Public Markets 3 Days

Last updated: July 8, 2026, 8:30 PM ET

Geopolitics & Markets

Renewed hostilities between the U.S. and Iran sent crude oil prices soaring 8% on Wednesday, with Brent futures breaking through key options levels and stoking fears of Middle East supply disruptions. U.S. equity index futures slipped after the U.S. struck Iran for a second straight day, as President Trump declared the ceasefire "over", leading to oil prices jumping 6%. The conflict's escalation threatened shipping through the Strait Hormuz, prompting the U.S. to revoke waivers allowing Iranian oil sales. This geopolitical tension also drove the dollar higher as investors sought safe-haven assets. Australia's Grain Corp Ltd. called for national biofuel mandates to bolster energy security in light of the war's impact on the country's energy supplies. Meanwhile, U.S. crude oil stockpiles posted an unexpected build, rising by 3 million barrels as production and imports increased while exports fell. Russia has banned diesel exports due to fuel shortages exacerbated by Ukrainian drone strikes on refineries.

Corporate Dealmaking & Listings

Apple Inc. supplier Luxshare Precision Industry Co. is set to begin trading in Hong Kong on Thursday after raising HK$24.3 billion ($3.1 in the city's largest listing this year. Luxury car marketplace DuPont Registry Group has picked banks for a US IPO, while Accor SA has lined up investment banks for a potential US IPO of Ennismore Lifestyle Group Ltd. . Separately, SK Hynix Inc.'s US listing is more than seven times oversubscribed, and India's SBI Funds Management Ltd. is seeking to raise as much as $1.22 billion in what is expected to be India's first billion-dollar IPO of the year. In the UK, Unite Group Plc is offering discounted rents to students to boost reservations, and Blackstone Inc.-owned Indurent has started early investor engagement for a potential London listing or sale. BB Energy has agreed to relax an injunction against the government of South Sudan in exchange for oil cargoes, easing a $142 million legal dispute.

Company Performance & Guidance

Levi Strauss raised its fiscal-year revenue growth guidance to 7% to 7.5%, up from its previous forecast of 5.5% to.5%, as expanded offerings and a direct-to-consumer shift paid off. S&P Global Ratings cut Harley-Davidson Inc.'s credit grades to junk status, citing its strategy of selling lower-cost motorcycles. LG Electronics expects a more than twofold increase in second-quarter operating profit, buoyed by a U.S. tariff refund and resilient profitability. Shell's trading division is expected to report significantly higher results, though its gas output fell due to lost Qatari volumes. Burger King restaurant operator Minor Food plans a Singapore listing to raise as much as $310 million. Cult.Fit Ltd., backed by Temasek, has filed for an India IPO aiming to raise about $100 million.

Economic Indicators & Sector Trends

The U.S. service sector expanded in June at a slightly slower pace, though firms boosted payrolls as cost pressures eased. The U.S. trade deficit widened in May due to record goods imports, including pharmaceuticals and data center equipment. Global economic output growth is projected to fall to 3% for 2026, according to the IMF, a figure influenced by high commodity prices. In the tech sector, hyperscaler debt is becoming a rates story, and the period of rapid AI stock gains may be over. Data-center construction boom is lifting airfreight demand for server racks and semiconductors. UniCredit's bid for Commerzbank has secured nearly 18% of the German bank's shares, while Germany must stabilize its debt long-term to retain its AAA credit rating, according to Scope Ratings.

Labor & Wages

Long-tenured Costco employees like cashier Tony Barzar are proving to be reliable and experienced, leading the company to pay to retain them. Ocado Group Plc CEO Tim Steiner will step down in 2028 following a boardroom tussle. Baillie Gifford is pursuing "voluntary exits" under a new strategy, refocusing on family offices and financial advisors in the US and Asia.

Legal & Regulatory

The Federal Trade Commission's challenge to an apartment-listing partnership between Zillow Group Inc. and Rocket Companies Inc.'s Redfin will head to trial next month. The Financial Conduct Authority has charged an M&A solicitor with insider trading over the sale of Seraphine. UK regulators allege lenders want to determine their own liability for compensation in car finance cases. A federal judge ordered the release of a $5 million Trump judgment to E. Jean Carroll, who had sued for sexual abuse and defamation. The American Museum of Natural History will repatriate hair clippings to tribes under a 1990 federal law.

Political & Social Issues

Maine Democrats are exploring potential replacements for Senate nominee Graham Platner, who has not withdrawn his nomination following a rape allegation. President Trump's declaration that the ceasefire with Iran was over has muddled the war and presented unpalatable options. The U.S. launched a second day of strikes against Iran, with Trump casting doubt on prospects for a deal. Divisions within Iran over talks with the U.S. were evident when the president and foreign minister were physically attacked by hard-line faction supporters.

Other Notable Developments

The WSJ Dollar Index ended the session little changed. Gold settled 1.79% lower at $4070.90, and silver fell.5%, though analysts see upside for gold in the second half of 2026. Precious metals finished lower, with analysts expecting gold price upside through the second half of 2026. The Biden administration is facing efforts to break up the control of health insurance giants like United Health Group, CVS Health, and Cigna over prescription drugs. The U.S. Supreme Court has taken up challenges to two assault weapons bans, potentially limiting the government's ability to ban certain guns based on their "common use". The EU has rejected a plea to pause its troubled EES biometrics system at airports ahead of the summer travel rush, which has already caused long lines and missed flights.