Last updated: August 17, 2026, 6:02 AM ET
Equities & Earnings
U.S. stocks fell after weak retail sales data tempered enthusiasm about the artificial-intelligence boom, while the S&P 500 logged a third consecutive weekly gain on new bets that the Federal Reserve will hold rates steady in September. Corporate earnings are blowing past Wall Street expectations for a stellar earnings season, adding to the rosy backdrop for a stock market trading near record highs. Tech stocks rose as oil held steady, and European indexes started the week mostly higher, boosted by technology and pharma stocks. FTSE 100 futures rose amid a global stock rally, while Singapore stocks scored a record run with a "Goldilocks" growth boost. Berkshire Hathaway padded its Delta and Alphabet stakes as Greg Abel began tapping into the company's massive cash hoard. Stock-picking funds are performing as poorly as ever, with just 13% of U.S. large-cap funds beating indexes over the past decade. Leveraged ETFs snapped back as the casino crowd minted $50 billion, while Bally's Corp. warned of "substantial doubt" over its ability to continue as a going concern. MSG Sports filed to spin off the Rangers from the Knicks, and Jane Street suffered a $15 billion hit after a meltdown at Situational Awareness. NAB shares dropped as mortgage growth in Australia was seen slowing, while BHP Group headed into earnings with the least amount of "buy" ratings ever. Higgsfield was valued at $5.4 billion as Goldman and Intel backed the AI video start-up, and Korea Eximbank agreed to lend $1 billion to Glencore for copper supply. Sembcorp said it plans a $500 million IPO of its India unit, while Modernland sought bond restructuring again, highlighting liquidity challenges. First Gen fell by a record 19% after its parent rejected a KKR offer.
Fixed Income & Currencies
JGBs extended their rally as Japan's 10-year bond yield hit a three-decade high near 3%, driven by a weak yen fueling inflation concerns. Japan's bonds surged as BOJ hike bets grew, pushing the 10-year yield to the highest since 1996, while Treasury yields faced a bigger threat than the Fed as global rates climbed. India bond yields jumped as the dollar swap window closed early, and emerging-market currencies rose to a record high as Fed hike bets eased. The euro lifted to a two-month high against the dollar, while Asian currencies rose as Fed hike odds dropped. The Thai baht rally may fade on a dovish central bank, and the Indian rupee remained in focus as the RBI ended the FCNR deposit window early. Hedge funds halved short bets on the yen since the joint intervention, signaling reduced negative sentiment. Bonds sold off after India closed the dollar swap window early, and the U.S. 20-year bond sale will test demand as the yield curve steepens. Gold rose amid risk-on sentiment, and gold advanced to near $4,400 as weak retail data weighed on the dollar. Precious metals inched higher to close the week, with gold settling up 0.4% and silver rising 0.2%.
Commodities & Energy
Oil prices were mixed in early European trading, with WTI futures down while Brent futures rose. Oil futures posted weekly gains as the Hormuz standoff dragged on, and oil fluctuated on fresh fighting in Lebanon and attacks on vessels in the Strait of Hormuz. U.S. natural gas futures made modest gains on recovering LNG feedgas and strong pipeline exports to Mexico. Asian refiners asked to pick up Saudi oil outside the risky Red Sea, and China's steel output tumbled to a decade low as economic conditions worsened. Copper advanced toward a record, with a key spread in London widening to extreme levels amid supply constraints. Silver traders braved red tape to capture Indian premiums, and Saudi Aramco faced pushback from Asian refiners over Red Sea pickup points. India readied LPG output boosts as Hormuz uncertainty lingered, and Korea Eximbank lent $1 billion to Glencore for copper supply, underscoring global supply chain concerns.
