Last updated: August 13, 2026, 8:33 AM ET
Equities
U.S. stock futures edged higher on Thursday after a subdued inflation reading reinforced expectations that the Federal Reserve will hold rates steady next month. Stock futures ticked up for a second session, with the Dow and S&P 500 near record levels as cooling price pressures eased rate‑hike fears. European indexes were mostly higher, boosted by financials and technology, though London’s FTSE 100 lagged after copper miner Antofagasta cut its production guidance. Europe’s AI stocks helped drive the Stoxx 600 higher even as the region’s overall tech exposure remains low. The FTSE 100 joined a global rally after the UK economy unexpectedly grew in June, while the pound held steady.
Asian markets climbed on renewed AI enthusiasm. South Korean stocks jumped 22% in 10 days, pushing the Kospi into a technical bull market as the global AI trade reignited. Korean stocks have surged again, though with less leveraged excess after Seoul curbed use of leveraged ETFs. Korean equities led a second day of emerging‑market gains, and the rally is being driven by chip‑makers and AI‑related demand. Hong Kong’s technology index is set for a major overhaul to include more AI and robotics firms. Chinese semiconductor maker SMIC posted a surge in net profit and revenue, cashing in on robust orders for legacy chips. Lenovo shares hit a record after AI‑driven revenue growth helped its first‑quarter results beat estimates by a wide margin. Lenovo’s revenue also beat expectations, with robust AI infrastructure demand and a resilient PC business driving the outperformance. JD.com reported better‑than‑expected second‑quarter profit and revenue as losses at its food‑delivery business narrowed. Tencent’s WorkBuddy is sparking turnaround hopes after the stock rout, giving the Chinese internet giant a chance to catch up in AI. India’s Wipro exited the Nifty, reflecting the waning clout of old‑guard IT outsourcers as BSE Ltd. took its place.
On the corporate earnings front, Tapestry said its Coach brand led another quarter of sales growth but gave a soft outlook for the new fiscal year. Adyen shares jumped more than 9% after first‑half earnings increased, and Adyen later soared by the most in over a year after its first‑ever acquisitions raised the net revenue growth outlook. Cisco reported a sharp jump in profit as AI orders rolled in, with customers fearing falling behind if they pause. Super Micro Computer posted a fourth‑quarter profit surge to $1.17 billion, up from $195.2 million a year ago, as sales nearly doubled. Nvidia continues to be the center of AI investment, with Wall Street betting its chips will defy the laws of finance. Nvidia credit risk eased after the CEO clarified the company’s exposure in a $500 billion financing plan for AI data centers. Wall Street wants another half‑trillion dollars for the AI boom, with six giant investment firms launching a $500 billion effort to raise money for Nvidia customers. European AI stocks have also been driving gains, though the region’s tech exposure is low. Anthropic investors are betting on a $2 trillion valuation in a record IPO, while Wealth managers are wooing staff at Anthropic and OpenAI ahead of expected IPO windfalls. Legal AI start‑up Legora seeks funds at a more than $10 billion valuation, just four months after being valued at $5.6 billion.
