Public Markets 3 Days

Last updated: July 7, 2026, 2:30 AM ET

Global Equities

Asian equities faced headwinds as technology shares succumbed to renewed selling pressure, with Samsung Electronics Co. tumbling after its earnings report. The chipmaker’s shares slumped 6.7% following news that its new chip-stacking technology might face uptake delays, despite reporting a 19-fold surge in quarterly operating profit. This performance, while strong, failed to meet elevated expectations from investors, leading to a rotation into less favored sectors with more attractive valuations less prone to volatility. The broader AI-led rally also appeared to be taking a breather, with doubts growing about its sustainability. In Europe, the FTSE 100 is set to outperform as tech selloffs hit sentiment, while European defense stocks rallied, buoyed by anticipation of increased spending plans following the NATO summit.

Asia Markets & Currencies

Trading in the Korean won debuted with below-average volume during its first 24-hour session, marking an otherwise uneventful start. In a bid to bolster the international use of its currency, China is expanding investor access to Hong Kong bonds by raising quotas for its offshore ‘connect’ scheme, a move supported by new measures from the People's Bank of China to cement Hong Kong’s yuan. Japanese borrowers have driven offshore bond issuance in Asia Pacific to a new quarterly record, surpassing the previous peak set during China's corporate dominance. Meanwhile, UBS recommended buying SK Hynix’s new ADRs while selling its Seoul-listed shares, anticipating a premium for the U.S. securities.

Fixed Income & Currencies

Japan's 30-year government bonds rose following an auction that drew the strongest demand since 2019, as attractive yields lured investors despite concerns over fiscal policy. Persistent yen weakness alongside rising long-end JGB yields could spur global volatility. Goldman Sachs forecasts the yen will weaken to 165 per dollar within a year, citing interest rate differentials with the U.S. and favoring carry trades. The Hungarian forint's rally, initially spurred by political shifts, is fading as Prime Minister Peter Magyar faces challenges in preparing the country for euro accession, according to Barclays. In a contrasting move, JPMorgan Asset Management has reduced its long yuan positions against the dollar, pivoting to higher-yielding currencies as the yuan's outperformance begins to cool.

Energy & Commodities

Oil futures held a drop amid signs of increasing oversupply, with Saudi Arabia slashing prices and traffic through the Strait of Hormuz picking up. Saudi Arabia made significant reductions to its main crude oil price for Asian buyers, offering barrels at a discount for the first time since 2020 as global supply surges. Despite falling prices, OPEC+ ratified planned oil quota hikes, with major members agreeing to another modest increase in production quotas, potentially adding more supply to the market. Russia's President Vladimir Putin also signed a law aimed at boosting domestic fuel supply. In liquefied natural gas, Japan's Inpex Corp. secured a 15-year deal with Abu Dhabi National Oil Co. for supply from the Persian Gulf.

Deals & Corporate News

Adnoc of the UAE struck a $1 billion deal for Shell's South African fuels business, acquiring 580 service stations and other assets as part of its subsidiary's international expansion. Lockheed Martin is acquiring for $3.45 billion, integrating its anti-submarine warfare portfolio. In Europe, Thales will take, valuing the company at $4.46 billion including debt. Rogers Communications is buying out the remaining stake in Maple Leaf Sports and Entertainment for C$4.35 billion. EasyJet Plc shares traded below Castlelake LP’s takeover bid, indicating investor concerns over the £5 billion-plus deal's potential hurdles.

Real Estate & IPOs

India's K Raheja Corp. Pvt. has delayed its $700 million IPO, one of the country's largest real estate developers, following feedback from investment bankers. In the UK, retailers have raised concerns over the potential scale of a proposed warehouse tax by Andy Burnham, intended to fund business rate cuts for pubs and music venues by levying higher taxes on warehouses. Meanwhile, Johannesburg's positive outlook from Moody's Ratings offers a potential path to a credit rating upgrade for the municipality, which has been facing financial distress.

Technology & AI

German startup Proxima Fusion has raised €411 million ($469 in a funding round including Alphabet's Google and RWE AG, aiming to develop a nuclear fusion plant. Syntiant Corp., an AI chip and software maker backed by Intel, has filed for an IPO, seeking to capitalize on investor enthusiasm for the technology. SoftBank founder Masayoshi Son has made a significant bet on AI, while investors are increasingly looking toward old-guard stocks as doubts grow about the sustainability of the AI rally. LG Energy Solution missed analyst estimates for its preliminary second-quarter earnings, citing sluggish electric vehicle demand in key markets like the U.S.

Global Politics & Geopolitics

A NATO summit is testing a nascent rebound in European defense stocks, with investors looking for clarity on member states' defense spending plans following the alliance meeting. President Trump is expected to inform Turkey that he is ready to restore access to F-35 jets, reversing a ban he imposed amid concerns over Russian access to stealth technology ahead of the summit. In Europe, concerns linger about the continent's ability to fight without American support, with discussions focusing on building a new model for NATO as President Trump pressures allies to increase their contributions while seeking to reduce U.S. involvement. The ongoing war in Ukraine sees its military denying Russian claims of taking a city in the eastern Donetsk region as fighting intensifies.

US Markets & Economy

Walmart is lowering prices, including beef and Coca-Cola, a move praised by President Trump. The WSJ Dollar Index edged higher, snapping a two-day losing streak. In New Jersey, the death toll from oppressive heat may be as high as, with emergency rooms in New York City logging a record number of heat-related illness patients last week amid a third heatwave. The U.S. Preventive Services Task Force, a key health care panel, has again been blocked meeting. Deregulation, though not a high-profile issue, could represent a key Trump victory for small businesses.

Other Notable Developments

Venezuela's official death toll from twin earthquakes has risen to nearly 3,000, adding to the country's ongoing economic and political turmoil. Hong Kong has new gold clearing system, a step toward becoming a major bullion trading hub. In the U.S., Michael Saylor’s Strategy is facing losses as it sells off Bitcoin, with the company logging an $8.3 billion loss on its sale of 3,588 Bitcoin for less than it paid. The emergence of a shareholder who amassed nearly $1 billion in True Corp. shares has sparked a probe by Thailand’s market regulator into the sudden stake acquisition.