China & Asia-Pacific
China's investment slump deepened as industrial output growth slowed and retail sales nearly flattened, with policymakers facing calls to step up support. Geely Auto saw profits slip 18% as weak Chinese demand offset strong overseas sales and a better product mix. China's new-home prices fell at a faster pace in July, denting optimism about the property downturn nearing a bottom. China's reserve gauge hit a 12-year high, smoothing the yuan's rise as authorities absorbed heavy foreign currency inflows. China's energy strategy was vindicated by the Iran war, with its playbook likely adopted by other nations. China plans to speed up new energy recycling and waste rules, aiming for a closed-loop system by 2030. China protests Japan's prime minister and defense minister over Yasukuni shrine actions, and China is poised to lift the travel ban on Manus founders as the AI company nears resolution of its Meta separation. India's banking review committee announcement loomed as the country sought to evolve its financial sector for a developed economy. Indian lenders set a record with $8 billion in dollar bond sales, capitalizing on a central bank facility lowering hedging costs. Malaysia's Anwar vowed faster reforms after electoral defeats, while Malaysia profits from its AI data center boom, emerging as a key hub in Southeast Asia. Singapore Inc. leveraged AI access to retain finance talent in its rivalry with Hong Kong, and Singapore stocks surged with a "Goldilocks" growth boost. South Korea saw an inverse correlation with the Kospi down and the won up, while Peru's economy unexpectedly slowed due to a slump in fishing and agriculture output. Sri Lanka's inflation was expected to slow toward the 5% target over the second half of the year, and Hong Kong's air passenger traffic jumped 11.7% in the first half. China's July economic data release timing was revised, and China's film sales soared after online scorn attracted curious viewers. China's new energy recycling rules are being accelerated, and China's disaster management strategy shifted toward prevention under Xi Jinping's directive.
Deals & Investment Banking
Alibaba sold its videogame arm for at least $1.5 billion as it shifted focus to artificial intelligence, and L'imad proposed an $8.66 billion deal on AD Ports, signaling Abu Dhabi wealth fund's growing role. OpenAI faced internal upheaval as Sam Altman readied an IPO push, with executive exits and safety team changes unsettling staff. Nvidia downsized plans for a $250 billion guarantee of an OpenAI data center, and Nvidia disclosed a $21 billion stake in SpaceX. Open-weight AI won't crimp demand for picks and shovels, and AI companies faced $70 billion in shadow credit backstops that worried bond traders. Big manufacturers found new demand in equipping AI data centers, and Harvey Nichols deal hinted at department stores' hidden potential. Sports team sale prices kept hitting new highs with the Lakers' $12.5 billion sale, and the experience economy became a blockbuster phenomenon. Influencers were transforming travel, and luxury firms embraced the intellectual influencer as a new branding tool. Burnham could curb Britain's tax-dodging shops, and UK housebuilders faced a 12% profit drop as the relentless grind dragged on. Labour's rental reforms disrupted the student market, and BlackBerry sought a tech comeback with car and security software. Ferrexpo was caught in a dispute between an oligarch and Kyiv, and Finland's pension reform shifted €500 billion for fund managers. Germany's pension overhaul focused on capital markets, and money managers chased the historic shift.
Policy & Politics
Jamie Dimon warned the UK against higher bank taxes, and Jamie Dimon separately cautioned the UK chancellor, as financial services sector lobbying intensified ahead of the October Budget. Trump ordered the Pentagon to curtail military exercises with South Korea, and Trump said he instructed the Secretary of War to substantially reduce joint drills. Trump's visa strategy in the Americas became a tool of dominance, and Trump's Air Force One ruse duped adversaries and the press. Trump's other hold on the Americas was the visa, and Trump's business interests in office became a political flashpoint as a crypto venture won bank license approval. US and Iran blew through a deadline to agree on a broad deal to end the war, and Iran said Qatar captured its pilots months ago, a claim Qatar rejected. Iran's nuclear talks faced a looming deadline as the economic battle intensified, and China's energy strategy was vindicated by the conflict. Xi Jinping tied his predecessor's legacy to his own agenda as risks grew, and Xi urged a shift to prevention in disaster management. China protests Japan's Yasukuni actions, and Israeli strikes in Lebanon killed, including children. Israelis sympathize with settlers amid Palestinian protection failures, and the Israeli prime minister's office said Hezbollah struck first. Europe seeks a role in eventual Russia-Ukraine talks, and Europe is not ready for American weed. European companies weighed heatwave costs and gains, and the economics of Europe's drought hit transport, energy, and big tech. Turkey and Cyprus holiday spots slashed prices amid war, and Portugal and Spain struggled as EU housing black spots. Reform UK vowed to block foreign nationals