Other notable stock moves: Tata Motors missed profit estimates as weakness in its Jaguar Land Rover luxury unit offset strong India sales. Tata investors turned focus to succession after the chairman stepped down, with combined market value of group firms losing about $4.5 billion. CK Hutchison profit jumped sharply on hefty gains from asset disposals. Thyssenkrupp raised its full‑year profit guidance, citing strength in steel and naval divisions. Origin Energy shares rose the most in six months after profit beat estimates on EV uptake. ANZ profit climbed in the third quarter on deposit growth and business loan expansion. Australian banks face housing market jitters, dragging down share prices. Hapag‑Lloyd earnings recovered strongly on robust Asia exports and US demand. Maersk raised its guidance after higher second‑quarter results and a forecast of 4% container market growth in 2026. Maersk’s chief called for investment to ease trade strains as port bottlenecks boosted freight rates. CSN reported a tenth consecutive loss as it grapples with debt. Rocket Lab narrowed its loss as revenue climbed, ending the quarter with a $2.36 billion backlog. SpaceX passed its first lockup expiry test with a $500 billion rally since its June IPO. Cerebras swung to a second‑quarter loss but lifted its full‑year outlook. Orsted profit fell on impairments, but all projects remain on schedule. Vestas CEO said EU rules prevent the mergers needed to compete globally. Treasury Wine shares jumped as China demand countered a steep drop in full‑year earnings. Singapore Airlines lost almost $800 million on its Air India bet, with more pain forecast. ASX shares jumped the most in six years after an upbeat listings outlook. Singapore property firms reported improved first‑half profit, signaling recovery. Australia’s Northern Star rejected Elliott’s push to revamp the board. JPMorgan raised its target for Singapore stocks, citing robust economic growth. Resilient Europe has turned into a winning bet for money managers, defying stagflation forecasts. Investing in the forgotten lands is getting Europe back on the radar, with the Stoxx 600 up 12% year‑to‑date. Red‑hot power stocks are losing steam as the data‑center backlash complicates the outlook for power plant owners. The jobless boom has arrived: the stock market thinks the economy is accelerating, but don’t expect jobs to follow. Investors are abandoning hedges in order to chase soaring stocks, with demand for protection falling to the lowest since Trump’s tariff capitulation. India’s small traders lost $9.6 billion in equity options despite regulatory curbs.
Several IPOs and secondary offerings are in the pipeline. ZUS Coffee is exploring a Malaysia IPO to raise at least $245 million. Shein is said to consider an Aug. 28 Hong Kong trading debut, with investor orders starting as soon as Aug. 20. Anthropic’s IPO is also in the spotlight as investors eye a $2 trillion valuation. Blackstone and La Caisse are buying a 25% stake in Air Canada’s Aeroplan loyalty program for nearly $2 billion. Rio Tinto received a $1.8 billion bailout for Australia’s biggest aluminium smelter. Germany is seeking bids for nationalized energy firm Uniper by Sept. 21.
Fixed Income & Credit
U.S. 30‑year bonds are about to be sold at the highest interest rate in 25 years, after a historic selloff stirred speculation the nation will tilt further toward short‑term borrowing. Inflation protection is on sale: TIPS look like a bargain for the near term. Big Tech is driving up credit risk for safe firms with no AI links, as a flood of debt sales by US tech companies ripples through the credit market. Nvidia credit risk eased after the CEO clarified the $500 billion financing plan. Aston Martin showed bondholders the hard shoulder: the low price of its bonds suggests even senior creditors are gloomy. Emerging‑market company bonds are beating US peers, with borrowing costs falling to the lowest since January relative to US corporates. CSN obtained financial relief as a $1 billion debt exchange was approved. ICE raised $3.75 billion of US investment‑grade bonds for its Market Axess takeover. Gainwell Technologies started the bond leg of a $5.8 billion debt overhaul, the largest US software junk‑debt financing this year. US household delinquencies improved in the second quarter, according to the New York Fed. America’s largest home lender (UWM) is in trouble as non‑bank mortgage lending falls out of the hamster wheel.
Sri Lanka is reducing reliance on foreign debt and raising more money domestically through longer‑term bonds. Nigerian central bank widened access to Open Market Operations to all eligible investors. Chicago hired a Fitch senior director as its new CFO. US regulator denied Egan‑Jones’ bid to re‑enter the government debt and ABS ratings market. Alarm bells are ringing for investors on climate, as wildfire damage in Europe highlights environmental risks.
Commodities & Energy
Oil futures fell as investors assessed a weaker demand outlook and stalled Hormuz talks. US crude oil stockpiles posted an unexpected build of 17.4 million barrels. Russian diesel flows are at multiyear lows as drone attacks hit refineries and Moscow restricted exports. Black Sea oil tanker rates surged to a record after drone attacks. The real oil squeeze is happening in refineries, as war and attacks take millions of barrels of refined products off global markets. Iran’s oil terminals appear idle this month as the US naval blockade continues. Saudis delayed restart of the Jazan refinery to late August after a weekend attack. Heatwaves pushed European gas prices close to Iran‑war highs, and the solar eclipse is expected to fuel demand for gas‑fired power. UK power supplies are likely to be stretched during the eclipse. Texas power demand forecast was trimmed after a pause on new data center projects. Trump’s anti‑wind crusade is boosting US gas as the government redirects funds from wind to fossil fuels. Phillips 66 is building a 900‑mile pipeline from Texas to Phoenix and Los Angeles. US fuel prices will likely stay high until Trump strikes a lasting deal with Iran.
