Last updated: August 12, 2026, 5:34 AM ET
Global Market Overview
U.S. futures edged higher Tuesday as investors awaited critical inflation data, while European indexes mostly fell in opening trading as Middle East tensions weighed on sentiment. US stocks faded for a second straight session with many remaining cautious ahead of Wednesday's inflation report. The WSJ Dollar Index ended Tuesday's session flat.
Equities
Tech earnings buoyed stock futures, with results from Super Micro and Core Weave rekindling the AI trade. CoreWeave shares jumped as revenue doubled from a year earlier, with a mounting sales backlog of $104 billion showing strong demand for cloud computing. Super Micro Computer posted a quarterly profit of $1.17 billion, up sharply from $195.2 million in the prior year. US stocks slid as negotiations about the Strait of Hormuz remained deadlocked, while another report noted futures advanced on upbeat results ahead of key US inflation data.
Vestas Wind Systems shares jumped on second-quarter earnings growth and a margin upgrade, with the wind-turbine maker increasing its full-year guidance. Foxconn reported a profit beat driven by AI hardware sales, as it boosted production of servers for the global AI build-out. ABN AMRO Bank boosted guidance as profit jumped, with operating income climbing 13% in the second quarter. The Dutch bank's quarterly profit beat analysts' estimates on higher fees and growth in lending income.
Shoprite jumped 11 months as Africa's largest supermarket chain said it sees earnings rising as much as 14.7% because of higher e-commerce sales. Constellation Software reported a second-quarter profit of $274 million, up from $56 million a year earlier, driven by acquisitions. Cava Group said climbing customer traffic boosted quarterly profit, with sales already bouncing back from cyclospora outbreaks. H&R Block revenue increased to $1.14 billion, and it raised its quarterly dividend by 10% to 46 cents a share.
Rocket Lab narrowed its loss and reported rising revenue, ending its second quarter with a backlog of $2.36 billion, up 137% year-over-year. On Holding tempered its outlook, now expecting sales to grow in the low-20% range after deliberately stymieing wholesale channel growth. Sanrio shares tumbled as much as 20%, the most in over 12 years, after first-quarter operating income missed estimates. AGL Energy shares jumped the most in six months as the utility's batteries helped offset declining wholesale electricity prices.
Rakuten shares sank the most in over two years after the Japanese e-commerce pioneer failed to erase persisting losses at its mobile unit. Godrej Consumer shares fell after CEO Sudhir Sitapati resigned with immediate effect, surprising market watchers. DMG Mori is aiming to raise ¥48.2 billion ($302 million) through a global share sale. SK Hynix and Samsung shares gained after a report that Temasek plans to invest in Samsung Electronics.
Hannover Re posted lower net profit on a currency hit but said it remains on track to achieve full-year guidance. Smithfield Foods cut its outlook for the year as inflation-weary consumers remain choosier in the grocery store. Cracker Barrel CEO Julie Masino quietly blessed efforts to find her successor while publicly charting a path out of a controversial rebranding. Aurora Cannabis is reviewing an unsolicited takeover bid from Curaleaf valued at about $272 million.
JPMorgan raised its target for Singapore stocks as robust economic growth and a narrowing valuation gap bolster the outlook. GoTo Group faces potential removal from MSCI indexes after a plunge in its share price. Singapore Airlines lost almost $800 million on its Air India bet, with more pain forecast, as the timing of the 25% stake was "could not have been worse." Singapore Exchange is exploring a broader suite of ETFs and partnerships to bolster its position.
Norway's $2.3 trillion fund posted its best quarter since 2020, helped by gains from technology companies. Omers returned 4.8% in the first half of the year, gaining C$6.9 billion from a strong US dollar and rising stock markets. Bitwise cut 14% of its workforce during a prolonged slump in digital-asset prices.
