Public Markets 3 Days

Last updated: August 11, 2026, 5:33 AM ET

Global Markets Overview

Global stocks posted mixed results as a rally in oil prices revived inflation concerns ahead of key US consumer price data. US futures were mostly lower, while European indexes were boosted by energy stocks. The S&P 500 edged back from records after finishing last week at a new all-time high, with major indexes turning lower in afternoon trading. Asian currencies consolidated as the odds of a Fed rate hike faded.

U.S. Equities

Blockbuster earnings from the nation's largest companies have helped ease worries about AI spending and inflationary pressures, bolstering the stock market's record run. However, US stocks ended mixed Monday as investors navigated the uncertain path of interest rates and the Iran war, with chipmaker earnings and CPI data due to set the pace. Demand for protection against a drop in stocks has fallen to its lowest level since Trump's capitulation on tariffs last year. The leveraged ETF boom is creating new ways to profit from intraday volatility in tech stocks, and a growing share of equity leverage is riding on the same AI names, many of which have seen historic swings. Investors are abandoning hedges to chase the soaring market.

European Equities

European markets are charging ahead, defying stagflation forecasts related to the Iran war, drawing money managers who say this rally will be more durable. European defense stocks are tipped to deliver continued strong growth as the region's rearmament cycle enters a new stage, according to Barclays and RBC Capital Markets. Getting Europe back on the radar is underway with the Stoxx 600 up 12% this year. Energy stocks boosted European indexes in early trading due to a rise in oil prices.

Asia & Emerging Markets

India’s Nifty 50 reshuffle sees Wipro exit and exchange operator BSE join, capturing a shift from outsourcing to domestic growth. The inclusion could lead to passive flows of about $741 million into BSE. Equity fund flows into India moderated in July but small- and mid-cap strategies remained hot. South Korea’s small-cap stocks surged 30% as restrictions on leveraged ETFs shifted investor interest. Hong Kong's tech index is set for a revamp to include more AI and robotics companies, a long-awaited move. Hong Kong tax reforms aim to attract trading firms to compete with Singapore. Emerging-market stock valuations have fallen to less than half of US equities, a potential opportunity. China is betting on AI stocks to race against the US for chip and tech dominance, shifting from subsidies. China inflation cooled more than expected in July, reflecting tepid demand. Unitree’s IPO in Shanghai was 5,500 times oversubscribed, raising $900 million. Vietnam bets on chaebol model to boost growth, prioritizing homegrown conglomerates. DatVietVAC advances its IPO, aiming to replicate Korea’s entertainment success.

Fixed Income

Treasury yields rose as Middle East tensions and rising oil prices stoked inflation fears. Bond markets soured as hopes for a US-Iran deal over Hormuz faded. Eurozone government bond yields rose slightly amid uncertainty. JGBs fell as the BOJ signaled faster rate hikes. US high-grade bond issuance surged with 19 firms storming the market, the most in seven months. IBM sold C$2.75 billion of Canadian corporate bonds. Data-center bonds got an SEC exemption from key securitization rules. A Los Angeles performing arts school plans a $117 million muni bond deal, the largest private school deal in two years. Scott Bessent is signaling he's eager to keep bond yields from spiking.

Currencies

The euro fell against the dollar and ING said it is unlikely to trade far from a $1.1515-$1.1560 range. The dollar strengthened against the yen despite intervention efforts. The yen sank as the effect of US-Japan joint intervention faded, giving up roughly half its gains. Traders piled into Taiwan dollar options betting on a rebound after the currency's worst July since 2015. The Singapore dollar was steady, supported by stronger-than-expected GDP. The yuan’s calm run may end in September with seasonal export factors. India’s FX reserves climbed for five straight weeks toward a record. Central banks in emerging Asia are finding ways to support currencies without dipping into reserves.

