Last updated: August 13, 2026, 2:34 PM ET
Equity Markets
US stocks rallied to start the week, with the S&P 500 heading for a record as AI enthusiasm and receding rate-hike expectations lifted sentiment. U.S. futures edged higher after subdued inflation data, though stocks faded for a second session as oil rose and caution prevailed ahead of CPI. On CPI day, stocks gained after the report met forecasts, rekindling the AI trade with upbeat results from Core Weave and Super Micro. A buying opportunity may be forming around S&P skeptics' refusal to give up, even as anxiety about geopolitics and inflation persists. Citadel Securities said systematic buyers are preparing to reload on levered stock bets after a massive unwind.
European indexes were mostly higher, boosted by financials and technology, though London's FTSE 100 was hit by a guidance cut from Antofagasta. Europe's AI stocks drove Stoxx 600 gains despite the region's low tech exposure. The FTSE 100 joined the global rally as the UK economy unexpectedly grew in June, while the pound steadied. Korean stocks are on fire again, with less excess this time as Seoul curbed leveraged ETF use. Global investors now favor Taiwan over Korea after the AI selloff, citing steadier earnings prospects. Foreign investors fled Brazilian equities at the fastest pace since 2021 amid presidential election concerns. JPMorgan boosted its Singapore stocks target, citing robust economic growth.
Fixed Income & Rates
Traders pared bets on Fed rate hikes amid a retreat in oil prices and a positive inflation outlook. The US paid the highest yield on 30-year debt in a quarter-century, reflecting a relentless selloff. Bond investors want the Fed to raise rates, according to opinion. Inflation protection is on sale, with TIPS offering a bargain for the near term. These bonds offer a rare buying opportunity with 3% real yields. The jobless boom has arrived, with the stock market accelerating but hiring not following.
JGBs extended their rally as traders priced in a September rate cut. South Korea's 30-year bond yield hit a record on elevated energy prices and rate hike bets. Big Tech debt sales are driving up credit risk for safe firms with no AI links. Behind high credit-card delinquencies are stale, charged-off loans, though the share of loans transitioning into serious delinquency is stabilizing. The housing crisis is fueling a surge in mortgage muni bond securitizations as lenders free up capital. Atlanta Airport tapped munis for a $1.1 billion mega bond sale, boosting issuance in the lagging airport sector.
Commodities
Oil surged with no Hormuz deal in sight, as crude futures pulled back after days of gains amid rising US inventories. A second supertanker was seen loading at Saudi Arabia's main oil export terminal, signaling loadings may pick up. A dozen ships continue to switch oil outside Hormuz as the US touts transits. Gulf oil giants are spending billions to build routes around the Strait of Hormuz, recognizing the risk. OPEC cut its oil-demand forecast again as Hormuz talks stalled. Crude oil stockpiles posted an unexpected build of 17.4 million barrels.
Gold settled 1% lower, snapping a four-session winning streak. Gold rallied as tame US inflation calmed rate hike fears. Silver fell 0.5% but traders anticipate a demand lift. US natural gas inventories saw an above-average build, raising the surplus to 198 billion cubic feet. August heat helped lift US natural gas futures ahead of weekly inventory data. Aluminum extended its fall from a seven-week high as supply fears eased after a major smelter announced plans to restore production. The price of niche rare earth erbium jumped on fears of renewed Chinese export controls. India urea offers declined 12% as the war supply squeeze eased. U.S. fuel prices will likely stay high until a deal with Iran is struck.
Currencies & Forex
The yen intervention put China's yuan under more pressure, potentially draining support for growth. CPI data and katsu curry prices say something about the level of the yen. Why the yen matters is about US intervention in foreign bond markets. Traders piled into Taiwan dollar options, betting on a rebound after the currency's worst July since 2015. Japan's producer price gains stayed high as the BOJ mulls its rate path.
IPOs, Debt & Corporate Actions
AMD plans to raise as much as $5 billion from what would be its biggest-ever US dollar investment-grade bond sale. Shein is said to consider Aug. 28 for its Hong Kong trading debut, starting investor orders around Aug. 20. DayOne Data Centers has confidentially filed for a $5 billion IPO in the US. ZUS Coffee is exploring a Malaysia IPO to raise at least $245 million. DMG Mori is seeking $300 million in a Japan share sale as global investors show solid appetite. Goldman Sachs is doubling down on "boomer candy" ETFs that use derivatives for stocklike returns with limited downside. Nasdaq will acquire Leve L Markets, an off-exchange equity execution venue. SpaceX passed its first lockup expiry test with a $500 billion rally.