from claiming benefits, and Blanche refused to say he'll always be independent of Trump as attorney general. Sherrod Brown sought a Senate comeback in Ohio, and Ocasio-Cortez redefined female power in the public sphere. Democrats face a potential Tea Party moment, and Democrats make South Carolina the first contest in the 2028 presidential primary calendar. Republicans embrace Brandon Herrera in Texas, and Republicans are trying to hide health care cuts. AIPAC targets a progressive Democrat in a race to replace Swalwell, and Ed Markey hoped his progressive politics would overcome the age issue. Mamdani speaks Mandarin to promote Broadway, and Mamdani's council failed to ease business concerns. Kushner meets with Hamas to advance Trump's Gaza plan, and the U.S. military wants A.I. dominance amid China rivalry. The Navy and USS Lincoln faced problems tied to attacks on a U.S. base early in the war, and Trump dismissed reports about dire conditions aboard the USS Abraham Lincoln. Top admiral praises sailors after visiting the USS Lincoln, and two planes with the same call sign in Phoenix could have been disastrous. A shooting at the U.S. Consulate in Toronto exposed a neighborhood's guns-for-hire network, and a prominent Mexican politician said the U.S. revoked his visa. Alaska Democrat Mary Peltola pushed back against an endorsement from Kamala Harris, and Luigi Mangione pleaded guilty, sparking cultural debate. Luigi Mangione's case hit a cultural nerve, and the professor's death left hard questions for Cambridge on race and hiring. Central Synagogue attack rattled Jewish New Yorkers, and the DOJ charges a Kentucky woman in a WWII memorial vandalism case. Hawaiian Electric warned outages may last days, and FDA classified an egg recall as Class I for the highest health risk. Indiana prepares for more rain after deadly storms, and Midwest storms caused flooding and tornadoes, killing at least eight. Heat deaths in Belgium warned Europe, and a false nuclear claim about Iran ricocheted from India to Washington. China hunts scientific talent as the US eases restrictions, and AI data centers face pressure to share profits. Worker pay isn't keeping up with inflation once again, and private credit is under strain as troubled loans swell. Broken FIMA debates continued as consumer woes mounted, and the yen fight heated up after US intervention. Stock market calm masks fast shifting investor sentiment, and consumer warning lights flashed amid rising oil and yields. Stock trading in Congress became an attack line in midterm campaigns, and lawmakers' families traded millions in stocks. Prosecutors focus on four businesses tied to Dodgers owner Mark Walter, and prosecutors examined a firm tied to a judge in the Trump hush-money trial. The CEO trying to outsmart buyout firms adopted private equity-style tactics, and the next China shock will come from open-source AI. The wrong lessons are being drawn over worries on public equities, and war and climate change drove a surge in global shipping costs. Air conditioning became a must-have for overheated London office workers, and Burnham faces a climate test over the North Sea oil decision. The art of the goodbye message shows how hard it is for professionals to stop, and quit lit explores why we abandon books too soon. The last hurricane to hit Hawaii became a movie star, and Lala lashes Hawaii as the Atlantic hurricane season remains calm. A breakdown of financial advice flying over TikTok revealed stock pickers and educators, and a DIY nation fixed broken doodads with 3-D printers. Burger King revamped its Whopper and overtook Wendy's, and Ralph Lauren wins as America returned to the office. Harvey Nichols deal hinted at department stores' hidden potential, and BlackBerry sought a tech comeback with car and security software. Olympus CEO embraced private equity tactics to deflect takeover interest, and Ferrexpo was caught in an oligarch-Kyiv dispute. Berkshire Hathaway exited Constellation and bought home builders, and Berkshire upped stakes in Delta and Alphabet. Nvidia disclosed a $21 billion stake in SpaceX, and PayPal was in talks to sell itself. Trump's crypto venture got bank license approval, and L'imad proposed an $8.66 billion deal on AD Ports. OpenAI faced internal upheaval ahead of its IPO, and Nvidia cut its $250 billion guarantee for the OpenAI data center. Kushner met with Hamas to advance Trump's Gaza plan, and the Lakers set a record $12.5 billion sale. Liverpool transformed from crisis club to $7 billion juggernaut under John Henry, and the Dodgers owner faced prosecution scrutiny. Mark Walter faced prosecution scrutiny, and Luigi Mangione pleaded guilty. Jane Street suffered a $15 billion loss, and Situational Awareness faced AI losses from a Texas hedge strategy. Berkshire Hathaway made Q2 moves, and Greg Abel was the top stock picker. Berkshire upped stakes in Delta and Alphabet, and Nvidia disclosed a $21 billion SpaceX stake. OpenAI faced upheaval, and Sam Altman readied an IPO push. Nvidia cut its guarantee, and investors worried about balance sheet risk. AI companies faced $70 billion in shadow credit backstops, and bond traders agonized over the risk. Open-weight AI won't crimp demand, and big manufacturers found new demand. The AI-fueled market party powered the stock market, and Wall Street eyed the rates punch bowl.
