Public Markets 3 Days

Last updated: August 14, 2026, 5:30 AM ET

Global Equities

Asian stocks were poised to extend gains Friday, buoyed by further evidence of moderating US inflation and a pullback in oil prices that reinforced bets the Federal Reserve will refrain from raising interest rates. The S&P 500 closed at a record high, having been propelled by news of moderated wholesale inflation which eased interest-rate fears. U.S. futures were lower after climbing in the previous session on soft inflation data, giving fresh hopes the Fed would hold interest rates steady. Reddit Inc. shares surged more than 10% after the bell on news it will join the S&P 500. Meanwhile, European equities are finally matching US exuberance, with the FTSE 100 futures rising amid a global stock rally.

Commodities and Energy

Oil futures edged lower in early Asian trade amid mixed signals, with Brent crude holding a decline as traders monitored efforts toward a deal that could reopen the Strait of Hormuz. However, more attacks on tankers and energy infrastructure kept the market on edge. BP and XRG have partnered on a significant Venezuelan offshore gas development, with the Loran field estimated to hold 4 trillion cubic feet of recoverable gas. Russia's largest Baltic port, Ust-Luga, caught fire after an overnight drone attack, a key gateway for energy and commodity exports. Several regions of Russia are facing fuel shortages again after Ukraine resumed almost daily attacks on oil refineries, leading to a renewed fuel crunch.

Fixed Income and Currencies

The yen strengthened amid growing speculation the Bank of Japan may raise interest rates The yen consolidated against other G-10 and Asian currencies but may be buoyed by prospects of a BOJ rate increase. A portfolio manager at Ninety One Plc is using a two-pronged position in the Treasuries market to bet that ebbing price pressures will help restore faith in Federal Reserve Chairman Kevin Warsh’s inflation outlook. Meanwhile, a go-to trade in the UK gilt markets suggests investors are confident Prime Minister Andy Burnham will stick to his pledge to keep government borrowing in check. African local-currency debt is outperforming emerging-market peers, as high yields and economic reforms drive investor appetite for government securities.

Corporate and Deal News

Providence Equity Partners has agreed to acquire property valuation service Hometrack, people familiar with the matter said. Carlyle Group Inc.-backed Quest Global Services Pte has hired banks for an initial public offering in Mumbai that could raise as much as $1 billion. The insurer and asset manager Aviva posted strong first-half profit growth, though it cut full-year expectations for its health business. Ferrovial NV will stop trading in Amsterdam, where negligible activity was far outweighed by listings in the US and Spain, as it plans to end its Amsterdam listing.

Economic Indicators and Outlook

A historic El Niño is forecast, with potential global economic costs in the trillions. The U.S. wholesale price data came in softer than expected, suggesting the Federal Reserve may hold interest rates steady. Emerging-market stocks and currencies gained as a retreat in a key US inflation measure strengthened hopes that the Federal Reserve may not have to raise interest rates soon. New Zealand's annual immigration continues to show signs of a tentative recovery, rising to a 17-month high in June as fewer people departed.

Geopolitical and Legal Developments

Nigel Farage, the leader of Reform U.K., won the Clacton by-election with 63 percent of the vote. The U.S. government argued that Harvard had not done enough to combat antisemitism during campus protests, but a judge dismissed the Trump administration's antisemitism case against the university, calling the incidents “isolated and episodic.” The U.S. is planning to impose up to 100% levies on unmanned aircraft and their components, targeting Chinese drone technology.

Technology and AI

The AI boom is continuing to drive demand for semiconductor solutions, with Applied Materials posting higher profit and revenue. Asian memory-chip stocks climbed, as a bullish outlook from Sandisk Corp. boosted optimism on longer-term benefits from the artificial intelligence boom. OpenAI and Anthropic are engaged in a price war as Chinese AI rivals gain ground, with the US groups releasing cheaper models after new challenges to their trillion-dollar ambitions. Investors are showing a strong interest in AI infrastructure "enablers," with demand for the technology far outstripping supply.

Market Talk

The US 30-year bond yields have jumped amid concerns over mounting public debt and persistently high inflation. Gold traded either side of $4,400 an ounce, after a subdued US inflation report relieved pressure on the Federal Reserve to hike interest rates. The WSJ Dollar Index ended Tuesday’s session flat.