Gold was flat ahead of key US inflation data, with technical momentum building toward $4,500. Gold wavers near $4,400 as tame inflation eases rate‑hike bets. Gold gains were supported by reduced Fed rate‑hike expectations. Aluminium fell for a second day as supply fears eased after a Middle East smelter restored production earlier than expected. Erbium prices jumped on fears of renewed Chinese export controls. Copper shipments from Indonesia were delayed after the Grasberg smelter was halted by a boiler leak. Antofagasta cut its full‑year production outlook after heavy rain closed a mine, though higher prices helped earnings. Chile granted an unprecedented reprieve to state copper miner Codelco, allowing it to reinvest 2025 profits amid surging demand. Rio Tinto’s aluminium smelter got a $1.8 billion Australian bailout. China’s coal‑to‑chemicals push is paying off with record profits as crude prices soar. Russian blockade of major Ukrainian ports threatens global grain supplies. Colombian earthquake disrupted a vital coffee export route, pausing operations at the main port. Zambia’s election becomes a battle over the copper windfall. US lithium race competes with China but is hindered by water battles. North Sea oil producers have been told to speed up well closures, with one company fined over £16 million. Greenland oil wildcatters delayed a controversial drilling plan. Electric motorcycles are soaring as a side effect of the Iran war, with high gas prices driving demand in developing countries. Digital gold, copper and uranium tokens are the latest fusion of crypto and physical metals.
Currencies & Rates
The yen remains within striking distance of the 160 level against the dollar, even after Prime Minister Takaichi’s government backed an interest‑rate hike. Japanese drama is no sideshow for US markets, as yen moves ripple through global assets. Japan’s producer price gains stayed high in July, keeping cost pressure on companies as the BOJ mulls its rate path. India’s inflation held within the RBI’s target band, supporting a pause. Fed’s Hammack said a number of rate hikes may be needed but did not want to pre‑commit. Brazil approved spending control measures, a fiscal nod from Lula ahead of his reelection bid. Australia’s housing price drop is making financial conditions more restrictive, helping the RBA’s efforts to cool the economy. South Korea raised its cap on household debt growth and pledged more homes to contain the housing rally. Prabowo picked insiders for top Bank Indonesia posts, signaling policy continuity. The most difficult dilemma of monetary policy and supply shocks persists as US lettuce prices drop. July CPI report is expected to show falling energy prices, but oil prices rose as US‑Iran deal hopes faded.
Economic Indicators
U.S. stock futures edged higher after July CPI came in line with expectations, reinforcing rate‑hold bets. UK economy unexpectedly grew in June. India inflation held steady within the 2%‑6% target band. Japan producer prices continued rising at an elevated pace. US household delinquencies improved in Q2. The jobless boom shows the stock market is optimistic but hiring remains slow. El Niño is expected to be one of the strongest on record, threatening the global economy.
Market Structure & Regulation
South Korea ordered new investors to take classes after a single‑stock trading frenzy, tightening curbs on leveraged ETFs. Hong Kong’s tech index is set for an overhaul to include more AI and robotics firms. US antitrust opened an in‑depth review of Kone’s €29.4 billion purchase of TK Elevator. Salvini proposed a windfall tax on Italian bank profits. SEC denied Egan‑Jones’s ratings expansion bid. Nigerian central bank widened OMO access. Shareholder proposal filings are on the wane. EU carbon tax will hit budget airlines where it hurts. Mexico pressed the US to cut auto tariffs, and later pushed for lower tariffs in trade talks. Tariff refunds are turbocharging company earnings at Apple, Nike and FedEx. Trump’s tariffs are taxing the dark matter that pays America’s way (knowledge income). South Africa vowed Eskom won’t weaken after transmission restructuring. China’s real estate market races to defuse a $148 billion time bomb of expiring land leases.