Public Markets 3 Days

Last updated: August 20, 2026, 11:34 AM ET

Energy & Commodities

Oil futures climbed for a fourth consecutive day, with Brent crude settling above $94 a barrel as concerns over stalled talks to reopen the Strait of Hormuz pushed the geopolitical risk premium higher. U.S. crude stockpiles posted a third straight weekly increase, rising by 4.4 million barrels, while natural gas inventories saw their smallest build of the current injection season, sending futures lower. Raw sugar surged to its highest level in over a year on signs of Indian buying interest, and palm oil reached a 20-month high driven by rising biofuel demand and El Niño-related supply risks. Copper held above $14,000 a ton following the Treasury’s surprise bond buyback announcement, while corn futures broke the $5-a-bushel threshold for the first time in 18 months on tighter-than-expected U.S. supply estimates.

Fixed Income & Currencies

US long-term bonds slid further despite Treasury Secretary Scott Bessent’s intervention, with the 30-year yield climbing as investors questioned the durability of buybacks. US 30-year bonds erased all post-intervention gains, underscoring market skepticism about the Treasury’s ability to tame yields amid soaring debt levels. Japanese stocks slumped, with the Topix falling the most since March as rising global bond yields weighed on AI-related equities. Indian bonds dropped after RBI policy minutes signaled a hawkish tilt, while Korean yield curves steepened to their widest since 2021 on persistent long-end pressure. Emerging-market currencies hit fresh highs as the “Bessent put” boosted carry trade appeal, even as oil prices surged on renewed Iran tensions. Australian unemployment rose to 4.5% in July, prompting traders to pare rate-hike bets, while Chinese refiners snapped up Iraqi crude as more barrels exited the Persian Gulf. Chinese tankers executed rare U-turns in the Strait of Hormuz amid elevated shipping risks, and Hong Kong dollar neared the weak end of its trading band on surging carry trade demand.

Equities & Earnings

Walmart reported the slowest sales growth in years as American consumers tightened wallets, with Target raising its fiscal-year outlook on strong traffic and Estée Lauder posting a 63% sales jump as turnaround efforts gained momentum. Deere posted higher Q3 profit and sales, though Lowe’s cut its full-year outlook after missing Wall Street estimates. Hovnanian swung to a Q3 loss amid a continually challenging housing market, while Pop Mart warned of a potential 2026 sales-target miss as growth abroad cools. Novonesis led Europe’s Stoxx 600 after posting organic sales growth ahead of estimates, and Ping An saw net income surge 36% in H1 as China’s stock rally boosted investment returns. Meta faced a trillion-dollar risk as its child safety trial began in California, while SK Hynix may add at least $130 billion in shareholder returns through next year. JD Sports issued a fresh profit warning as U.S. sales tumbled, sending shares down 15%.

Corporate Actions & Deals

Vylor launched an investment-grade bond offering to finance a payout to parent Corteva ahead of its spinoff. PGIM agreed to purchase up to $3 billion of home improvement loans from Green Sky under a three-year arrangement. Thales sold a dual-tranche bond to fund its acquisition of maritime robotics firm Exail. CapitaLand and IOI Properties neared a deal to acquire Singapore’s One Raffles Place for S$2.4 billion. Danone secured U.K. competition clearance for its $1.2 billion Huel acquisition. Shein courted Boyu Capital and UBS as cornerstone investors for its Hong Kong IPO. CVC and Prudential backed Standard Life’s U.K. pension risk transfer partnership. Dangote secured $400 million for its Nigeria refinery IPO, and Kazakhstan’s sovereign wealth fund prepared to ramp up international bond sales.

Geopolitics & Policy

Trump threatened economic penalties on countries doing business with Iran, while Treasury intervention raised concerns about inflation and Fed policy independence. Ethiopia sold $500 million to support its currency, and Egypt held rates for a fourth consecutive meeting amid war uncertainty. Ukraine struck Russia’s Taneco refinery and a Black Sea terminal, worsening Moscow’s fuel shortages. Venezuela signaled readiness to sign oil deals with U.S. investors, while China bought Saudi crude in a rare tender amid muted overall imports. Iran tensions drove oil to three-week highs as Gulf exports persisted despite regional risks.