Global investors favor Taiwan over Korea stocks after the AI selloff, citing steadier earnings prospects. Citadel Securities said systematic buyers are getting ready to load up on stocks again after a massive unwind. Trend-chasing funds have record short bets against global bonds, raising the stakes for US inflation reports. AI stock heavy ETFs see risks spreading to the broader equity market as a growing share of leverage rides on the same AI names.
Fixed Income
Eurozone government bond yields rose ahead of US CPI data as investors exercised caution. South Korea's 30-year bond yield climbed to a record, driven by elevated energy prices and weaker demand from life insurers. Indonesian bonds may have seen the worst of selling and could bounce back as a new central bank chief supports the currency. China revived the Shanghai free-trade zone bond market after a 2023 crackdown on excessive borrowing by local governments.
TIPS bonds offer a rare buying opportunity with real yields, according to one analysis. Cloudflare announced plans for a private offering of $2.175 billion of convertible notes. A Los Angeles performing arts school plans to borrow $117 million in the municipal bond market, the largest private school deal in two years. Hawaii tapped the muni market to finish the first US driverless rail line.
Commodities
Oil prices extended gains as markets remained skeptical that a deal to restore shipping through the Strait of Hormuz was imminent. The IEA said the Hormuz standoff derails oil supply recovery and deepens a demand slump, forecasting a deeper contraction this year. The US expects oil supply disruptions from the US-Iran war to reach about 600,000 barrels per day through the end of next year. Oil held gains for a sixth day over Hormuz skepticism, while another report noted oil edged up in a choppy session. Oil surged with no Hormuz deal in sight.
The US fired on a ship it said violated the Iran blockade, with Central Command saying the Panama-flagged vessel ignored repeated warnings. A dozen ships continue to shuttle oil through the Strait of Hormuz as selective transits function despite attacks. The UAE is offering to shuttle Iraqi oil exports through the Strait of Hormuz to refiners in Asia. Heatwaves pushed European gas prices close to Iran war highs, with Wednesday's solar eclipse also expected to fuel demand for gas-fired power. US natural gas futures gave back some gains, with soft LNG demand and comfortable storage levels capping rallies. The real oil squeeze is happening in refineries, as the Iran war, Ukrainian attacks and China's fuel export restrictions take millions of barrels of refined products off markets.
Gold prices rose as traders awaited US inflation data. Gold advanced as traders weighed prospects for a Hormuz deal while awaiting US inflation data for Fed rate-policy clues. Precious metals pushed higher, with gold adding 0.5% and silver gaining 2.8%. Silver fell 0.5% snapping a two-session winning streak, while gold settled 0.5% higher for a third-consecutive session.
Panama Canal fees hit a record high as El Niño and the Iran war choke shipping. Colombian coffee exports are largely paused after a devastating earthquake disrupted operations at the main port. A French trader warned of sugar oversupply as futures rally, with the outlook blurred by a lack of data. China's soybean commitment risks being complicated by a lack of participation from private traders.
Currencies & FX
The yen's weakness has become a growing issue for Japan's policymakers, and intervention by Japan and the US has limited impact. Yen traders are ramping up options market activity ahead of key US inflation data. A katsu curry index rivals the Big Mac gauge to show how weak the yen really is. Yen intervention is wearing off as oil jumps again. The effects of recent intervention are already fading.
The dollar traded steady but faces more volatility due to US inflation data and the Middle East conflict, according to Commerzbank. The dollar rose but MUFG Bank said it was at risk of falling due to lack of confidence in how the Fed will respond to the energy-price shock. The pound held steady as UK stocks were set to fall again. Why the yen matters was examined in the context of US intervention in foreign bond markets.
Geopolitics & Trade
A deal to reopen the Strait of Hormuz remained deadlocked, with oil rising. Iran is preparing for worsening economic malaise to withstand Trump's pressure. Southern Iran bears the brunt of US bombing, with near-constant airstrikes upending lives. Iran adapted its attacks as US war munitions dwindled, showing how quickly war-fighting skills have evolved. A Houthi strike killed four on a Red Sea ship carrying food supplies, according to the Yemeni government. A side effect of the Iran war is that electric motorcycle sales are soaring in developing countries as gas prices stay high.
