Public Markets 3 Days

Last updated: August 10, 2026, 5:32 PM ET

Equities

U.S. stocks edged back from records as the S&P 500 finished last week at a new all-time high. Major indexes turned lower in afternoon trading, while oil prices gained. Blockbuster earnings from the largest U.S. companies have helped ease worries about AI spending and inflationary pressures, bolstering the rally. A turbulent month left stock funds up 10.6% so far in 2026, with tech stocks zipping about on the latest AI expectations.

European indexes started the week mixed; the Stoxx 600 and Germany’s DAX extended Friday’s record highs, while France’s CAC 40 and London’s FTSE 100 fell. Investors return to European stocks as strong earnings lift the Iran war gloom, with companies in the Stoxx Europe 600 on track to deliver a 22% increase in second-quarter profits. Europe’s hot stock markets are creating a buzz, drawing money managers who say this rally will be more durable than a short-term trade.

Indonesian stocks neared bull-market territory as investor sentiment was buoyed by signs of a resilient economy. Rotation from leveraged ETFs fueled a 30% jump in South Korea’s small caps, with restrictions on leveraged ETFs tracking chipmakers shifting demand. Korea's volatility ebbed after a historic selloff flushed out leveraged positions. Emerging-market stock valuations have fallen to less than half of U.S. equities for the first time in two decades, a sign to some investors of attractive opportunities. China bets on AI stocks as it races against the U.S. for chip dominance, marking a break from reliance on subsidies. The bank behind China’s AI listings bonanza, CICC, has become a dominant financier in Beijing’s tech race.

Intel announced a $15 billion common stock offering, citing strong customer demand driven by AI investment. Cloudflare plans to sell $2.175 billion in convertible notes after its guidance boost. Teledyne Technologies will buy Varex Imaging for about $1.1 billion. Tractor Supply stock climbed to record highs after strong earnings. Rocket Lab narrowed its loss and reported rising revenue, ending its second quarter with a $2.36 billion backlog. Hims & Hers Health swung to a second-quarter loss but boosted its revenue target to $3.1‑$3.3 billion. Shein’s IPO is being pitched to investors at a sub-$30bn valuation, a roughly 70% drop over four years. Shein valued at $22‑$25 billion by Bloomberg Intelligence. SpaceX saw a $300 billion swing in market value after its record IPO, putting Elon Musk in grind mode. Strategy Inc. sold more Bitcoin and common shares to bolster its cash stockpile.

Fixed Income

Treasury yields rose as Middle East tensions and inflation fears increased, with bond markets souring on rising oil prices as Hormuz hopes faded. Treasury yields and the dollar continued to rise alongside oil prices. Eurozone government bond yields rose slightly amid Middle East uncertainty. Behind Bessent's moves, Wall Street sees a bond-market angst as Treasury Secretary Scott Bessent sends signals to keep yields from spiking.

IBM raised C$2.75 billion ($1.97 billion) in Canadian corporate bonds, building on a record year of issuance. U.S. high-grade bond issuance continued at a record pace with 19 firms storming the market, the most in seven months. Duke Energy plans to raise about $1.75 billion by selling equity units to pay down debt. SEC exempts data-center bonds from key securitization rules, potentially opening the door for more debt sales. Largest private school bond deal in two years hit the muni market as a Los Angeles performing arts school plans to borrow $117 million. The other way to reduce government debt is financial repression.

Currencies

The yen sank as the effect of U.S.-Japan intervention faded, giving up roughly half its gains. Yen weakened 1%, erasing half of the intervention gains. Aussie-yen is set to approach a three-decade high as Tokyo’s intervention fades and the RBA’s hawkish stance bolsters the Australian dollar. Emerging currencies weakened against the dollar as fading Hormuz deal hopes sent Brent higher. Your move, BoJ – the weak jobs report adds pressure. Currency defense gets makeover as emerging Asia guards reserves without dipping into foreign-exchange stockpiles.

