Public Markets 3 Days

Last updated: August 18, 2026, 10:59 PM ET

Asian Markets

Asian markets faced renewed pressure as a global bond selloff pushed long-term yields to multiyear highs, with chip stocks bearing the brunt of the downturn. Japanese stocks slumped for a second consecutive day, weighed down by chip-related equities as anxiety over surging bond yields sapped risk appetite from the AI trade. Nikkei futures pointed to further downside after the benchmark fell 2.7% overnight, tracking Wall Street’s losses amid a global bond rout. Meanwhile, Korean chip stocks led the regional selloff, as rising bond yields exacerbated concerns over the massive capital expenditures by Big Tech. The Australian dollar weakened slightly against its U.S. counterpart, pressured by another leg down in AI and chip stocks alongside new highs in long-term government bond yields.

Fixed Income

Bond markets remained in the grip of a relentless selloff, with 30-year U.S. Treasury yields climbing to 19-year highs as investors braced for what Wall Street warns could be a new era in fixed income. Global government bond yields surged to multiyear peaks before easing slightly in late U.S. trading, as investors grappled with rising economic uncertainty and persistent inflation fears. U.S. 10-year yields reached their highest level since early 2025, driven by thin August trading and investor wariness of inflation alongside a deluge of corporate debt supply. Japan bond futures saw surging volumes in Singapore as global funds and relative-value traders flocked to the market amid rising volatility. Despite the broader selloff, China bonds bucked the trend, with long-end yields declining and an aggressive curve flattening underscoring a stark macroeconomic divergence from global peers.

Energy & Commodities

Oil prices rose for a fourth consecutive day in Asian trading, fueled by growing concerns over supply disruptions in the Middle East and the ongoing deadlock in the Strait of Hormuz. Energy stocks closed at a record high since March, as investors priced in diminishing prospects for a near-term ceasefire in the Iran conflict. Russian oil exports extended their weekly decline, with no crude loading from the key Novorossiysk terminal amid continued Ukrainian drone strikes. Gulf oil giants moved to expand overseas stockpiles, with Saudi Arabia and the UAE seeking larger reserves in Japan and South Korea as regional conflict threatens critical supply routes. Copper markets experienced another volatile session, with a key one-day spread spiking to levels last seen during the 2021 historic squeeze, underscoring tightening global supply conditions.

Corporate Earnings & Deals

JBS launched a $1.2 billion bid to acquire the remaining stake in Pilgrim’s Pride, sending shares of the chicken producer sharply higher after the meatpacking giant offered to buy out minority shareholders. KKR made a $9 billion takeover approach for UGI, a natural-gas and electricity distributor, marking another major private equity move into essential infrastructure amid rising demand from data centers. Goldman Sachs acquired LCN Capital Partners for up to $410 million, expanding its footprint in the commercial real estate sector through the sale-leaseback specialist. Starwood Property Trust teamed up with Realterm to provide a $672 million loan for U.S. industrial outdoor storage lots, reflecting continued investor appetite for logistics-focused assets. Disney escalated its legal battle with the FCC, filing a lawsuit alleging that the agency’s review of broadcast licenses constitutes unlawful retaliation over ABC’s coverage of President Trump.

Technology & AI

Nvidia announced plans to back a $500 billion data center in Ohio, one of the largest in the world, which will be leased by OpenAI and underscores the semiconductor leader’s deepening integration into AI infrastructure. OpenAI reported tepid second-quarter sales growth compared with Anthropic, though the company noted accelerated growth in the third quarter following the launch of new enterprise offerings. Apple saw its $100 billion services business begin to feel the pinch of intensified antitrust scrutiny, with court rulings and new App Store regulations starting to weigh on one of its most profitable segments. Microsoft launched “Project Odyssey,” a $3.9 billion corporate bond issuance tied to a data center venture, attracting strong investor demand despite offering junk-like yields. Meta and BlackRock’s joint $14 billion data center project exposed lenders to a significant insurance gap, raising concerns among investors about underinsured risks at gigawatt-scale campuses.

Real Estate & Retail

Toll Brothers reported lower sales and declining home deliveries, with revenue falling to $2.65 billion as the luxury homebuilder delivered 2,662 homes in the quarter, down from 2,959 a year earlier. Australian housing shares surged despite a broader property market downturn, as two of the country’s largest developers posted stronger-than-expected full-year earnings. Home Depot reported higher sales in its latest quarter, though investors were surprised to learn that CEO Ted Decker would take a medical leave, raising questions about leadership continuity. Carvana shares dropped 7% amid mounting concerns that billionaire Mark Walter may reduce his stake in the online used-car retailer, as regulatory investigations into his broader investment empire intensify. Chelsea FC owners Todd Boehly and Behdad Eghbali are reportedly in talks to sell a stake in the Premier League club to Clearlake Capital, marking a potential shift in the franchise’s ownership structure amid ongoing financial pressures.

Commodities & Agriculture

Raw sugar futures climbed to a 14-month high as India, the world’s second-largest producer, signaled potential import duty cuts amid growing global supply concerns. Cargill reported rising annual adjusted earnings, benefiting from heightened market volatility driven by geopolitical upheaval and supply chain disruptions. BHP saw its annual earnings surge to $33 billion, powered by booming demand for copper driven by data center and energy network expansion. Lodge Cast Iron, the cast-iron cookware manufacturer controlled by the same family for 130 years, continues to defy industry consolidation trends while adapting to shifting consumer preferences. Fletcher Building projected no meaningful recovery in New Zealand’s construction sector until 2027, adding to concerns about prolonged economic stagnation in the region.

Financial Services & Banking

Klarna shares tumbled after the Swedish fintech cut its revenue guidance and announced a search for a new CFO, citing foreign exchange pressures and weakening consumer spending in key European markets. Klarna also revealed plans to expand its user offerings, signaling a strategic pivot toward broader financial services amid intensifying competition in the buy-now-pay-later space. Ripple raised $275 million through the private placement bond market, marking another step in the digital-asset company’s push to integrate traditional fixed-income instruments into its prime brokerage operations. Mavik took a strategic stake in a KKR-managed real estate lender, betting that the vehicle’s loan portfolio will sell at or around book value amid ongoing stress in the commercial property sector. Guggenheim faced scrutiny after a report probed its ties to Mark Walter’s investment empire, causing bonds of Sammons Financial Group to fall to their lowest levels since issuance.