China tapped Deutsche Bank as the first foreign yuan clearer in Europe, expanding its clearing network. China tightened its grip on Europe's car supply chain through acquisitions of local parts makers. War is helping Chinese EVs upend the global car market, as high gasoline prices boost electric-vehicle exports. Europe's carbon mechanism is a tariff by another name, imposing protectionist measures dressed up as climate policy. The EU carbon tax will hit budget airlines where it hurts, benefiting long-haul carriers but doing little for low-cost operators.
JD Vance asked Ukraine to halt strikes on tankers using a Russian port, with Washington alarmed by Kyiv's campaign. The US also asked Ukraine to stop those strikes. Vance asked Ukraine to halt strikes on tankers, according to a First FT newsletter that also noted Revolut cutting WeWork access.
Regulation & Policy
South Korea will require new investors in single-stock leveraged ETFs to undergo mock trading exercises, tightening rules on highly risky products. India options trading dropped 27% in the first week of a new closing auction mechanism, one of the country's biggest market-structure overhauls in years. Italy's Deputy PM Salvini proposed a windfall tax on Italian bank profits amid strained public finances. Hong Kong is set to include trading firms in "big bang" tax reforms to compete with Singapore for top-tier financial talent. A New York lawsuit is challenging Mamdani's second-home tax. Britain needs more investors, not higher taxes on investment, according to one opinion, as an increase in capital gains taxation would act against economic growth goals. Target hired its first chief AI officer in retail's latest tech push. Trump's new food guidelines will require companies to notify regulators of new ingredients, but tougher enforcement will require Congress.
Earnings & Corporate News
Teledyne Technologies will buy Varex Imaging for about $1.1 billion. TPG agreed to acquire a 61.2% stake in Lotte Rental for 1.31 trillion won ($925 million). Ari Emanuel bought theatre group ATG for £4.5 billion, a big bet on live events. Blackstone and La Caisse will buy 25% of Air Canada's Aeroplan loyalty program for nearly $2 billion. Adani Group secured an $800 million loan from overseas lenders for its data center push. Gautam Adani won dismissal of US securities fraud charges, ending a blockbuster case. Barrick Mining named Sebastiaan Bock to lead operations outside North America ahead of an IPO.
Nvidia is helping six of the biggest names in finance ease investor anxiety over AI commitments. Nvidia's show of financial force soothes credit markets. Nvidia can't solve the two big AI buildout problems: scarcity and profit margin. Wall Street and Nvidia are building an exotic money pipeline for the AI boom, with executives hailing it as a new asset class.
DayOne Data Centers confidentially filed for a $5 billion US IPO. Unitree IPO was 5,500 times oversubscribed by retail investors, raising $900 million ahead of a Shanghai listing. Turing, a Japanese self-driving startup, plans a US office and targets a $10 billion IPO valuation. Barrick named Sebastiaan Bock to lead its ex-North America unit ahead of an IPO.
General Motors set up a $4.5 billion safety net to avoid parts shortages. Jane Street is repaying $5.5 billion of floating-rate loans as part of a debt overhaul. Intel investors are banking on a comeback as AI mania transforms demand and pricing. Uber exited its Serve Robotics stake as the delivery alliance unravels. AIG CEO said the AI data center boom is "maxing out" P&C insurers. Texas power demand forecast was trimmed after a data center pause.
Paramount executives say leaving California is on the table as the antitrust battle over its Warner Bros. deal drags on. David Ellison floated a Hollywood exit as states threaten his Warner Bros. deal. UWM, a US mortgage giant, needed a $2 billion lifeline after a bad trade, with billionaire Mat Ishbia forging a last-minute deal with Oaktree. The collapse of AstraZeneca's $400 billion deal unravelled after an investor revolt. Private equity can score top marks with education deals, as Britain's universities offer rich pickings. Private-credit firms are clamping down on loan sweeteners in fear of "shadow defaults," as borrowers have delayed interest payments on billions of dollars of loans. When trouble strikes, who shadow-banks the shadow bankers?
