Public Markets 3 Days

Last updated: August 10, 2026, 11:33 PM ET

Public Markets

U.S. stocks pulled back from record levels as the S&P 500 finished last week at a new all-time high before turning lower Monday. Blockbuster earnings from the largest U.S. companies have eased concerns about AI spending and inflation, but a turbulent month still left stock funds up 10.6% year-to-date. European indexes were mixed, with the Stoxx 600 and Germany's DAX extending records while London and Paris slipped. In Asia, Indonesian stocks neared bull-market territory as economic worries receded, and South Korean small caps surged 30% on rotation from leveraged ETFs.

The yield on Treasuries rose as Middle East tensions and inflation fears increased, while eurozone government bond yields also edged higher amid uncertainty over U.S.-Iran negotiations. Asia-Pacific bonds followed Treasuries lower as oil’s four-day rally revived inflation concerns ahead of key U.S. CPI data. The dollar strengthened further against the yen despite official efforts to prop up the Japanese currency. The renminbi’s hardest mile to become a global asset is only beginning. Treasury Secretary Bessent signaled eagerness to keep bond yields from spiking.

Commodities

Gold climbed above $4,400 an ounce ahead of a key U.S. inflation report, supported by a weaker-than-expected jobs report and central bank buying. Precious metals pushed higher, with silver gaining 2.8%. The gold rally is being driven by ETF inflows and deep-pocketed buyers. Oil futures edged lower in early Asian trade on a likely technical correction after strong gains, but later oil surged as hopes for a Strait of Hormuz deal faded. Iran’s oil terminals appeared largely idle under the U.S. blockade. European gas prices surged as Hormuz deal prospects remained murky. U.S. natural gas futures rebounded as near-term weather warmed and LNG feedgas rose.

FX & Rates

The yen gave up roughly half its gains from joint U.S.-Japan intervention, erasing a psychologically significant rally. Traders are piling into Taiwan dollar options to bet on a rebound. The Aussie-yen is set to approach a three-decade high as RBA hawkishness bolsters the Australian dollar. Egypt’s headline inflation quickened for the first time since March. Colombia inflation unexpectedly slowed, easing pressure on rates. Fed’s Hammack said “some number” of rate hikes may be needed. The Philippine central bank left rate hike on the table despite weak GDP. Hungary’s central bank touted benefits of joining the euro area.

IPOs & Listings

Shein pitched its IPO to investors at a sub-$30bn valuation, a 70% drop over four years, with Bloomberg Intelligence valuing the fast-fashion retailer at $22bn-$25bn. The Nifty 50 inclusion of BSE could lead to passive flows of about $741 million. Vietnam’s DatVietVAC advanced its IPO, looking to Korea’s playbook. Barrick and Newmont gold mining truce cleared the way for an IPO. Shein’s valuation is one of the biggest questions ahead of its offering. Revolut won a French banking licence, accelerating European expansion.

Market Structure & Regulation

Private equity is stuck with 33,575 unsold businesses amid booming deal-making. Private credit is under growing strain with default rates hitting recent highs. The SEC exempted data-center bonds from key securitization rules, potentially opening debt sales. Leveraged ETF boom is amplifying intraday momentum plays. Investors abandoned hedges to chase soaring stocks, with demand for protection at the lowest since Trump’s tariff capitulation. AI stock risks are spreading to the broader equity market through heavy ETF concentration. The SEC alleged a fund adviser misled investors in pre-IPO schemes. HFTs shunned India’s closing auction over SEBI short-selling hurdles.

Corporate & Earnings

Trump Media reported more than 10 sign-ups to its real-time Truth Social feed, primarily from high-frequency trading firms, but traffic fell sharply this summer and the company’s Q2 loss deepened to $238.1 million on a decline in digital asset value. Hims & Hers boosted its revenue target to $3.1bn-$3.3bn while swinging to a Q2 loss. Rocket Lab narrowed its loss and reported revenue climbing with a backlog of $2.36 billion. Tractor Supply shares climbed to record highs after strong earnings. Intel will offer $15 billion of common stock, citing AI-driven demand. Cloudflare plans to sell $2.175 billion in convertible notes. Teledyne will buy Varex Imaging for $1.1 billion. Boeing sold three autonomous flight subsidiaries to Archer Aviation, gaining a 16.5% stake.