Energy & Commodities
Oil prices were mixed as Middle East supply risks persisted, and oil futures posted weekly gains as the Hormuz standoff dragged on. Oil fluctuated on fresh fighting in Lebanon and attacks on vessels in the Strait of Hormuz, and U.S. natural gas futures made modest gains. Asian refiners asked to pick up Saudi oil outside the Red Sea, and China's steel output tumbled to a decade low. Copper advanced toward a record, and silver traders braved red tape for Indian premiums. Saudi Aramco faced pushback from Asian refiners, and India readied LPG output boosts as Hormuz uncertainty lingered. Korea Eximbank lent $1 billion to Glencore for copper supply, and world's largest carmakers sought to avert a motor oil crisis. The economics of Europe's drought hit transport, energy, and big tech, and war and climate change drove a surge in global shipping costs. Codelco overhauled management under a new CEO seeking turnaround, and SDIC Commodities faced liquidation orders from a Hong Kong court. China's new energy recycling rules accelerated, and Modi unveiled chip and nuclear plans in his Independence Day speech. South Africa finalized rules for its $9.3 trillion OTC derivatives market by 2028, and traders got pickier in emerging-market inflation-linked debt. Inflation-linked debt shifted beyond Brazil and Mexico, and the bond traders agonized over AI companies' $70 billion shadow credit backstops. The Fed's September rate hike looked very unlikely, and markets were too hawkish on betting the Fed would hike rates. Bonds faced a bigger threat than the Fed as global rates climbed, and the inflation market stayed above target. The art of the retirement goodbye message showed how hard it is to stop, and the CEO trying to outsmart buyout firms embraced private equity tactics. The wrong lessons were drawn over worries on public equities, and the AI super-rich reshaped markets for jets, yachts, and cars. Big Tech's data center boom poised to drive up carbon emissions, and the next China shock will come from open-source AI.
Technology & Innovation
OpenAI faced internal upheaval as Sam Altman readied an IPO push, with executive exits and safety team changes unsettling staff. Nvidia downsized plans for a $250 billion guarantee of an OpenAI data center, raising investor concerns about balance sheet risk. AI companies faced $70 billion in shadow credit backstops that worried bond traders even before Nvidia's splashy financing partnership. Open-weight AI won't crimp demand for picks and shovels, and big manufacturers found new demand in equipping AI data centers. The AI-fueled market party powered the stock market to record highs again, while the AI math breakthrough came with help from a high-school dropout who played an invaluable role despite not understanding the math. ChatGPT maker prepared for a blockbuster listing amid executive exits, and the U.S. military wanted A.I. dominance as China charged ahead. How to train AI models became a pressing question after the OpenAI-Hugging Face hack, and the AI danger sparked debate in an Odd Lots podcast. OpenAI upheaval mounted as Sam Altman readied an IPO push, and the next China shock will come from open-source AI. China plans to speed up new energy recycling rules, and China's energy strategy was vindicated by the Iran war. China hunts scientific talent as the US eases restrictions, and AI data centers faced pressure to share profits. The experience economy became a blockbuster phenomenon, and Big Tech's data center boom poised to drive up carbon emissions. Influencers were transforming travel, and luxury firms embraced the intellectual influencer as a new branding tool. AIPAC targets a progressive Democrat in a race to replace Swalwell, and the AI super-rich reshaped markets for jets, yachts, and cars. The summer that America became a nation of Luddites saw protests over Flock cameras and data centers, and the wearable battle was about more than fitness tracking. The cutthroat wearables battle involved Google, Apple, Samsung, and Oura, and the AI-fueled market party faced rate risk as Wall Street eyed the punch bowl. OpenAI upheaval mounted as Sam Altman readied an IPO push, and the AI math breakthrough came with help from a high-school dropout.
