Last updated: August 13, 2026, 11:35 AM ET
Public Markets
Macro & Policy
Stock futures edged higher Tuesday after subdued U.S. inflation data reinforced bets that the Federal Reserve will hold rates steady. The S&P 500 closed near a record high as the latest CPI report matched expectations, easing concerns about imminent rate increases. Bond traders stopped fully pricing in a Fed rate hike this year amid a retreat in oil prices that reinforced positive sentiment on the inflation outlook. Inflation eased slightly in July but prices remain elevated as the war drags on, though energy prices fell last month after their spring surge. The WSJ Dollar Index ended Tuesday's session flat. Markets got inflation relief, with AI names and Wendy's rallying. Pimco says market anxiety about the Fed's inflation-fighting credentials is overdone and that U.S. bond yields at current levels look attractive. A subdued reading reinforced hopes the Fed won't need to raise rates next month. Asian stocks climbed on AI enthusiasm, with yields dipping. The US government is about to sell 30-year bonds at the highest interest rate in a quarter of a century. The USDA made a surprise cut to corn yield projections, estimating 180.7 bushels an acre, down from 183 bushels in July. TIPS look like a bargain for the near term. A record short bet against global bonds by trend-chasing investors is lifting the stakes for U.S. inflation reports. The S&P 500 may be at a record, but anxiety about geopolitics and inflation is keeping animal spirits at bay. Stock futures rose ahead of CPI data. The CPI report showed the consumer-price index is still elevated.
Fixed Income & Credit
Eurozone government bond yields rose ahead of U.S. CPI data. Big Tech debt sales are triggering an inadvertent rise in risk metrics for some of the world's safest firms. SCThe US offers a rare buying opportunity with real yields on TIPS. The SEC is considering taking direct control of a controversial database that tracks trades across US equities and options markets. Business development companies are paying more to borrow. Jane Street issued $14.6 billion of bonds as part of a broader overhaul of its debt load that will also fund technology infrastructure and expand trading strategies.
Currencies & Commodities
The yen sank as the effect of U.S.-Japan intervention faded, giving up roughly half its gains. The yen remains within striking distance of 160 against the dollar. Japan producer prices continued to rise at an elevated pace in July. The WSJ notes that Japanese drama is no sideshow for U.S. markets. Oil fell as investors assessed a weaker demand outlook, though talks to reopen the Strait of Hormuz remained stalled. Oil prices rose as the lack of a deal to restore energy flows through the Strait of Hormuz lifted prices. Gold prices gained as U.S. inflation data reinforced bets that the Fed will keep rates on hold. US fuel prices will likely stay high for a while until a lasting deal is struck with Iran. Americans have never paid this much for fuel so late in the year. U.S. natural gas futures fell ahead of the EIA's weekly inventory report, while U.S. natural gas gave back some of the previous day's gains due to soft LNG demand. Aluminum fell for a second day after a Middle East smelter announced plans to restore production earlier than expected. Aluminum extended gains to a seven-week high after a key alumina producer slashed production. A dozen ships continue to keep oil flowing through the Strait of Hormuz despite attacks. Gulf oil giants are spending billions to build ways around the Strait of Hormuz. Russian diesel exports dropped to a fresh multiyear low in early August as Moscow restricted fuel exports in the face of drone attacks. North Sea oil producers have been told to speed up well closures. Scotland’s North Sea oil revenues dropped by 12%.