Asia-Pacific Markets
China's real estate market races to defuse a $148 billion time bomb of expiring leases. China earnings will test the rotation from AI to internet stocks. India's small and mid-cap funds stay hot with investors, comfortably outpacing large caps this year. New Zealand PM Christopher Luxon survived a leadership challenge less than three months before an election. Malaysia's Anwar lost a third lawmaker from his party amid an exodus. Activist Elliott nominated six candidates for the board of Northern Star Resources, stepping up its campaign.
Infrastructure & Energy
UK power supplies are likely to be stretched during a solar eclipse, with the grid operator calling for extra generation. Households near UK grid upgrade projects are in line for lower electricity bills as the government aims to boost support for pylons. German states suspended the Sunday truck ban as low Rhine levels disrupt shipping, with economists warning of a hit to GDP. Record-low Danube levels strain vital routes for Black Sea grain exports. South Africa's Eskom is targeting a data centre "gold rush" for its power surplus. Europe's farmers move to the night shift to beat the heat, using floodlights and cooling sheds. Trump's anti-wind crusade is boosting US gas, as the government redirects wind funds toward fossil fuels. The US pledged $2 billion for battery and materials producers.
Politics & Primaries
Peggy Flanagan, a progressive, won the Democratic Senate primary in Minnesota, potentially becoming the first Native woman in the Senate. Angie Craig benefited from nearly $10 million in outside spending in that same race. Lisa Demuth beat Mike Lindell in the Republican gubernatorial primary in Minnesota. Darline Graham advanced to the Republican Senate runoff in South Carolina. Ned Lamont won the Democratic primary for Connecticut governor. A Democratic primary for governor in Wisconsin remained neck and neck, leaving a national battle between progressive and moderate wings unsettled. Francesca Hong, the democratic socialist, is the front-runner for the Democratic primary for governor of Wisconsin. Abdul El-Sayed deleted old posts defending "defund" and floating an end to fireworks, which set off Republican attacks. El-Sayed's victory sparked a wave of Islamophobia, with President Trump calling Democrats "jihadists." El-Sayed's winning path in Michigan involves saying Jews have a right to a Jewish homeland. The left and the middle continue to battle in Democratic primaries.
Nigel Farage ended up running against Count Binface in Clacton after being forced to face a new election. Vance asked Ukraine to halt tanker strikes. Mike Johnson is raising money for a candidate who says obscene things about mothers and children. Trump stoked Islamophobia by calling Democratic candidates "jihadists." Trump sued New York and other states over in-state tuition for migrants. Trump nominated a Project 2025 co-author for a role overseeing any reflecting pool review. Trump conceded there was "some contractor error" in reflecting pool renovations. Trump's yearlong takeover of Washington has changed the capital, with deployment of National Guard troops and federal agents being expensive. Mike DeWine said only Trump can pull off immigration reform. Rabbis pleaded with Mamdani to tone down his anti-Israel messaging.
Security & Defense
Trump's secret Air Force One swap was revealed, showing extraordinary subterfuge to protect the president from an Iranian threat. Iran was said to have known details of Trump's stay at a NATO summit. Trump was secretly evacuated and the imperiled Air Force One became a flying decoy. Rubio, Bessent and Miller traveled on the decoy plane from Turkey without Trump. Before Trump's catering container ruse, other presidents obscured risky travel plans. China-linked hackers hit Taiwan in an unprecedented "autonomous" AI cyber attack. South Korean group Hanwha made a US defense push with a shipbuilding bid for Austal's American business. European defense stocks are set for continued strong growth as the region's rearmament cycle enters a new stage. Tony Blair's son is seeking funding for a defence tech start-up called Pyra. German shipbuilder TKMS CEO stressed "prudent growth" despite large order wins.