Commodities

Oil extended its rebound after Trump made sweeping new demands on Iran, clouding prospects for reopening the Strait of Hormuz. Brent crude neared $90 as hopes for a deal faded. Oil surged with no Hormuz deal in sight. The real squeeze is in refineries, with millions of barrels of refined products taken off global markets. Iran’s oil terminals appear largely idle due to the US blockade. China’s teapot refiners may boost Iran oil buying as stockpiles dwindle. Adnoc Gas is exploring a new LNG export plant to bypass Hormuz. Adnoc L&S posted a record quarterly profit. Saudi Aramco delayed restarting its Jazan refinery after a weekend attack. US natural gas futures rebounded as near-term weather warmed and Middle East conflict fed supply concerns. European TTF rose 5% on Hormuz shipping fears. Gold neared $4,400 as traders weighed the Hormuz standoff and inflation. Gold gained in early Asian trade, supported by a weaker US jobs report. The yellow metal is set to rebound toward $4,500 per ounce, according to technical charts. Gold pulled back from a two-month peak ahead of US inflation data. Precious metals pushed higher with gold adding 0.5% and silver gaining 2.8%. Aluminum hit a seven-week high as the Hormuz impasse threatened supply. Copper shipments from Indonesia were delayed by a Gresik smelter outage. Wheat climbed as the USDA was expected to tighten global grain supply. Australia’s wheat crop is rebounding at a crucial time. Sugar is oversupplied but futures are rallying, says French trader Sucden. Chile’s Codelco gets an unprecedented reprieve to reinvest profits.

Deals & Corporate

CoreWeave’s earnings forecast is key to stopping another selloff. DayOne Data Centers confidentially filed for a $5 billion US IPO. Shein’s IPO is pitched to investors at a sub-$30bn valuation; Bloomberg Intelligence values it at $22-25 billion. AstraZeneca’s $400bn tie-up with Bristol Myers unravelled. Nvidia becomes the bank of AI as Wall Street assembles a $500bn funding package for AI infrastructure. Wall Street wants another half-trillion dollars for the AI boom. Morgan Stanley announced a $1.5 trillion infrastructure initiative. Larsen & Toubro plans to manufacture rare-earth magnets in India. Samsung SDI bought GM’s stake in their US battery JV. Nick Blair (Tony Blair’s son) seeks $200mn for a defence tech start-up. 777 Partners filed for bankruptcy after creditors’ liquidation push. Gautam Adani won dismissal of US securities fraud charges. Teledyne will buy Varex Imaging for $1.1 billion. Jeff Bezos investor group nears a Liverpool FC stake deal that could value the club at over $6bn. JBS returns leadership to the Batista clan as a scion is named CEO. John Lewis boss Peter Ruis steps down amid tough trading. Boeing sells 3 autonomous flight subsidiaries to Archer Aviation for a 16.5% stake. Private credit is squeezed by bank refinancings. Todd Boehly’s group rolls out AI across Chelsea and A24.

Central Banks & Policy

Fed’s Hammack said "some number" of rate hikes may be needed. Colombia inflation unexpectedly slowed, easing pressure on rates. Indonesia’s Prabowo nominated Destry Damayanti as central bank chief to calm markets. Hungary’s central bank renewed support for joining the euro area. The BoE needs more parliamentary attention, argues the FT. HFTs shun India’s closing auction over SEBI short-selling hurdles. Banks’ refusal to take on crypto firms risks stunting UK industry growth. EU border checks double waiting times. US regulator rejects Dutch fintech Bunq banking license. SEC alleges fund adviser misled investors in pre-IPO schemes.

Other Notable Moves

Treasury Wine shares soared after a $395 million writedown to tackle US supply problems. Rocket Lab narrowed its loss as revenue climbed, with a backlog of $2.36 billion. Hims & Hers boosted revenue target to $3.1-3.3 billion but swung to a loss. AST SpaceMobile reaffirmed its outlook despite a wider loss. Trump Media’s loss deepened to $238.1 million. Strategy Inc. sold more Bitcoin to bolster cash. A chicken glut is dragging down meatpackers and lowering grocery bills. Tractor Supply is retrenching by cutting prices and slowing expansion. Diageo looks to revive Crown Royal, Smirnoff, and Captain Morgan. Aluminum hit a seven-week high. Glencore-backed group looks to rescue cobalt refiner Sherritt. Braskem creditors push Petrobras for capital before a deadline. Italy fined A2A €5 million for power market manipulation.