Global Markets Wrap
Technology stocks lifted global equities after stellar revenue growth at Anthropic PBC, and treasury yields rose alongside the dollar. The stock market calm masked fast shifting investor sentiment, and consumer weakness flashed warning lights amid rising oil and yields. The S&P 500 saw a third weekly gain amid Fed rate hopes, and U.S. stocks down after retail sales data. Corporate earnings surged and fueled bullish sentiment, while stock-picking funds performed as poorly as ever. Leveraged ETFs saw a $50 billion rebound, and the bond traders agonized over AI companies' shadow credit. Global rates rose and threatened bonds more than the Fed, while the inflation market stayed above target. Emerging-market currencies rose to a record high, and the euro lifted on falling U.S. rate rise expectations. Asian currencies rose as Fed hike odds dropped, and the Thai baht rally may fade on a dovish central bank. The Indian rupee stayed in focus as the RBI ended the FCNR window early, and hedge funds cut yen short bets after intervention. The yen fight heated up after US intervention, and the Korean won bounced as the Kospi slumped. The Singapore stock surge got a "Goldilocks" boost from growth, and the Japanese bond yield hit a three-decade high. Japan's bonds surged as BOJ hike bets grew, and the U.S. 20-year bond sale tested demand as the curve steepened. Gold rose amid risk-on sentiment, and gold advanced to near $4,400 as weak data weighed on the dollar. Precious metals inched higher to close the week, and oil futures ended the week higher as Hormuz tensions persisted. Oil prices were mixed as Middle East risks persisted, and U.S. natural gas futures made modest gains. Copper advanced toward a record, and silver traders braved red tape for Indian premiums. Asian refiners asked to pick up Saudi oil outside the Red Sea, and China's steel output tumbled to a decade low. Corporate News
Corporate News
Geely Auto saw profit slip 18% as weak Chinese demand offset strong overseas sales, while Alibaba sold its videogame arm for at least $1.5 billion to pivot toward AI. First Gen shares plunged 19% after its parent rejected a KKR offer, and NAB shares dropped as mortgage growth slowed. Bally's Corp. warned of substantial doubt over going concern, and MSG Sports filed to spin off the Rangers from the Knicks. Jane Street suffered a $15 billion hit after an AI fund meltdown, and BHP Group headed into earnings with the least "buy" ratings ever. Higgsfield was valued at $5.4 billion as Goldman and Intel backed the AI video start-up, and Sembcorp planned a $500 million IPO of its India unit. Modernland sought bond restructuring again, and Codelco overhauled management under a new CEO. SDIC Commodities faced liquidation orders, and Proya Cosmetics targeted the U.S. market via Ulta Beauty. A2 Milk saw slow recovery from China supply problems, and WuXi AppTec gained 100% despite the Pentagon label. Charlie Ergen agreed to take a controlling stake in Mobile X, and Stellantis eyed a sale of its Toronto-area plant. Diana Shipping dropped its bid to acquire Genco, and Sony shifted focus to entertainment under CEO Hiroki Totoki. Ford and GM were locked in a new battle over who's the most American carmaker, and Ralph Lauren won as America returned to the office. Harvey Nichols deal hinted at department stores' hidden potential, and BlackBerry sought a tech comeback with car and security software. Olympus CEO embraced private equity tactics to deflect takeover interest, and Ferrexpo was caught in an oligarch-Kyiv dispute. Berkshire Hathaway exited Constellation and bought home builders, and Berkshire upped stakes in Delta and Alphabet. Nvidia disclosed a $21 billion stake in SpaceX, and PayPal was in talks to sell itself. Trump's crypto venture got bank license approval, and L'imad proposed an $8.66 billion deal on AD Ports. OpenAI faced internal upheaval ahead of its IPO, and Nvidia cut its $250 billion guarantee for the OpenAI data center. Kushner met with Hamas to advance Trump's Gaza plan, and the Lakers set a record $12.5 billion sale. Liverpool transformed from crisis club to $7 billion juggernaut under John Henry, and the Dodgers owner faced prosecution scrutiny. Mark Walter faced prosecution scrutiny, and Luigi Mangione pleaded guilty. Jane Street suffered a $15 billion loss, and Situational Awareness faced AI losses from a Texas hedge strategy. Berkshire Hathaway made Q2 moves, and Greg Abel was the top stock picker. Berkshire upped stakes in Delta and Alphabet, and Nvidia disclosed a $21 billion SpaceX stake. OpenAI faced upheaval, and Sam