Sector & Thematic
The recovery in wind energy is picking up speed on hard-nosed commercial grounds. Orsted said all projects are on schedule after impairments hit profit. Germany is seeking bids for nationalized energy firm Uniper by Sept. 21. Red-hot power stocks are losing steam as the data-center backlash complicates the picture. AI has opened big holes in cyber security, requiring urgent investment in defenses. Donald Trump enlisted corporate America in the fight against cyber crime. AI's biggest energy impact might be in the oil patch, not the data center. Elon Musk is leaning into fossil fuels, with SpaceX planning a Texas natural gas plant for AI chips. Nvidia became the bank of AI, with Wall Street assembling a $500 billion funding package for AI infrastructure. Wall Street giants bet Nvidia's AI chips will defy the laws of finance. Nvidia's show of financial force soothed credit markets.
America wants to make its own humanoid robots, but it won't be easy given China already manufactures them by the thousands. Waymo is growing faster than ever, but its "edge cases" are multiplying. The US race to compete with China on lithium runs into water battles. Rio Tinto got a $1.8 billion bailout for Australia's biggest aluminium smelter. Scotland's North Sea oil revenues dropped 12%, with the UK government soon to decide on Rosebank and Jackdaw fields. Goldman Sachs analysts covered lithium, ferro alloys, and aluminum.
Corporate Earnings & Results
Maersk shares rose after the shipping group raised guidance for the second time in less than three months. The Maersk chief called for an investment push to ease trade strains. Hapag-Lloyd earnings recovered on strong Asia exports and US demand. Adyen shares jumped over 9% after first-half earnings increased, and soared most in a year after acquisitions boosted the sales outlook. Lenovo aimed for $100 billion in revenue this fiscal year after AI hardware boosted results to a new record. SMIC posted a surge in net profit, cashing in on robust orders for legacy semiconductors. JD.com profit beat expectations as food-delivery losses narrowed. CK Hutchison profit jumped sharply on asset sale gains. Tata Motors missed profit estimates, stung by Jaguar Land Rover weakness. Antofagasta posted higher earnings but cut production guidance after heavy rain in Chile. Thyssenkrupp raised its outlook slightly on steel and warship gains. Tapestry investors wonder how long Coach can excel as the brand led Q4 growth. Cardinal Health logged mixed sales but sees growth in the new year. Carnival's CFO discussed restoring the balance sheet post-pandemic. Adnoc L&S posted record quarterly profit despite regional disruption. ANZ profit rose on deposit growth and expansion in business loans. CSN reported a 10th consecutive loss amidst debt reduction efforts. ASX shares jumped most in six years after an upbeat listings outlook. La Caisse posted a 5% first-half return, falling short of its benchmark as private equity slumped. Omers returned 4.8% in the first half, fueled by stocks and the US dollar.
Mergers, Acquisitions & Deal Making
The deal for the Lakers was $12.5 billion, reflecting huge profit potential in sports franchises. Bob Iger and Joshua Kushner are buying the Los Angeles Lakers, set up by their wives. Who is Joshua Kushner? He's an influential VC with bets on AI and health insurance. Canary Wharf Group sold Soc Gen's office in a £625 million deal to its own investors. How investors killed AstraZeneca's $400 billion megadeal with Bristol Myers. Hanwha Aerospace made a $1.2 billion bid for Austal's US business in a defense push. Polestar dealer claims the automaker orchestrated its US ban in a $25 million lawsuit. Shein lost a UK copyright lawsuit against Temu in a test of platform responsibility. Bill Ackman called his new fund's slumping stock price "frankly absurd."
Regulatory & Legal
The Trump-led board voted again to close the Kennedy Center for renovations. OpenAI's chief revenue officer departed after less than a year. South Korea ordered new investors to take classes after a single-stock trading frenzy. Treasury scaled back scrutiny of US shell companies, not enforcing the Corporate Transparency Act. US press groups sued Trump over fast access to Truth Social posts. Trump administration let parts of the National Firearms Act lapse. US investigated left-leaning groups during a Minnesota immigration crackdown. North Koreans use stolen IDs and AI to land US jobs, funneling millions to Kim's regime. ICE plans to give officers electric stun gloves. Homeland Security bought $464 million in jets for deportations but parked them. Judge awarded $250,000 to a musician who fled a Trump-led Kennedy Center gig. Trump picks Project 2025 co-author for a role overseeing Interior Department reviews.
