Public Markets 3d Briefing
×Last updated: August 20, 2026, 5:42 PM ET
Energy & Commodities
Oil futures wsj.com rose for a fifth straight session as the U.S. planned what President Trump called unprecedented economic isolation on Iran, pushing energy stocks bloomberg.com to records on fading deal hopes. Gold wsj.com settled 0.6% higher at $4516.30, extending gains for a second consecutive session despite mixed signals from the Fed. Natural gas wsj.com futures settled lower with little consolation from the smallest inventory build of the season to date. Aluminum bloomberg.com premiums tumbled after the Trump administration indicated it would lower tariffs on certain Canadian exports, while palm oil climbed to a 20-month high on rising biofuel demand and El Niño production risks. Copper bloomberg.com coking coal futures surged as supply tightened after a deadly accident in Shanxi, while raw sugar bloomberg.com hit a year-high on Indian buying interest. Corn bloomberg.com futures breached $5 a bushel for the first time in 18 months as weaker-than-expected U.S. crop tour results fueled global supply concerns.
Fixed Income & Currencies
Treasury yields wsj.com cooled from early highs after fresh data indicated weakness in the U.S. economy, though global bond yields wsj.com had earlier surged to multiyear highs. US long-term bonds ft.com reversed gains from the Treasury's buyback surprise, with 30-year yields bloomberg.com rising despite the Fed's efforts. Germany bloomberg.com sold 30-year bonds at the highest yield since 2011 as investors fretted about rising government debt. Japan's bloomberg.com 20-year bond auction tested demand as global yields surged, while Egypt bloomberg.com held rates for a fourth meeting amid Iran war uncertainty. The US dollar bloomberg.com turned bearish as Citi warned on buyback risks, while emerging market currencies bloomberg.com were mixed as Treasury buyback effects proved short-lived. Australia's bloomberg.com unemployment unexpectedly rose to 4.5%, prompting traders to pare rate-hike bets.
Corporate Earnings & Deals
Ross Stores wsj.com boosted its outlook as second-quarter profit and sales gained on higher traffic, now forecasting EPS of $8.61 to $8.77 for the year. Deere wsj.com reported higher profit and sales in its fiscal third quarter, driven by construction equipment growth, while Home Depot wsj.com posted a 5.7% sales increase and backed its outlook as homeowners took on smaller maintenance projects. Walmart ft.com saw sales growth slow to a six-year low, planning to use nearly $2.9 billion in tariff refunds for price cuts, while Alibaba wsj.com posted weaker earnings amid heavy AI investments. Carlsberg wsj.com lifted the lower end of its guidance as nonalcoholic drinks delivered 7.8% growth, and Moderna ft.com surged 177% as its mRNA cancer treatment showed promise. TAMKO bloomberg.com saw earnings drop over 50% after borrowing to fund a dividend, while FinThrive bloomberg.com reported a 17% earnings decline and drew on a $150 million credit line.
M&A & Capital Markets
Holcim bloomberg.com acquired part of James Hardie's European business for just under €840 million ($981 million), while CapitaLand bloomberg.com and IOI neared a deal to buy Singapore's iconic One Raffles Place for $1.9 billion. Thales bloomberg.com sold a €1 billion bond to fund its Exail acquisition, and KME bloomberg.com planned a German IPO of its Cunova unit potentially valuing it at €1 billion. Vylor bloomberg.com raised $1.1 billion in investment-grade bonds ahead of its Corteva spinoff, while PGIM bloomberg.com agreed to buy up to $3 billion of Green Sky home improvement loans. BlackSun bloomberg.com raised $1 billion for its inaugural sports and media fund targeting $7 billion, and Ripple bloomberg.com tapped the private placement bond market for $275 million.
