Public Markets 3d Briefing
×Last updated: August 21, 2026, 3:09 AM ET
Equities & Stocks
U.S. stocks wsj.com fell across major indices as investors digested disappointing earnings from retail giants and renewed concerns over corporate spending. The S&P 500 wsj.com dropped 0.8%, while the Nasdaq Composite wsj.com slipped 1.1%, pressured by tech shares amid skepticism around Treasury interventions. European equities extended losses, with the FTSE 100 bloomberg.com slipping 0.4% as mining and energy stocks weighed on the index. Meanwhile, Asian markets wsj.com showed mixed performance, with Japan’s Nikkei 225 wsj.com falling 0.5% to track Wall Street declines.
Walmart ft.com reported its slowest U.S. sales growth in years, dragging down consumer discretionary stocks after the retail giant flagged cautious spending trends. Shares of Walmart ft.com tumbled over 4% following the earnings miss. In contrast, Ross Stores wsj.com raised its annual profit outlook for the second time this year, buoyed by strong off-price retail demand. The discount retailer now projects EPS of $8.61 to $8.77 for the year.
Alibaba wsj.com posted weaker earnings as heavy AI investments weighed on margins, though revenue beat forecasts. Shares of Alibaba wsj.com dipped slightly in after-hours trading. Moderna bloomberg.com saw a dramatic 177% surge in share price following positive trial results for its cancer vaccine, delivering a $5.5 billion blow to short sellers. Nvidia ft.com remains well-positioned to capitalize on the next phase of the AI boom, leveraging its balance sheet to expand into new markets.
Fixed Income & Currencies
Treasuries wsj.com stabilized after two days of volatile trading, offering only brief relief as investors questioned the long-term impact of expanded buyback programs. The 10-year yield wsj.com settled around 4.3%, while the 30-year yield wsj.com hovered near 4.8%. Global bond yields hit multiyear highs wsj.com, reflecting persistent inflation fears and elevated government debt levels. Australian bond futures bloomberg.com neared record highs as hedging demand surged amid rising debt concerns.
Citi bloomberg.com turned bearish on the U.S. dollar in the near term, citing risks from expanded Treasury buybacks and a potentially less hawkish Federal Reserve. The dollar index wsj.com dipped slightly, with Asian currencies wsj.com showing mixed reactions to the latest monetary developments. India’s bond market bloomberg.com sold off sharply after surprisingly hawkish RBI minutes suggested tighter policy ahead. Indian rupee wsj.com weakened against the dollar as traders questioned the efficacy of current economic policies.
Scott Bessent ft.com faced criticism from Wall Street investors who dismissed his bond buyback strategy as a “band-aid on a bullet hole.” Former Treasury officials weighed in, with Nellie Liang ft.com suggesting that high rates remain a key concern for policymakers. Kevin Warsh bloomberg.com encountered complications in his rate policy stance due to Bessent’s interventionist tactics. Democratic lawmakers bloomberg.com urged Fed transparency regarding communications with the White House.
Commodities & Energy
Oil futures wsj.com fell on profit-taking and technical corrections, despite ongoing geopolitical tensions. Brent crude wsj.com rose for a fifth consecutive session as the U.S. escalated economic pressure on Iran. Iranian oil supply bloomberg.com to Chinese refiners tightened under the U.S. blockade, demonstrating the effectiveness of sanctions. Palm oil bloomberg.com surged to a 20-month high driven by rising biofuel demand and El Niño-related production risks.
Corn futures bloomberg.com broke the $5-per-bushel level for the first time in 18 months amid concerns over tightening U.S. supplies. Copper prices bloomberg.com rallied as supply constraints in key producing regions intensified. Gold wsj.com slipped amid shifting monetary policy expectations, though it remained on track for a third weekly gain earlier in the period. Comex gold wsj.com settled 0.6% higher at $4,516.30 per ounce, reflecting mixed investor sentiment.
Natural gas futures wsj.com settled lower despite a smaller-than-expected inventory build. U.S. refiners wsj.com capitalized on shrinking diesel supplies as buyers competed for limited volumes. Aluminum premiums bloomberg.com slipped as the U.S. signaled plans to reduce tariffs on Canadian metal imports. Chinese coking coal bloomberg.com futures surged as supply disruptions in Shanxi worsened.
