Public Markets 3 Days

Last updated: August 10, 2026, 2:32 AM ET

Public Markets Briefing

Equities

U.S. stocks notched fresh record highs Friday after a soft July jobs report eased rate-hike fears, with the S&P 500 and Nasdaq capping their best week since April. The blockbuster earnings from the largest U.S. companies have helped ease worries about AI spending and inflationary pressures. Stock funds are up 10.6% so far in 2026 amid a turbulent month. European stocks are firing on all cylinders, drawing money managers who say this Europe's stock market rally will be more durable than just a short-term trade. Companies in the Stoxx Europe 600 are on track to deliver a 22% increase in profits in the second quarter, lifting investor returns as the Iran war gloom dissipates. In Asia, the Nikkei rose 1.2%, led by electronics and metals stocks, after weak U.S. jobs data diminished prospects for Fed rate increases. Korean small caps surged 30% on rotation from leveraged ETFs, while Indonesian stocks advanced, putting the benchmark index near bull-market territory. Emerging-market stocks climbed at the start of a new week as expectations for Federal Reserve rate hikes eased.

Fixed Income

Treasury yields fell after a weaker-than-expected jobs report, with the economy losing 23,000 jobs in July. The US Treasury triggered a debate over auction cutbacks to temper yields. JGBs edged lower amid a potentially quicker pace of BOJ rate hikes. The leveraged ETF boom is amplifying Wall Street intraday momentum plays. The rotation from leveraged ETFs in Korea has flushed out leveraged positions, causing a volatility spike to ebb. Private credit is being squeezed by bank refinancings as highly-indebted companies ditch private credit loans for cheaper capital.

Currencies

The dollar ended the week at its lowest since May as rate-hike bets faded after the weak jobs report. Asian currencies weakened ahead of U.S. CPI data. The yen underperformed G-10 peers as the intervention boost fades, putting traders on alert for further official action. The Aussie-yen is set to approach a three-decade high as the RBA's hawkish stance bolsters the Australian dollar. Hedge funds slashed yen short bets after US-Japan joint efforts. The FTSE 100 is set to fall as the pound steadies. India's FX reserves climbed toward a record on foreign inflows, while currency defense in emerging Asia gets a makeover as central banks guard reserves.

Commodities

Gold held above $4,300 an ounce, with investors assessing a surprise contraction in the US jobs market. Oil futures rose Friday but finished down on the week, with WTI settling up 1.2% at $78.18 a barrel. Oil prices climbed and stocks dipped on a stalemate in the Iran war, with hopes dashed for a breakthrough on the Strait of Hormuz. Oil extended gains as Iran and Oman remained short of a deal. Wheat futures jumped to the highest in more than a week, as disruptions to shipping in the Black Sea raised the prospect of supply shortages. U.S. natural gas futures posted their seventh consecutive weekly loss. Australian wheat crop prospects are turning more optimistic, helping to buffer the global supply outlook. Diesel is being squeezed by wars in the Middle East and Ukraine, setting the stage for a winter fuel crunch. Adnoc Gas plans to invest more than $8 billion in an expansion push.

Capital Raising & IPOs

Shein is valued at $22 billion to $25 billion ahead of its IPO, according to Bloomberg Intelligence. Whatnot has nearly doubled its valuation to $20 billion in less than a year. SpaceX shares jumped, bringing them close to breaking back above the company's $135 IPO price. Private-equity firms are pouncing on the hot IPO market for exits. DatVietVAC is pursuing an IPO as it looks to a Korean playbook. Cambridge Aerospace raised $300 million at a $3.4 billion valuation. Moonshot is revamping its structure for a Hong Kong IPO. Situational Awareness bet $400 million on a stealth chip startup after a crash.

Crypto & Digital Assets

A landmark crypto bill has stalled in the US Senate despite a $225 million spending push. The CFTC warned prediction markets on American-style casino odds. A tough week for crypto had fans downing drinks at a Bitcoin bar. The Clarity Act on digital assets is a matter of national security, according to a commentary. Kalshi's founder isn't interested in management advice. DraftKings CEO blasted prediction bets on earnings call comments. Trump crypto took $100 million from a businessman with red flags.