Regulation & Lawsuits
The SEC alleged fund adviser Adit Ventures misled investors in pre-IPO schemes. States scrutinize voter rolls as the debate over election security heats up. Homeland Security intensified pursuit of noncitizens on voter rolls, with immigrants facing deportation for inadvertent registration. New evidence shows agents using slurs, bolstering profiling claims. Chicago hired a Fitch senior director as its new CFO amid a rash of exits. Cracker Barrel's CEO was plotting a turnaround but opened the door to her own exit. Buc-ee's trademark blitz sparked backlash in Beavercreek and on HBO. John Lewis boss Peter Ruis stepped down amid "really tough" trading. OpenAI COO Brad Lightcap stepped down to "start something new." HSBC's global insurance head stepped down as the bank continues to overhaul operations.
Climate & Natural Disasters
Heat, fire, smoke and storms are wreaking havoc on the economy, with businesses reckoning with the financial toll of climate shocks. Burnham will hold an emergency Cobra meeting in response to heatwaves, as several areas in the UK tackle wildfires and drought. Europe braces for a new heat wave after a record-breaking summer start. Powerful "derecho" storms tore through the Midwest with winds nearing 100 miles per hour. The Colombia earthquake death toll rose to at least. Here is where Colombia's quake hit hardest, with a line of cities near the epicenter sustaining major damage. Colombia quake chases teenage Venezuelan brothers from their new home. Colombia inflation unexpectedly slowed, easing pressure on rates.
Miscellaneous Markets & Economy
Business development companies are paying more to borrow. US small business confidence rose last month, with the NFIB optimism index climbing to 99.8. Fed's Hammack said "some number" of rate hikes may be needed to bring inflation down to 2%. A side effect of the Iran war is that electric motorcycles are soaring in developing countries. How a stock market crash gave birth to modern antisemitism. Investing in the forgotten lands of Europe could get the continent back on the radar. Why investors fall for shooting stars was examined alongside good reading and updates. 10 of the best financial advisor companies were analyzed from credentials to fees.
Technology & AI
Meta is betting big on open AI, embracing open models and closer ties to Washington. How the AI trade is stealing crypto's thunder, as investors drop bitcoin for AI stocks. A 30-person start-up called Cosine has UK government backing to build Britain's answer to OpenAI. NYT CEO Meredith Kopit Levien discussed running a media brand in the age of AI. AI agents are taking entire online courses for cheating students, raising questions about the value of online degrees. Can AI get you where you want to go for less? A wave of new services monitors flights and hotels for lower prices.
Notable Companies & Deals
Tata chair N Chandrasekaran will step down as succession row escalates. Tata Sons chairman said he will step down when his term ends in February 2027, deepening a leadership crisis. Revolut cut back WeWork access for premium customers after fee hikes. Paramount executives say leaving California is on the table. StubHub customers battle hard for refunds after being stranded outside a World Cup game. Bootleggers are costing musicians millions in revenue, with BTS management filing lawsuits. How a 100-year-old company is recreating a lost neon color. America is atomizing into a nation of us versus them.
Culture & Entertainment
Why everyone wants a one-carat ring for solitaire diamonds, and not just for proposals. Why gamers can't get enough of "friendslop", games less about beating strangers than spending time with friends. The surprising truth about Instagram's VHS dates videos reveals they may not be authentic. Should you be dating while unemployed? may make sense to prioritize job hunting, but doesn't mean putting life on pause. Jimmy Fallon recreated Trump's catering container escape on "The Tonight Show." Is my architect liable for extra costs? A builder followed incorrect plans and the council is making the homeowner rectify the mistake. How the Bayeux Tapestry got to the British Museum. At Edinburgh Fringe, Amanda Knox takes the mic to reclaim her story. In Europe, the total solar eclipse is hours away, with sky watchers flocking from Iceland to Spain. A Maine town once dependent on a paper mill tries to move on. An Italian diver discovered hundreds of ancient amphorae in Sicily from a Roman shipwreck.