Public Markets 3 Days

Last updated: August 14, 2026, 8:30 AM ET

Public Markets

Equities

Global stocks edged higher, with the S&P 500 closing near a record high following a report of moderated wholesale inflation. This eased interest-rate fears, propelling Wall Street to expect the Federal Reserve to hold rates steady next month. Asian stocks were poised to extend gains as further evidence of moderating US inflation and a pullback in oil prices reinforced bets that the Federal Reserve will refrain from raising interest rates. European equities are also showing strength, with the FTSE 100 futures rising amid a global stock rally. In a notable move, Reddit Inc. will join the S&P 500 next week, sending its shares surging more than 10% after the bell. However, JD.com shares slid after a rare revenue plunge, marking the e-commerce platform's first sales decline in over a decade. Conversely, Applied Materials reported higher profit and revenue, driven by continued AI demand, and Cisco saw a sharp jump in profit as AI orders rolled in. In Australia, Origin Energy Ltd. shares rose the most in six months after full-year profit beat analyst estimates, fueled by the uptake of electric vehicles and home batteries. Meanwhile, Northern Star Resources Ltd., Australia’s largest gold miner, rejected activist investor Elliott Investment Management LP’s calls to overhaul the company’s board.

Fixed Income

The US government sold 30-year bonds at the highest interest rate in a quarter of a century, reflecting investors' demand for compensation to finance the nation's growing deficit. This sale, the costliest since 2001, serves as a warning to Bessent. Separately, the WSJ Dollar Index ended Tuesday’s session flat. In the UK, a go-to trade in the gilt markets suggests investors are confident Prime Minister Andy Burnham will stick to his pledge to keep government borrowing in check. Meanwhile, speculative investors are increasingly betting the Reserve Bank of Australia will raise interest rates again in November as inflation remains above the central bank’s target.

Commodities

Oil futures edged lower amid mixed signals, with Brent crude trading around $88. Tankers are going dark for longer to navigate through the Strait of Hormuz and the Bab el-Mandeb strait, employing tactics honed during earlier periods of the Iran war. The ongoing conflict is also exposing the growing environmental toll of keeping Middle East barrels flowing, with leaks across the Gulf. Ukraine's intensified campaign against Russia's port infrastructure has led to a fire at Russia's biggest Baltic port, Ust-Luga, a key gateway for energy and commodity exports. Major crop buyers in Asia are turning to alternative suppliers as attacks escalate in the Black Sea, impacting exports from the region.

Currencies

The yen consolidated against other G-10 and Asian currencies, potentially buoyed by prospects of a Bank of Japan rate hike. Speculation is growing that the Bank of Japan may raise interest rates leading to a strengthening of the yen against the dollar. However, every intervention to prop up the yen also creates a fresh opportunity for carry traders to rebuild their short positions. The Japanese currency is also undervalued on many metrics, making its current weakness a persistent issue.

Technology

Businesses are pouring millions into quantum computing programs to gain a competitive edge and prepare for future encryption threats. In the AI space, OpenAI and Anthropic are engaged in a price war as Chinese AI rivals gain ground, leading both US groups to release cheaper models. Investors are finding the "enablers" of AI—those providing infrastructure—to be the sweet spot, with demand for AI technology far outstripping supply. Foxconn is ramping up global AI server production to capitalize on booming cloud investment, reporting another strong quarter due to increased production of servers and other tech hardware. Meanwhile, Chinese tech firms’ early earnings are giving hardware stocks renewed momentum, though internet platforms still struggle to show a full consumer-demand recovery.

Automotive & Transportation

China's booming auto exports are straining the global shipping industry, as demand slumps at home, leading to a surge in Chinese car exports to other markets. There are not enough ships to handle this increase, testing the capacity of the shipping sector. Auto and transport market talks are covering insights on A.P. Moller-Maersk, DHL, and Hapag-Lloyd's earnings. Hapag-Lloyd's earnings recovered on strong Asia exports and U.S. demand, driven by robust exports out of Asia and better U.S. demand, following operational disruptions in the first quarter.

Corporate News

Dangote Sugar, owned by Africa’s richest person Aliko Dangote, raised $356 million in a share sale to reduce debt and bolster its capital position. The company's capital position had been eroded by three years of losses. Airtel Africa Plc is considering having its mobile payments arm trade in U.S. dollars when it lists in London later this year, a rare arrangement. In other news, BAE Systems was fined $36 million for illegal exports. Ferrovial NV will stop trading in Amsterdam in 2026, as negligible activity there was far outweighed by listings in the U.S. and Spain.

Energy & Utilities

BP and XRG are partnering on Venezuelan offshore gas development, with the Loran field estimated to hold 4 trillion cubic feet of recoverable gas. BP is among the winners of an offshore license in Venezuela, less than nine months after U.S. sanctions were eased. Meanwhile, several regions of Russia are facing fuel shortages again following resumed Ukrainian attacks on oil refineries. The Panama Canal is experiencing record high fees due to drought and war, with falling water levels potentially limiting transit slots.

Global Markets

Indonesia’s state budget for 2027 is set to benefit miners, electric vehicle manufacturers, and battery producers, according to analysts. President Prabowo Subianto's push for these sectors will drive the gains. However, President Prabowo has also retreated on commodities reform amid market pressure, with a state-owned agency having threatened to shake up trade of nickel, thermal coal, and palm oil. He also plans to open a new commodity exchange to exert more influence on world commodity prices. In other news, Zambia's Electoral Commission has suspended the counting and announcement of election results due to reports of violence.

Emerging Markets

Emerging-market stocks and currencies gained as a retreat in a U.S. inflation measure strengthened hopes that the Federal Reserve may not have to raise interest rates soon. African local-currency debt is outperforming emerging-market peers, driven by high yields and economic reforms. Vietnam’s state investment arm plans to exit dozens of companies over the next four years, potentially boosting the supply of tradable shares as the country prepares for its election. In India, ICICI Bank Ltd. has launched a syndicated offshore loan of about $1.45 billion, joining a growing number of local banks tapping overseas debt. Separately, the rupee has been steadier than the Indonesian rupiah and Philippine peso, potentially attracting more foreign money.

Wind Energy

Vestas shares surged, highlighting wild swings in investor sentiment within the wind power sector. Prospects for the sector are looking up on hard-nosed commercial and strategic grounds, indicating a recovery that is picking up speed.

Precious Metals

Gold struggled to extend its rebound despite softer-than-expected U.S. producer price data, suggesting that the next leg higher for gold prices might not be straightforward. Traders are weighing the Federal Reserve’s interest-rate path and prospects for a deal to reopen the Strait of Hormuz.