Technology & Innovation
Broadcom bloomberg.com sought more than $60 billion in debt for an AI chip financing deal benefiting Anthropic, while Google ft.com struck a $12 billion AI chip deal with Marvell. Nvidia ft.com positioned itself to benefit from the next phase of the AI boom, and SK Hynix wsj.com planned over $28 billion in share buybacks. Stripe ft.com bet on an AI world still needing middlemen with its acquisition, while OpenAI nytimes.com introduced "Chat GPT for Teens" amid growing safety concerns. ShengShu bloomberg.com, backed by Alibaba, considered a Hong Kong IPO, and Unitree ft.com saw shares surge 600% in its Shanghai debut.
IPOs & Fundraising
Orion180 bloomberg.com filed for a U.S. IPO targeting the specialty homeowners and flood insurance market, while PWRX bloomberg.com prepared for an AI and power demand ETF listing on the Texas Stock Exchange. Kakao Mobility bloomberg.com eyed a U.S. ADR listing after SK Hynix's success, and Cantor bloomberg.com offered clients access to Kalshi prediction markets. Private equity firms including TPG backed Korean ride-hailing expansion, while Carlyle wsj.com joined a $1 billion investment round in hypersonic missile startup Castelion.
Geopolitics & Policy
China nytimes.com sentenced Evergrande founder Hui Ka Yan to life in prison, capping the downfall of a property empire that triggered a prolonged economic crisis. Trump nytimes.com boasted of declassifying secrets while withholding key election files, and Iran nytimes.com remained in an uneasy standoff with the U.S. as both sides tested each other's resolve. Canada ft.com reached a deal with Trump to pause tariffs after intense negotiations, while Venezuela bloomberg.com maintained opaque oil deals with unclear terms. India bloomberg.com allowed tax-free sugar imports to cool prices, and Liberia nytimes.com agreed to take 1,200 deportees from the U.S.
Banking & Financial Services
Citi bloomberg.com turned negative on the dollar over buyback risks, while Deutsche Bank bloomberg.com strategist said stocks can power through rate rises if oil stays below $100. UBS bloomberg.com warned of margin pressure risks for stocks by 2027, and Manulife CQS bloomberg.com touted 13% IRR returns in a $1 billion SRT fund pitch. Ping An bloomberg.com saw profits rise 36% as China's stock rally boosted returns, while Starwood bloomberg.com lent $672 million for U.S. outdoor storage lots. Guggenheim bloomberg.com faced loan volatility amid ongoing probes, with executives reiterating improved third-quarter earnings.
Real Estate & Infrastructure
Stockland bloomberg.com rose most since 1987 as tax rules favored new builds, while Fletcher Building bloomberg.com waited for meaningful recovery in New Zealand demand until 2027. Hovnanian wsj.com swung to a third-quarter loss amid housing market challenges, and Lodge Cast Iron wsj.com marked 130 years under family control. Super Micro wsj.com cleared senior management in an alleged chip smuggling scheme, while SpaceX wsj.com racked up wins in Washington with lucrative contracts.
Healthcare & Biotech
Moderna nytimes.com shifted focus to cancer, lifting its stock 177% after years of decline, while Novonesis wsj.com led Europe's Stoxx 600 on a sales beat and guidance raise. Coty wsj.com guided for first-quarter sales decline amid selective consumer spending, and Xiaomi wsj.com saw net profit drop 20.5% due to memory cost pressure. Cancer treatments ft.com reshaped biotech outlooks as mRNA vaccines showed promise, while healthcare market talks wsj.com covered insights on Moderna, Merck, and Novonesis developments.
Market Overview
US stocks wsj.com fell as bond yields rose alongside crude prices, with Walmart sinking after weak earnings reports. European stocks bloomberg.com extended their worst losing streak in three years, while FTSE 100 bloomberg.com dropped as miners and oil stocks weighed. Energy stocks bloomberg.com hit records as oil rose on fading deal hopes, and chip stocks wsj.com weakened across Europe. Bitcoin bloomberg.com extended gains beyond $72,000 after record short liquidation, while crypto stocks wsj.com surged after Trump reaffirmed support for the Clarity Act. Quant funds ft.com were rocked as Treasury boosted buybacks and Moderna shares leaped, creating turbulent sessions for momentum trades.