Fixed Income & Debt Markets

IBM raised C$2.75 billion in its first Canada bond sale since 2012. The U.S. high-grade bond market saw its most issuers since January, with 19 firms storming the market. Duke Energy seeks $1.75 billion in equity units to pay down debt. The largest private school bond deal in two years hit the muni market: a $117 million offering from a Los Angeles performing arts school. Meiji Yasuda is watching policy surrenders as rates rise. India’s FX reserves climbed toward a record on foreign inflows.

Commodities & Agriculture

Wheat climbed as the USDA was seen tightening global grain supply. Kenya plans corn imports after crop failure. Australia’s wheat crop rebounds at a crucial time for supply. Sugar is oversupplied, according to French trader Sucden. A chicken glut is dragging down meatpackers and lowering grocery bills. Codelco received an unprecedented reprieve: Chile will let the state copper miner retain $2.42 billion of 2025 profit. Glencore-backed group looks to rescue cobalt refiner Sherritt. High-oleic soybeans gain traction as dairy feed.

Geopolitics & Energy

Iran hardened its rhetoric, demanding new conditions before reopening the Strait of Hormuz, and oil prices remained in limbo. Trump’s low-key pivot left Hormuz oil uncertain. Adnoc Gas is exploring a new LNG export plant to bypass Hormuz, and investing $8 billion in expansion after leaving OPEC. A Ukraine drone attack killed 13 deep inside Russia. Saudi Arabia delayed restarting the Jazan refinery after an attack. China’s teapots may boost Iran oil buying as stockpiles dwindle.

Technology & AI

Tencent’s WorkBuddy sparks AI turnaround hopes after a stock rout. Meta unveiled an open-source version of its most powerful AI model, Muse Glimmer, intensifying the debate over openness. Mark Zuckerberg attacked “closed” AI rivals as Meta returns to open models. OpenAI’s ethics lead left the start-up less than a year after joining. Wall Street wants another half-trillion dollars for the AI boom, with six firms announcing a $500 billion effort. Sanders called on AI companies to pause development to avoid disaster. AI will boost oil and gas production more than green energy, a report finds. The AI trade is stealing crypto’s thunder as investors flee bitcoin. China bets on AI stocks to race against the US for chip dominance.

Emerging Markets

Emerging-market stocks valuations fell to less than half of the S&P 500’s for the first time in two decades. Emerging currencies weakened as the U.S.-Iran standoff lifted the dollar. Indonesia’s Prabowo tapped Destry Damayanti as central bank chief to calm markets. Malaysia’s Anwar lost a third lawmaker this year in a party exodus. Vietnam bets on Korean-style chaebols to boost growth. Gautam Adani won dismissal of U.S. securities fraud charges. Braskem creditors push Petrobras for capital as a deadline looms. Australia widened orders on Chinese investors in a rare earths firm. The US backed an Australian rare earth miner with a $400 million loan to cut out China. China sails an “Ice Silk Road” through the Arctic, bypassing shipping chokepoints.

Real Assets & Infrastructure

Morgan Stanley will facilitate a $1.5 trillion infrastructure initiative. Hanwha made a $1 billion push into U.S. naval shipbuilding. The U.S. pledged $2 billion for battery and materials producers. 777 Partners filed for bankruptcy after creditors’ liquidation push.

Regulatory & Political

The SEC exempted data-center bonds from key securitization rules. The FDA ordered food-ingredient disclosure but delayed RFK Jr.’s ultraprocessed crackdown. Trump named Will Scharf as White House counsel.

Earnings Season & Corporate Moves

Diageo looks to revive three lagging liquor icons. John Lewis boss Peter Ruis stepped down amid “really tough” trading. JBS returned leadership to the Batista clan, with the heir becoming CEO of the world’s largest meatpacker. Todd Boehly’s group rolled out AI to Chelsea and A24 after acquiring 50% of Sudolabs.

Market Outlook & Strategy

London markets need capital to revive, LSE’s deputy CEO said. The Bank of Japan faces a challenge after yen intervention effects faded. Investors are rotating from leveraged ETFs into small caps. The Danube River at record-low levels strains Black Sea grain routes. War helps Chinese EVs upend the global car market as high gasoline prices boost exports.