Last updated: August 10, 2026, 2:33 PM ET
Equities
US stocks were little changed at market open on Monday as investors gear up for chipmaker earnings and CPI data, with US stocks flat ahead of a busy week. Major indexes edged back from records, with stocks slightly lower as oil prices climbed. European markets were mixed, with the Stoxx 600 and Germany's DAX extending record highs, while European indexes started mixed as France's CAC 40 and London's FTSE 100 declined. Investors abandoned hedges to chase soaring stocks, with demand for protection against a drop falling to the lowest level since Trump's tariff capitulation last year. Blockbuster earnings bolstered stocks' record run, with strong results from the largest US companies easing worries about AI spending. Stock funds are up 10.6% so far in 2026 after a turbulent month, with tech stocks volatile on the latest AI expectations. The leveraged ETF boom is amping up Wall Street intraday momentum plays, creating new profit opportunities from sudden bursts of volatility in tech stocks. Emerging-market stock valuations have sunk below half of the S&P 500's for the first time in at least two decades, a sign of attractive opportunities for some investors. Emerging-market stocks and currencies climbed after soft US jobs data, as expectations for rate hikes eased following a weak employment report. Indonesian stocks neared bull-market territory as investor sentiment was buoyed by economic resilience and easing concerns over market downgrades. A rotation from leveraged ETFs fueled a 30% jump in Korea small caps, with restrictions on products tracking heavyweight chipmakers shifting investor interest. Korea's volatility spike ebbed after leveraged trades were flushed out, with regulatory curbs sending trading in riskiest products plunging. Europe's hot stock markets are creating a buzz among investors, with money managers flocking to a rally they see as more durable than a short-term trade. Investors are returning to European stocks as strong earnings lift Iran war gloom, with Stoxx 600 companies on track to deliver a 22% increase in second-quarter profits. Tractor Supply stock climbed to record highs after strong earnings, with the farm-and-ranch chain retrenching as it looks for a rebound by lowering prices and scaling back expansion. Westpac shares dropped on signs of Australia's housing slowdown, with the lender reporting a drop in mortgage loan applications. Treasury Wine shares soared after moves to tackle excess US supply, with the Australian vintner announcing a A$558.4 million post-tax writedown.
Fixed Income
Treasury yields rose as Wall Street expects stable inflation data due later this week, with yields moving higher ahead of the report. The US high-grade bond market saw the most issuers since January, with 19 firms storming the market on Monday in a record pace of investment-grade issuance. IBM returned to the Canadian bond market for the first time since 2012, the latest entrant to record issuance by foreign firms. The largest private school bond deal in two years hit the muni market, with a performing arts school in Los Angeles planning to borrow $117 million. Eurozone government bond yields rose slightly amid Middle East uncertainty over US-Iran negotiations to reopen the Strait of Hormuz. Behind Bessent's moves, Wall Street sees bond-market angst, with the Treasury Secretary sending signals he's eager to keep yields from spiking higher. The SEC exempted data-center bonds from key securitization rules, potentially opening the door for more debt sales as tech firms scour Wall Street for financing. Cloudflare announced plans for a private offering of $2.175 billion of senior convertible notes, after the cybersecurity firm's guidance boost last week sent shares to an intraday high. Duke Energy plans to raise about $1.75 billion by selling equity units, in an effort to pay down debt. Private credit is under growing strain despite the industry's upbeat tone, with default rates hitting recent highs and internal reviews pointing to tougher times ahead. Private credit is being squeezed by bank refinancings, with highly-indebted companies ditching private loans for cheaper capital in the bank loan market. How liquid are private-credit funds? It depends on how you define "liquidity," with managers reporting the metric differently, some using aggressive math to project strength. Private equity is stuck with 33,575 unsold businesses, with firms unable to exit a growing number of investments at required valuations.