Real Estate, Infrastructure & Transport
Air India ordered a one-off drug test for its over 5,000 pilots after a captain allegedly tested positive. Seoul soared past Dubai as the world's busiest international airport. Retail parks are the real threat to the British high street. Burnham warned water companies against treating customers like a "blank cheque." Burnham also plans to crack down on vape and betting shops. Minor International delayed a $1 billion REIT plan as market conditions soured. Old Mutual shares began trading in Zimbabwe after a six-year halt. Sri Lanka is reducing reliance on foreign debt and short-term bills. Chile has a new institutional investor poised to plow billions into corporate bonds. Nigeria's central bank widened access to Open Market Operations. Taiwan warned against Uganda travel as passport disputes grow. TUI CEO said Spain and Italy are hitting tourism capacity limits.
Financial Services & Banking
HSBC's global insurance head stepped down as the bank continues its overhaul. Deutsche Bank's DWS backed an insurer, eyeing private markets mandates. JPMorgan boosted Singapore stocks target to 7,000. The Financial Services Roundup included insight on Hannover Re, ABN AMRO, and Suncorp. Mark Walter's insurers rushed to unwind affiliated investments as prosecutors scrutinize books. America's largest home lender fell out of the hamster wheel, with non-bank mortgage lending in trouble. Wall Street's basketball billionaire mess involves NBA owners facing trouble in Wall Street businesses. Private equity can score top marks with education deals as British universities offer rich pickings. Wealth managers are wooing OpenAI and Anthropic staff ahead of IPO windfalls, cutting fees for equity-rich tech workers. Bitwise cut 14% of jobs with the crypto industry under pressure.
Consumer, Retail & Technology
Selena Gomez was accused of fraud by investors in her mental-health startup. Trezor suffered a data breach putting nearly 14,000 crypto holders at risk. Chime explored stablecoins as a new feature on its banking app, signaling the evolution of digital money. Why everybody wants a mascot now, as brand characters drive growth. Crocs joined the trend with Niles, a 6-foot crocodile mascot. Americans love the roar of a V-8 engine and don't want to give it up. Buc-ee's trademark blitz sparked backlash in Beavercreek and on HBO. Tariff refunds are turbocharging earnings for Apple, Nike, and FedEx. How sustainability fell out of fashion as brands backtrack on climate commitments. Lab-grown diamonds are enabling self-purchase for women, says the Swarovski boss. Style war inside Wall Street's battle to revive J Crew, as high debt and Trump tariffs hinder the turnaround.
Geopolitics & Global Economy
Putin visited islands seized from Japan in WWII, angering Tokyo. Modi faces pressure as Parliament is disrupted by protest fallout over student protests. The battle for control of India's $280 billion Tata Group intensifies as the chairman plans an exit. Tata Group lost $4.5 billion in value as Chairman Chandrasekaran said he will step down. Zambia's election became a battle over a copper windfall, testing whether voters believe they have benefited from the mining boom. China's stubborn commodity markets defy the economic rulebook by surviving on lower prices. In a Chinese leader's death, mourning for a more hopeful time as tributes to Zhu Rongji reflect nostalgia. How China remembers Zhu Rongji, the premier who spoke his mind, contrasting with the Xi era. Europe is once again in the grip of extreme heat, the fifth wave since May. An English summer is not the same anymore as record temperatures rise. Putin visits the disputed Kuril Islands, angering Japan. The Board of Peace road map for Gaza gives hope as Hamas appears serious about disarming. Russian ghost fleet tankers use "Mad Max" nets to fend off Ukraine's drones in the Black Sea. Russian diesel flows are at multiyear lows as drones hit refineries. Black Sea oil tanker rates surged to a record on a drone barrage. Sun, sea and bombs in Odesa, where Russian attacks choke off an export lifeline. Russian blockade of major Ukrainian ports threatens global grain supplies. Iran was said to have known details of Trump's stay at the NATO summit. Trump is taxing the dark matter that pays America's way, undermining income from deploying knowledge abroad. Mexico presses the US to cut auto tariffs. The Tata Group lost value as the chairman plans an exit. Trump keeps pushing after Supreme Court losses. Trump administration cuts hit New York's health plan, with 400,000 facing hard choices. Trump was ribbed for leaving staff behind on Air Force One. Jimmy Fallon recreated Trump's catering container escape. Officials revealed a secret ruse to evacuate Trump, and the FDA takes on a food safety loophole. Which Trump officials joined him on his secret flight out of Turkey? Natalie Harp and Dan Scavino were among them. A reality check is needed on Arctic shipping. Greenland oil wildcatters delayed a controversial drilling plan after permitting realities and a rebuke from the island's government. A US oil drilling project is shaking up Greenland, with locals lining up against it. Alarm bells are ringing for investors on climate as wildfires in Europe signal environmental risk.