Equities: U.S. & Europe
U.S. stocks slipped and oil prices rose as the early good vibes faded in afternoon trading. The S&P 500 fell as oil climbed before inflation data. U.S. stocks edged back from records as major indexes turned lower. European indexes were mostly higher, boosted by financials and technology sectors, though the FTSE 100 was down as miners fell. Europe’s AI stocks drove Stoxx 600 gains despite low tech exposure. European defense stocks are set for continued strong growth as the rearmament cycle enters a new stage. European indexes were boosted by energy stocks on a rise in oil prices. The FTSE 100 joined a global rally as the UK economy unexpectedly grew in June. Norway’s oil fund made a record profit of nearly $185 billion, buoyed by an Asia tech stock rally. Adyen shares rose more than 9% after first-half earnings increased. Adyen soared by the most in more than a year after its first-ever acquisitions raised its net revenue growth outlook. Antofagasta cut its full-year production outlook after severe weather closed a mine. Tapestry said its Coach brand led sales growth for another quarter, while giving a soft outlook for its new fiscal year. Cracker Barrel’s CEO Julie Masino exited after a controversial rebranding. Cardinal Health had a mixed fiscal fourth quarter but expects revenue to rise in both segments. Hims & Hers Health boosted its revenue target to $3.1 billion to $3.3 billion for the year. AST SpaceMobile reaffirmed its revenue outlook as its satellite network expands. Cerebras swung to a second-quarter loss of $450.5 million but lifted its full-year outlook. Treasury Wine shares jumped as signs of growth in the China market outweighed a steep drop in full-year earnings. Orsted said all projects are on schedule after impairments hit profit. Thyssenkrupp raised the low end of its full-year profit guidance on strength at its steel and naval divisions. Accelerant agreed to go private in a $4.4 billion deal with Thoma Bravo. Home Depot said its CFO and VP will step up as the CEO takes medical leave. Do investors deserve to know the details of a CEO's medical leave? Optical stocks soared as the market's favorite momentum bet resurfaces. Healthcare investing is now an AI short in disguise.
Equities: Asia & Emerging Markets
Korean stocks jumped 22% in 10 days as the AI chip rally regained steam. A jump in South Korean stocks drove emerging-market equities higher, pushing Seoul’s Kospi index into a technical bull market. Korean stocks are on fire again with a bit less excess this time. Global investors favor Taiwan over Korea stocks after the AI selloff. Foreign investors fled Brazil stocks at the fastest pace since 2021 over presidential election concerns. China’s biggest chip foundry SMIC posted an earnings beat as mature-node orders surged. Japan noted Japanese drama is no sideshow. CK Hutchison profit jumped sharply on a boost from asset sales. Lenovo shares jumped 19% after an AI-driven revenue boost sent the stock to a new record. Lenovo revenue beat expectations on robust AI demand. JD.com profit and revenue beat expectations as food-delivery losses narrowed. Tencent AI spending snuffed out its profit-growth run. Rakuten shares dropped after mobile losses fueled investor fears. Tata Motors missed profit estimates, stung by luxury unit weakness. Tata Group erased $4.5 billion in value as the chairman plans to exit. Tata investors turned focus to succession and strategy. India options trading dropped 27% as a new auction upended strategies. Gautam Adani won dismissal of US securities fraud charges. CSN reported a 10th consecutive loss amid efforts to reduce debt. Sri Lanka is reducing reliance on foreign debt and short-term bills. ZUS Coffee is said to explore a Malaysia IPO to raise at least $245 million. Shein is said to consider Aug. 28 for its Hong Kong trading debut. Shein lost a UK copyright lawsuit against Temu. China’s coal-to-chemicals push paid off with record profits. China pledge on US soybeans is tested as private crushers hold back. China stubborn commodity markets defy the economic rulebook. Deutsche Bank became the first European clearing bank for renminbi. South Korea stepped up its home supply push. South Korea ordered new investors to take classes after a single-stock trading frenzy. SK Hynix and Samsung shares gained as a report said Temasek plans to invest. Australia’s top gold miner spurned an Elliott push to revamp the board. Australia housing price drop is helping to slow the economy. Housing market jitters gripped Australian banks. Chile has a new institutional investor poised to plow billions into corporate bonds. Brazil backed a spending control measure in a fiscal nod from Lula. Nigeria’s central bank widened access to open market operations. Nifty 50 inclusion could boost BSE as NSE gears up for listing.