Energy & Commodities

Oil surged with no Hormuz deal in sight, as hopes for a U.S.-Iran deal over the strait faded. Oil prices climbed on stalemate in the Strait of Hormuz. Oil rose amid growing doubts the strait can reopen soon. Oil gains as Iran and Oman remained short of a deal and European diesel surged after an attack on a Saudi refinery. Iran’s oil terminals looked idle as the U.S. kept up its naval blockade. Trump’s low-key pivot leaves Hormuz oil in limbo, betting he can wait out Iran. Iranian demands disrupt Trump’s plan to end the war. Iran demands U.S. withdrawal to open Hormuz, while the UAE said Iran launched a missile attack on one of its ships. Iran, holding firm to Hormuz, pushes for a return to the June MOU. Tehran says US must meet new conditions before reopening the strait. Saudis delay restart of the Jazan refinery to late August after a weekend attack.

Europe gas prices surged as Hormuz deal prospects remained murky. U.S. natural gas futures rebounded as near-term weather forecasts added heat and LNG feedgas rose. US natural gas surged on hotter outlooks triggering short-covering. Adnoc Gas will invest more than $8 billion in an expansion push after the UAE’s OPEC exit. Adnoc Gas is exploring a new LNG export plant to avoid Hormuz. Energy veteran Peter Abdo will lead the UK’s Grain LNG from October. AI will boost oil and gas production more than green energy, a report finds. Trump’s Venezuelan oil boom sputters as costs of forcing free elections are too high. Energy & Utilities roundup includes insight on oil futures and Adnoc Gas.

Metals & Mining

Precious metals pushed higher to start the week, with gold adding 0.5% and silver gaining 2.8%. Gold is rallying again thanks to deep-pocketed buyers including ETFs pouring money in on the heels of central banks. Gold nears $4,400 as traders weigh the Hormuz standoff and inflation. Barrick and Newmont gold mining truce clears the way for an IPO. Barrick chairman’s planned overhaul meets investor backlash. Chile gives Codelco a $2.4 billion boost by allowing it to retain all 2025 profit. US backs Australian rare earth miner with a $400mn loan to develop a scandium project. Australia widens orders on Chinese investors in a rare earths firm.

Agriculture

A chicken glut is dragging down meatpackers and lowering grocery bills. French trader Sucden warns of sugar oversupply as futures rally. Kenya plans corn imports after a failed crop due to bad weather. Record-low Danube strains a vital route for Black Sea grain. Wheat climbs as the USDA is seen tightening global grain supply. Australian wheat crop rebounds at a crucial time. Treasury Wine shares soar after moves to tackle excess U.S. supply, including a $395 million writedown. U.S. pledges $2 billion for battery and materials producers. U.S. consumer brands say chicken, soap and snacks are selling better overseas. When food scares serve up healthy profits.

Market Structure & Regulation

HFTs shun India stock closing auction over SEBI short-selling hurdles. Private credit is under growing strain as defaults hit recent highs and internal loan-health reviews point to tougher times. Private credit is squeezed by bank refinancings, as highly-indebted companies ditch private loans for cheaper bank loans. How liquid are private-credit funds? It depends on how you define 'liquidity'. Private equity is stuck with 33,575 unsold businesses. Leveraged ETF boom amps up Wall Street intraday momentum plays. Investors abandon hedges in order to chase soaring stocks; demand for protection has fallen to the lowest since Trump’s tariff capitulation last year. London plots digital gold pivot to protect bullion trading as the FCA seeks to encourage digitisation. London needs capital to revive its struggling public markets, LSE’s deputy CEO says. Condominium dues may rise as tighter federal mortgage rules require more reserve funding. If you get in a car crash, the risk is growing your insurance won’t pay; auto insurers didn’t pay on 45% of claims last year.

Central Banks & Policy

Fed’s Hammack said a 'some number' of rate hikes may be needed to bring inflation to 2%. Philippine central bank keeps a rate hike on the table despite weak GDP growth. Indonesia’s Prabowo taps Destry Damayanti as central bank chief to calm markets. Hungarian central banker touts benefits of joining the euro area. China inflation cooled more than expected in July; consumer and factory-gate prices slowed. China’s slower-than-expected price gains revive deflation risk. Egypt headline inflation quickened for the first time since March. India’s FX reserves climb toward a record on foreign inflows, rising for five straight weeks.