Commodities
Oil prices climbed on stalemate in the Strait of Hormuz, as hopes for a breakthrough on shipping traffic were dashed over the weekend. Oil rose amid growing doubts that the Strait of Hormuz can reopen soon, with concerns over disruptions boosting prices. Iran's oil terminals have appeared largely idle this month as the US continues to impose a blockade aimed at pressuring the country, though visibility remains limited. Trump's low-key pivot leaves Hormuz oil in limbo, with the President betting he can wait Iran out, prolonging uncertainty for markets. Iran insists the Strait of Hormuz will stay closed until Trump agrees to demands, with a spokesman saying talks with Oman are "separate" from discussions to fully reopen the waterway. Iran demands US withdrawal to open Hormuz, with a top official laying out tough conditions as the UAE said Iran launched a missile attack on one of its ships. Tehran says the US must meet new conditions before Iran reopens the strait, as Iranian rhetoric hardens amid push to seal a deal with Oman. The oil market saw gains as Iran and Oman remained short of a deal to reopen the Strait of Hormuz, while Houthi militants claimed an attack on a Saudi refinery near the Red Sea. European natural gas prices rallied as Hormuz deal prospects remained murky, with discussions between Iran and Oman failing to convince traders of a quick resumption of LNG flows. US natural gas futures started the week with a rebound as near-term forecasts call for hotter weather, favoring power-sector demand. US natural gas surged as hotter outlooks triggered short-covering, with futures rising by the most in more than two months after an unusually large swing in weather forecasts. Adnoc Gas is exploring a new LNG export plant to bypass the Strait of Hormuz, with Abu Dhabi's latest move building infrastructure outside the contested waterway. Gold is rallying again thanks to deep-pocketed buyers, with ETFs pouring money into bullion on the heels of central banks. Gold held above $4,400 ahead of US inflation data, with futures stable after their best weekly performance since January. Gold held above $4,300 as soft jobs data trimmed rate-hike bets, with the metal steadying after a surprise contraction in the US jobs market. London is plotting a digital gold pivot to protect bullion trading, with the FCA seeking to encourage digitisation of financial markets. Wheat hit its highest this month on supply disruptions in the Black Sea, with US futures jumping as disruptions raised the prospect of shortages from the grain-growing region. The record-low Danube is straining vital routes for Black Sea grain, with exports facing constraints as low water levels restrict flows through Romania. A chicken glut is dragging down meatpackers and lowering grocery bills, with a rise in flock sizes and larger breeds contributing to a poultry surplus. A French trader warned of sugar oversupply as futures rally, with Sucres et Denrees saying the outlook is blurred by a lack of data. Kenya plans corn imports after crop failure due to bad weather, with Agriculture Secretary Mutahi Kagwe aiming to replenish national reserves. Australia's wheat crop is rebounding at a crucial time for supply, with optimistic prospects helping buffer a grim global supply outlook. Richer milk and cheaper feed are driving dairy farms to turn to high-oleic soybeans, with the crop gaining traction as US growers find new markets amid trade war disruptions.
Currencies
The yen sank as the effect of US-Japan joint intervention faded, with the currency giving up roughly half its gains. The yen extended losses, halving gains spurred by joint intervention, with traders citing a lack of "unified voice" among central banks. The dollar strengthened against the yen as intervention wore out, with Goldman Sachs saying a BOJ rate hike would help bring long-term strength to the yen. Your move, BoJ, comes as the weak jobs report adds pressure on the central bank. The Aussie-yen is set to approach a three-decade high, with the Australian dollar poised to climb back toward a 35-year high as Tokyo's intervention impact fades. India's FX reserves climbed toward a record on foreign inflows, with the stockpile rising for five straight weeks, the longest run since April 2025. Currency defense is getting a makeover as emerging Asia guards reserves, with central banks finding ways to support currencies without dipping into foreign-exchange reserves.
Public Market Activity & Deals
Wall Street giants partnered with Nvidia on a $500 billion AI financing deal, with Apollo, Blackstone and Goldman Sachs working with the chipmaker to raise capital for the data centre boom. The hidden leverage of AI hyperscalers is just how big, with massive lease obligations underpinning the sector. Intel will offer $15 billion of common stock, with the chip maker citing strong customer demand driven by unprecedented investment in AI compute. Boeing will fold its flying-taxi venture into rival Archer Aviation, selling Wisk Aero, SkyGrid and Insitu in exchange for shares in the California startup. Boeing is also selling 3 autonomous flight subsidiaries, receiving a 16.5% stake in Archer Aviation. Teledyne Technologies will buy Varex Imaging for about $1.1 billion, inclusive of equity awards and debt. Strategy Inc. sold more Bitcoin and common shares to bolster its cash reserve, with Michael Saylor's company revising its capital structure. A Glencore-backed group is looking to rescue cobalt refiner Sherritt, with a new consortium becoming the second major investor aiming for control of North America's only cobalt refinery. A Glencore consortium offered a rival bid for the troubled Canadian miner, proposing a rescue deal