Public Markets 3 Days

Last updated: July 21, 2026, 8:30 PM ET

Hong Kong IPO Market Heats Up, Yen Continues Slide

Zhongji Innolight Co. is pursuing Hong Kong's largest listing this year, aiming to raise as much as HK$55 billion ($7 in its public offering seeks to raise. The Shenzhen-listed company's move to Hong Kong marks the city's biggest listing in seven years. Meanwhile, the Japanese yen against the dollar, reaching its weakest point since 1986 and intensifying pressure on Japanese authorities to intervene to support the currency.

Middle East Tensions Boost Oil Prices, Gold Gains

Concerns over potential supply disruptions in the Middle East in early Asian trade. Gold held its gains as traders assessed the impact of escalating energy supply risks on inflation and Federal Reserve policy. The U.S. and Iran continued strikes, further fueling oil futures' rally for a third consecutive session. Goldman Sachs warned that oil could jump to $120 per barrel if the Strait of Hormuz remains disrupted. Kazakhstan stopped sending to a key Russian terminal following Ukrainian tanker attacks, potentially removing another 1 million barrels a day from the market removing from market.

US Markets React to Earnings, Economic Data, and Geopolitics

U.S. stocks climbed broadly as chip shares staged a strong recovery, positioning investors for a wave of major technology earnings. Super Micro Computer Inc. raised its outlook significantly, expecting fourth-quarter gross margins to be twice as high as previously guided. Alaska Air Group Inc. swung to a loss of $76 million in the second quarter due to rising fuel costs, though it expects a recovery in the third quarter expects recovery. The WSJ Dollar Index, increasing by 0.18% to 97.34. Treasurys fell, sending yields higher ahead of the Federal Reserve's interest rate meeting.

Corporate Dealmaking and Financial Strategies

KKR & Co.'s commercial real estate lending arm is considering strategic alternatives, including a potential sale or merger. SoftBank Group Corp.'s $5.4 billion robotics venture, with banks increasing the size of the U.S. dollar tranche. Brookfield Asset Management and Canada Pension Plan Investment Board agreed to buy LXP Industrial Trust for approximately $5.2 billion. In the UK, Fenway Sports Group, owner of Liverpool FC, is in talks to sell a minority stake to a consortium backed by the Mittal family, valuing the club at over $6 billion valuing club at. Moody's Ratings upgraded Argentina's credit score, marking its third sovereign upgrade in less than three months.

Antitrust Scrutiny and Regulatory Moves

The Department of Justice's antitrust division is tapped by a critic of Big Tech. A judge blocked a media merger, defining the market for movies too narrowly blocks a merger. In Europe, Leonardo's chief warned that "major" antitrust demands would, calling for structural concessions and European consolidation "absurd." The U.S. Treasury Department expressed concern over high-profile tax strategies that may be "too good to be true."

Energy Sector Developments and Challenges

America's Car-Mart Inc. faced near after thriving during previous economic downturns. Var Energi agreed to a $1.3 billion deal to acquire Blue Nord, increasing its exposure to European gas markets increasing exposure. Abu Dhabi National Oil Company (Adnoc) plans to invest $6.2 billion in natural gas projects to achieve self-sufficiency. Oil firms have known for decades about methane's danger to the planet, according to leaked industry files. Kazakhstan will stop crude oil to a Black Sea port after a series of tanker attacks jeopardizing its export capabilities.

Technology and AI Sector Dynamics

Core Weave's AI-native cloud faces significant capital demands amid a global AI build-out. Meta's disposal of its Chinese AI startup Manus has reportedly left the owner of Facebook in a better position disposal has merits. U.S. businesses are not yet significantly deepening their use of AI, with a focus on efficiency savings rather than new product development. China is considering tighter export controls on AI models and chips to prevent Western acquisition of its advanced technologies.

Biotech and IPO Markets Show Activity

Biotech IPOs are outperforming AI listings, leading the U.S. market with strong returns. Reformation Inc., a sustainable womenswear brand, and its shareholders are seeking to raise as much as $239 million in its U.S. initial public offering seeking to raise. Gold miner Cadillac and its backers are looking to raise C$363 million ($258 in a Canadian IPO, contributing to a rebound in mining listings seeking to raise. In the U.S., investors are reportedly souring on "Mag Seven" stocks and flocking to newer AI trades.

Global Economic and Political Landscape

The yen continued its slide past 163 against the dollar, a four-decade low. The UK's new Prime Minister, Andy Burnham, faces a challenging bond market as yields stall near a two-month high. In Venezuela, volunteers are working to reunite pets with families amid widespread loss and devastation. France has joined a global movement to restrict social media access for children, enacting a law that bans access to some accounts for those under 15.