Public Markets 3 Days

Last updated: July 6, 2026, 2:30 AM ET

Public Markets Roundup

Equities & IPOs

The National Stock Exchange of India Ltd. is preparing to launch its $3 billion IPO as early as next week, marking a significant event for the world's largest derivatives exchange by trading volume. In India, electric scooter manufacturer Ather Energy Ltd. is also planning a share sale to raise as much as $200 million from institutional investors. Private equity firm Blackstone has hired banks for a potential $400 million IPO of its Indian healthcare revenue cycle management business. Meanwhile, China's largest ETF has transitioned into a gold fund, signaling a retreat of state-backed support for the stock market. South Korean lawmakers are raising concerns over leveraged ETFs, with calls for the delisting of single-stock products. Tech stocks saw their rebound stall as investors grew cautious about the sustainability of the AI-driven rally, leading to a dollar rise.

M&A and Corporate Actions

Thales has agreed to acquire Exail Technologies for $4.46 billion, including debt, after securing a significant stake from the Gorge family. In the aviation sector, EasyJet has reached an outline agreement for a takeover by Castlelake, with the latest proposal valuing the airline at £6.90 per share. Genesis Minerals has made a rival bid of $3.9 billion for Vault Minerals, surpassing a prior merger agreement with Regis Resources. In asset management, Baillie Gifford is pursuing voluntary staff exits as part of a strategic refocus on family offices and financial advisors in the US and Asia.

Commodities & Energy

Corn futures surged following extensive damage to French crops caused by a European heatwave, impacting one of the EU's primary grain producers. Iron ore prices climbed amid expanded curbs on Australian miner Fortescue Ltd. by China's state-backed buyer, and a recent price slump attracted new buyers. Oil prices declined after OPEC+ announced plans to increase output by approximately 188,000 barrels per day in August, marking the fifth consecutive increase. Despite the decision, oil fluctuated in a narrow range as flows through the Strait of Hormuz persisted and OPEC+ signaled higher supplies suggesting mixed signals. Total Energies CEO noted that Middle East producers are "desperate to sell oil stocks" accumulated during recent conflicts, though gasoline and diesel inventories remain constrained by shipping concerns as producers seek buyers. India plans to continue expanding its oil refining capacity, aiming for supply chain security. Russia's President Putin has signed tax amendments aimed at boosting domestic fuel supply. US beef exports to China are expected to increase as rival nations exhaust their import quotas. Australia's natural gas exporters are facing a backlash despite a significant sales windfall from the Middle East conflict as environmental concerns grow. Pakistan has increased its purchases of liquefied natural gas as flows through the Strait of Hormuz remain constrained amid supply issues.

Currencies & Fixed Income

Goldman Sachs analysts have cut their forecasts for the yen, predicting further weakness despite its extreme undervaluation and citing Japan's interest rate differentials with the US. The yen is expected to weaken to 165 per dollar within a year, according to Goldman Sachs. The South Korean won remained stable on its first day of 24-hour trading, a milestone in Seoul's efforts to liberalize its financial markets and secure developed-market status from MSCI. Japanese government bonds declined amid concerns over the nation's fiscal policies. Gold prices edged higher, with traders scaling back Federal Reserve rate hike bets following softer U.S. jobs data and lower energy prices boosting safe-haven appeal. Gold steadied after its first weekly advance since May, supported by reduced expectations of further U.S. interest rate hikes rate-hike worries recede. Weak U.S. jobs data continued to weigh on the dollar, which remained soft against a basket of currencies. Global stocks rose and the dollar weakened as a risk-on sentiment, spurred by recent cool jobs data, continued to influence markets indicating a shift in sentiment. Emerging market traders are increasingly favoring currencies like the euro and Australian dollar to fund bets in developing economies as the U.S. dollar strengthens driving a shift in carry trades.

Private Markets & Investment

Institutional investors are reportedly committing billions to private credit funds despite market turmoil, with retail money flowing out indicating a flight to alternative assets. However, Moody's has warned that the growth in private credit fundraising and deployment in the Asia Pacific region is expected to slow over the next 12 to 18 months due to macroeconomic uncertainty and geopolitical tensions forecasting a slowdown.

Global Economy & Markets

France's Finance Minister Roland Lescure aims for a 2027 budget that brings the deficit below 5%, signaling a push for fiscal improvement. The European Central Bank is in a "good position" following recent interest rate hikes and easing inflation data, according to Governing Council member Emmanuel Moulin citing favorable inflation data. Philippe Lalliot, France's ambassador to South Korea, highlighted the importance of strengthening economic ties between the two nations, particularly in advanced technology sectors such as semiconductors and electric vehicles emphasizing bilateral cooperation. The European Central Bank President Christine Lagarde will attend the upcoming Ecofin meeting in Brussels instead of her vice president signaling a shift in representation.

Industry & Technology

The costs associated with remaining at the forefront of artificial intelligence development may pose challenges for companies like OpenAI Anthropic seeking to go public. The UK's Financial Conduct Authority is warning of an "arms race" concerning the use of AI in financial services, advocating for greater regulatory powers addressing AI risks. Contemporary Amperex Technology Co. Ltd. is investing in a New Zealand firm to develop graphite from wood for use in lithium batteries advancing battery technology. Mitsubishi Heavy Industries' chief has cautioned against converting car plants for military drone production, deeming it a potentially "enormous waste" of taxpayer money questioning conversion strategies.

Luxury Goods & Collectibles

The high jewelry market is experiencing buoyancy, driven by asset-rich buyers, rising gold prices, and significant product launches, which are enhancing the category's perceived investment potential highlighting market strength. A limited-edition Zenith watch, co-created with Naoya Hida, signals the brand's aspirations for high-end collaborations signaling premium ambitions. Cartier’s "Crash" watch is achieving record auction prices, reshaping the vintage watch market driving auction records. Collectors are increasingly seeking rare historical timepieces rather than accumulating status symbols, contributing to rising watch auction prices focusing on discovery.

Other Markets

The UK airline industry is navigating shifts in energy sources, with shipowners turning to fossil fuels and nuclear power as green initiatives face challenges exploring energy alternatives. The U.S. bond market is anticipating investor demand for longer-dated maturities through Treasury auctions, amidst a relatively light week for economic events testing market appetite. Santa Monica is showing signs of recovery from a period of "fiscal distress," marked by financial challenges, declining tourism, and a weakening retail sector showing signs of rebound.

Geopolitics & International Relations

China's coast guard has rotated its patrol task group east of Taiwan, continuing law-enforcement operations in the waters maintaining presence near Taiwan. Russia has launched significant missile strikes into Kyiv, resulting in casualties and escalating tensions ahead of a NATO summit intensifying attacks on Ukraine. The Philippines' Vice President Sara Duterte faces an impeachment trial that could impact her political future facing impeachment proceedings. The US and Iran have reportedly reached a ceasefire, which has led to a slight easing of global food prices as concerns over supply chain disruptions diminish easing supply chain fears. The conflict in the Persian Gulf has led energy-importing Asian nations to reassess their strategies, emphasizing the need for larger energy buffers and diversified fossil-fuel sources learning from the crisis. The ongoing war in Ukraine is intensifying pressure on Russia, with escalating drone strikes and fuel shortages impacting Crimea turning up the heat on Russia.