that offers an alternative to an earlier plan. Barrick Mining settled its Newmont Nevada dispute for $1.95 billion, securing a cash payout and paving the way for Barrick to publicly list its North American operations. The Barrick and Newmont gold mining truce cleared the way for an IPO, with the disagreement over Nevada having served as a block to a spin-off. Barrick's chairman's planned overhaul met investor backlash, as John Thornton seized control and is driving a reinvention. A Jeff Bezos investor group is closing in on a Liverpool FC stake, with a consortium led by Mittal's son-in-law nearing a deal that could value the club at over $6 billion. Shein's IPO is being pitched to investors at a sub-$30 billion valuation, with the fast-fashion retailer having suffered a roughly 70% drop in valuation over four years. Shein is valued at $22 billion to $25 billion ahead of IPO, according to Bloomberg Intelligence. Dat Viet VAC Group is advancing a Vietnam IPO as it looks to the Korea playbook, with the TV producer seeking to replicate the success of South Korea's entertainment industry. A startup bank backed by Palmer Luckey is set to raise $1.5 billion, with the funding valuing Erebor at $8 billion. Revolut won a French banking licence, with authorisation from the regulator accelerating the UK fintech's European expansion plans. A UK missile and drone interceptor startup raised $300 million at a $3.4 billion valuation, with Cambridge Aerospace securing MoD contracts. Todd Boehly's group is rolling out AI to Chelsea and A24, with Eldridge embedding technology across its portfolio after acquiring 50% of Sudolabs. Greg Abel finally puts Buffett's cash pile to work, with the Berkshire Hathaway chief ending a three-year selling streak by ploughing a net $20 billion into stocks. Adnoc Gas will invest more than $8 billion in an expansion push, after an exit from OPEC freed it of the cartel's restrictions. The US pledged $2 billion for battery and materials producers, backing domestic manufacturing. Australia widened orders on Chinese investors in a rare earths firm, telling two parties they will need government approval before selling their holdings. The US backed an Australian rare earth miner to cut out China, with Sunrise Energy shares soaring after the Trump administration provided a $400 million loan. China is betting on AI stocks as it races against the US for chip and tech dominance, with the strategy marking a break from reliance on subsidies. The bank behind China's AI listings bonanza, CICC, has become a dominant financier in Beijing's drive to compete in the tech race. Italy fined A2A €5 million for 2022 power market manipulation, finding the company held back gas plants from the market during Europe's energy crisis.
Regulation & Policy
The FDA ordered food-ingredient disclosure, delaying RFK Jr.'s ultraprocessed crackdown, as companies must notify regulators before adding new ingredients to food. What's changing under RFK Jr.'s new food guidelines: companies will have to notify regulators of new ingredients, but tougher enforcement requires Congress. Prime Minister Burnham promised to tackle "rip-off" discounts and "subscription traps," vowing to stop retailers from misleading consumers with "pretend prices." The FCC is trying to save broadcast TV, moving to scrap ownership limits in a move the agency says is right, though critics say it's time to scrap the FCC too. Turkey's cyber law shifted sweeping powers to the presidency, raising concerns about "absolute digital obedience" among social media and gaming platforms. The US regulator rejected Dutch fintech Bunq's banking license application, citing supervisory and compliance concerns and insufficient capital clarity. Malaysia was confident in its social media ban, but kids are still logged in, with officials asking platforms to verify ages using government-issued documents but companies balking over privacy. A.I.-driven chip crunch leads to a new rush of lobbying in Washington, with electronics companies like Apple asking for government help as data centers gobble up memory chips.
Economy & Central Banks
China's inflation cooled more than expected in July, with consumer and factory-gate prices suggesting tepid domestic demand and the impact of extreme weather. China's slower-than-expected price gains revived deflation risk, with consumer prices growing at the slowest pace in six months while factory-gate inflation eased for the first time since the Iran war broke out. Egypt's headline inflation quickened for the first time since March, disrupting an easing streak that had lasted through the US-Iran war. Indonesia's Prabowo tapped Destry Damayanti as central bank chief to calm markets, a move that may soothe investors after veteran Perry Warjiyo unexpectedly resigned. The Philippine central bank kept a rate hike on the table despite weak GDP growth, with Governor Eli Remolona saying there's less pressure to tighten after last quarter's data. Hungary's central banker touted the benefits of joining the euro area, saying membership would benefit the economy. The other way to reduce government debt is financial repression, according to Bloomberg Markets. The FTSE 100 dropped as the pound steadied, with UK stocks set to fall. London needs capital to revive its struggling public markets, the LSE's deputy CEO said, noting that major UK companies are moving primary listings to the US. Holding public servants to account is harder than it seems, as a new law imposing candour seeks to force officials to tell the truth. A very British by-election reached its finale, with the Clacton poll unlikely to settle questions over Reform UK leader while a solar eclipse promises an economic lift.