Public Markets 3 Days

Last updated: August 21, 2026, 12:12 AM ET

Equities & Earnings

Asian stocks faced pressure as bond yields climbed globally, with Japan's Nikkei falling 0.5% to track Wall Street's losses. U.S. stocks slid despite Treasury buyback plans, as mixed earnings from Walmart and other retailers offered more gloom on consumer health. Ross Stores bucked the trend, raising its annual profit outlook for a second time this year on robust momentum, while Klarna shares tumbled after tempering its outlook. Pop Mart saw an acute downturn after explosive growth, with shares dropping sharply on warnings it would miss its 2026 sales target. Inghams Group shares dropped the most in about two months after flagging higher feed, diesel and packaging costs, while La-Z-Boy swung to a first-quarter loss from declining sales. Hovnanian swung to a third-quarter loss amid a stagnant housing market, and Starbucks laid off more than 200 corporate workers in a streamlining drive. Lyntris shares fell 14% on the first day of trading after a downsized IPO, while Lintec stock slid to a three-month low after its largest shareholder announced plans to dispose its stake.

Fixed Income & Currencies

Bond yields rose as investors assessed changing monetary policy expectations, with US 10-year Treasury yields predicted to top 5% this year. Treasury buybacks jolted bonds but only briefly tamed yields, as investors warned that unpredictable debt management could portend higher borrowing costs. Indian bonds dropped as RBI policy minutes spurred tightening fears, while Asian bonds followed Treasuries lower. The dollar looked set to pay the price for Treasury intervention, with Citi turning negative on the greenback over buyback risk. Singapore dollar edged higher as traders questioned the efficacy of Treasury Secretary Bessent's plans, while Thai baht was expected to remain weak in the near term. Ethiopia sold $500 million to support its currency, and South Africa proposed sweeping changes to its electricity-tariff framework.

Commodities & Energy

Oil futures fell on a likely technical correction after rising for a fifth consecutive session, while oil surged as the US push to isolate Iran's economy raised disruption fears. Oil extended its rally for a fifth straight session as the US planned economic isolation on Iran, with Gulf oil giants pushing to expand overseas stockpiles. Gold wavered as bond yields rebounded, though gold slipped amid changing monetary policy expectations. Comex gold settled 0.6% higher at $4516.30, while copper held above $14,000 after US Treasury intervention. Raw sugar advanced to a 14-month high on global supply concerns, and aluminum premiums slipped as the US moved to cut tariffs on Canadian metal. Natural gas futures settled lower with little consolation from the smallest inventory build of the season.

M&A & Corporate News

James Hardie agreed to sell its European Fermacell business to Holcim for $980 million, with Holcim acquiring the assets for €840 million ($981 million). JBS sought to acquire the rest of Pilgrim's Pride in a $1.2 billion offer, while Oasis urged Kakaku.com to withdraw support for EQT's buyout bid. Vylor raised $1.1 billion in a pre-spinoff bond sale, and PGIM planned to buy $3 billion of Green Sky home improvement loans. Anthropic added Citigroup to its IPO banking roster, while Broadcom sought more than $60 billion in an AI debt deal. Stripe acquired Open Router for $8 billion in an AI bet, and Orion180 filed for an IPO targeting the home and flood insurance market.

Geopolitics & Policy

Trump's threats of "economic warfare" against Iran kept markets on edge, with Iran's economic ties under scrutiny as the UAE imposed a total embargo. China sentenced Evergrande founder Hui Ka Yan to life in prison, capping the downfall of a property empire. Evergrande creditors faced a more complex path as the $45 billion restructuring continued. India banned a JPMorgan unit in record time, sending a warning to traders, while Indian prop traders' derivatives profits fell to $4.7 billion. US-Canada trade talks resumed as a new deadline loomed, with Canada potentially matching terms that pressured Mexico. Trump proposed reviving the Keystone XL pipeline, though the industry had a different plan, while US considers tariff cuts on metals and autos in a Canada deal.

Banking & Financial Services

Private credit giants lost ground to homegrown rivals in India, as US pensions fueled a $1 trillion boom. Jefferies targeted €1 billion for a private credit secondaries fund, while Manulife CQS touted double-digit SRT returns in a $1 billion pitch. BlackRock and Aviva chose short-dated bonds as the long end slumped, and riskier AT1s proved most stable in the upside-down bond market. Korea's yield curve steepened to its sharpest since 2021 as long-bond slumps deepened, while Kakao Mobility eyed a US ADR listing after SK Hynix's triumph. SK Hynix may add another $130 billion to returns, according to JPMorgan, and banks cut leveraged bet costs on SK Hynix shares.

Technology & Innovation

Nvidia looked well-placed to benefit from the next stage of the AI boom, as Analog Devices reported surging profit and revenue on AI data center demand. SpaceX was unlocking more shares, with investors watching closely, while Trump signaled US onshore crypto trade with Hyperliquid. Bitcoin hit $72,000 after a record short squeeze, though crypto stocks continued to surge after upbeat White House meetings. Google's China shift intensified the AI model battle, while China's humanoid robot leader soared in its market debut despite US bans. YMTC moved closer to a China IPO after CXMT's record sale, and CXMT rival YMTC gained momentum. Two Chinese tankers U-turned in Hormuz as risks remained high, and five grain ships were struck near Russian Black Sea ports.

Real Estate & Infrastructure

Housing affordability worsened for the first time since 2023 as higher borrowing costs bit, while Australia's housing slump created clear winners and losers in earnings season. Trump's overhaul prompted the Dulles board to seek $14 billion in bonds for airport upgrades, and California drew more startup investment than all other 49 states combined. US import prices fell in July on lower fuel costs, while Canada producer prices rose 0.6% in July on fuel costs. US leading indicators ticked up 0.2% in July, suggesting moderate growth ahead.

ESG & Sustainability

Clean energy was booming despite Trump's efforts to curb it, with capacity set to rise by a record 45GW this year. British food firms urged action on rising costs as droughts hit ingredient prices, while heatwaves threatened Rhine river water levels, hurting Germany's economy. Vylor's bond sale helped finance a payout to Corteva, and CPPIB partnered with Blackstone and KKR for infrastructure megadeals. Water payments needed rethinking amid UK drought, and digital payments gained traction in Mexico's anti-corruption push.

Market Sentiment & Outlook

Quant funds were rocked as Treasury boosted buybacks, with bond market stress returning alongside rising oil prices. Fund managers favored stocks despite high bond yields, as Europe showed itself as a secret outperformer. Japan's earnings surprised analysts, fueling broad rally hopes, while China materials stocks emerged from slump as new market leaders. Hua Hong and Kingboard may join Hong Kong's stock index, and AIA posted 13% growth in new business value. TAMKO saw earnings drop after a debt-funded payout, while FinThrive's earnings fell 17% as it drew on a $150 million credit line. Egypt held rates for a fourth time amid Iran war uncertainty, and Swiss voters were set to reject a stricter neutrality initiative.