sales jumped in the second quarter, with CEO Elon Musk focusing on autonomous vehicles and robotics. Canada and Alberta have agreed to back a new crude pipeline to the Pacific Coast as part of a bid to position Canada as an energy exporter. JPMorgan Chase & Co. was ordered by a Delaware judge to continue paying legal bills for entrepreneur Charlie Javice, who was convicted of defrauding the bank, with the judge ruling that the bank failed to prove the $74 million in fees were excessive in a legal battle over expenses.

Regulatory & Legal Developments

The U.S. Securities and Exchange Commission is signaling a potential review of exchange-traded fund oversight rules in response to a surge in filings for prediction-market ETFs prompting increased scrutiny. The International Monetary Fund is joining a backlash against opaque debt instruments, with Nigeria facing a crackdown on total return swaps seen as undermining transparency in emerging market sovereign debt leading to regulatory action. The UK Supreme Court has ruled to pull commodities broker ED&F Man Capital Markets Ltd. back into a long-running fraud case linked to the Cum-Ex tax dividend scandal in a decision for Danish tax authorities. The Democratic Republic of Congo is developing plans for its first stock exchange to attract investment amid soaring demand for minerals critical to AI technologies drawing interest to its economy.

Other Notable Developments

The global market for AI factories is creating distinct winners and losers in the power equipment sector, with firms needing to adapt their portfolios to capitalize on the growth. The World Cup has proven costly for gambling companies, with strong performances from star players and popular teams leading to significant payouts affecting Draft Kings' earnings. The U.S. has seen a surge in electricity prices due to a "heat dome" over the eastern part of the country, straining utility grids and leaving hundreds of thousands without power during extreme temperatures. A rare copy of the Declaration of Independence, printed 250 years ago in New Hampshire, was discovered in London during archival work.