Deals, IPOs & Corporate Actions
Frasers bought Harvey Nichols as Mike Ashley pushes into upmarket retail. Frasers Group bought Harvey Nichols out of insolvency, beating Next. Canary Wharf Group sold a Soc Gen office in a £625 million deal. Bob Iger and Joshua Kushner are buying the Los Angeles Lakers. The $12.5 billion deal for the Lakers reflects the huge profit potential of major sports franchises. Anthropic investors bet on a $2 trillion valuation in a record IPO. Wealth managers are wooing OpenAI and Anthropic staff ahead of IPO windfalls. Legora seeks funds at more than a $10 billion valuation. Minor International delayed a $1 billion REIT plan as market conditions soured. SpaceX passed its first lockup expiry test with a $500 billion rally. 777 Partners filed for bankruptcy after creditors' liquidation push. MEMX filed to list prediction market-style bets on earnings. JBS seeks US margin recovery with a new CEO pledging continuity. JBS heir will become chief of the world's largest meatpacker. Rio Tinto got a $1.8 billion bailout for Australia's biggest aluminium smelter. DWS Group is partnering with Frankfurter Leben to access the insurance industry's capital pools.
Sector & Thematic Roundup
Maersk called for an investment push to ease trade strains. Maersk raised guidance on higher earnings and increased visibility. Hapag-Lloyd earnings recovered on strong Asia exports and US demand. TUI said Spain and Italy are hitting tourism capacity limits. Americans love the roar of a V-8 engine and don't want to give it up. Trucking is booming again, and drivers aren't happy about it. AI’s biggest energy impact might be in the oil patch, not the data center. America wants to make its own humanoid robots, but that won't be easy. Robots that walk and talk are coming to car factories. Mexico pressed the US to cut auto tariffs. Mexico is pushing for lower auto tariffs in trade talks. Tariff refunds are here and turbocharging company earnings. AI build-out fuels warehouse demand, and war throttles another chokepoint: the Black Sea. Panama Canal fees hit a record high as El Niño and the Iran war choke shipping. Europe is once again in the grip of extreme heat, the fifth since May. Europeans are braced for a 5th heat wave of 2026. As Europe faces heat waves and wildfires, travelers are forced to adapt. Hotel prices in Europe surged before the historic solar eclipse. The golden age of Mexican food is here, and it's complicated. Everybody wants a mascot now. Crocs is the latest to join the mascot trend with Niles, a 6-foot crocodile. Buc-ee’s trademark blitz sparked backlash in Beavercreek and on HBO. Taylor Farms recalled lettuce and jalapeños over contamination fears. Food companies dodged a crackdown in RFK Jr.'s proposal on new additives. North Koreans are using stolen IDs and AI to land US jobs and funnel millions to Kim’s regime. Japan notes how China remembers Zhu Rongji, the premier who spoke his mind.
Bonds & Rates Commentary
The jobless boom has arrived, with the stock market thinking the economy is accelerating, but don't expect jobs to follow. Bond investors want the Fed to raise rates. Britain needs more investors, not higher taxes on investment. Alarm bells are ringing for investors on climate.
Geopolitics, Regulation & Legal
Luigi Mangione, facing stalking charges in federal court, is expected to plead guilty. Prime Minister Putin visited islands seized from Japan in World War II, angering Tokyo. Taiwan warned against Uganda travel as passport disputes grow. The battle for control of India's $280 billion Tata Group is underway. Modi faces pressure as parliament is disrupted by protest fallout. Prabowo picked insiders for top Indonesia central bank posts. Zambia’s election became a battle over the copper windfall. New York City launched a sweeping investigation into Polymarket and Kalshi. US asked Ukraine to stop strikes on tankers using a Russian port. Homeland Security paid $464 million for airplanes, then parked them. Homeland Security intensified pursuit of noncitizens on voter rolls. Trump administration let parts of the National Firearms Act lapse. Trump is taxing the dark matter that pays America's way. New York outdoor dining is expected to resume year-round. New Yorkers who lost insurance after Trump cuts face hard choices. Kansas put a bounty on trans people. In Wyoming, a primary fight is between the right and the far right. ICE plans to give officers electric stun gloves. Hegseth is pressed to clarify a lawyer's role in promotion decisions. Hegseth says an anti-cartel coalition will do "bad things to bad people."
Other Notable Items
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