M&A & Corporate News
Banca Monte dei Paschi di Siena bloomberg.com launched a bold acquisition strategy, offering to buy BPM and Banca Generali for a combined €34 billion to fend off a potential takeover by Intesa Sanpaolo. Holcim wsj.com acquired part of James Hardie’s European business for $980 million, expanding its footprint in sustainable building solutions. James Hardie wsj.com completed the sale of its European Fermacell business to focus on higher-growth markets.
Thales bloomberg.com issued a €1 billion bond to help fund its acquisition of maritime robotics firm Exail Technologies. Dexmal bloomberg.com sought a $3 billion valuation in its latest funding round, highlighting investor appetite for Chinese robotics startups. DayOne Data Centers bloomberg.com pursued a HK$1.86 billion ($237 million) loan to support its Hong Kong data center project ahead of a planned U.S. IPO.
Anthropic bloomberg.com added Citigroup to its IPO banking syndicate as Wall Street jostled for roles in the anticipated listing. Broadcom bloomberg.com explored raising over $60 billion in debt to finance an AI chip deal benefiting Anthropic and other companies. Carlyle wsj.com joined a $1 billion funding round for missile startup Castelion, valuing the hypersonic munitions maker at $13 billion.
Asia-Pacific Markets
China’s Star 50 bloomberg.com outperformed traditional indexes as investors flocked to AI-driven companies. Chinese materials stocks bloomberg.com surged to market leadership, led by rallies in gold and copper. Zijin Gold bloomberg.com was among the companies considered for inclusion in Hong Kong’s Hang Seng Index. Kingboard Laminates bloomberg.com also emerged as a potential index constituent amid AI-related growth.
Japan’s inflation ft.com rose to 1.9%, increasing pressure on the Bank of Japan to consider a rate hike. Japanese bond auctions bloomberg.com faced tests as global yields surged, challenging demand for long-term sovereign debt. SK Hynix wsj.com announced plans for a more than $28 billion share buyback, marking South Korea’s largest stock repurchase program.
Hua Hong bloomberg.com was also under consideration for Hang Seng Index inclusion. Unitree ft.com made a stellar trading debut in Shanghai, with shares surging 600% as investors clamored for exposure to robotics. Chinese cartoon films bloomberg.com became unexpected box office sensations, turning online ridicule into millions in ticket sales. Shanghai’s STAR Market ft.com outpaced Hong Kong amid the Chinese tech frenzy.
European Markets
European stocks bloomberg.com extended their worst losing streak in three years as bond yields continued to climb. UK inflation wsj.com picked up in July, reaching its highest annual rate since March and complicating monetary policy decisions. British food firms bloomberg.com urged Prime Minister Andy Burnham to act on rising costs as European droughts pushed up ingredient prices.
Deutsche Bank bloomberg.com argued that stocks can weather higher bond yields as long as oil prices remain below $100 per barrel. FTSE Russell bloomberg.com deferred Indonesia stock index additions until December to assess ongoing market reforms. Singapore’s central bank ft.com unveiled tax cuts for asset managers amid a global talent tussle.
Corporate Earnings & Guidance
Coty wsj.com guided for first-quarter sales to decline by a low- to mid-single-digit percentage, citing selective consumer behavior. Carlsberg wsj.com lifted the lower end of its guidance as nonalcoholic drinks offset beer volume declines. Inghams Group bloomberg.com saw shares drop 11% after flagging higher feed, diesel, and packaging costs due to Middle East conflicts.
Hovnanian wsj.com swung to a third-quarter loss, continuing to grapple with a stagnant housing market. Stockland bloomberg.com rose the most since 1987 as tax rules favored new builds. Fletcher Building bloomberg.com projected no meaningful recovery in New Zealand demand until 2027. TAMKO bloomberg.com reported a more than 50% drop in earnings after borrowing to fund a dividend.
Policy & Regulatory Moves
India’s central bank bloomberg.com surprised markets with hawkish minutes, signaling potential tightening ahead. Reserve Bank of Australia bloomberg.com faced pressure as unemployment unexpectedly rose to 4.5%, prompting traders to pare rate-hike bets. Australian job cuts bloomberg.com at National Australia Bank signaled broader restructuring in the financial sector.
HSBC ft.com cut 134 senior bankers in a $68 million restructuring effort, marking its largest cull since the financial crisis. JPMorgan Chase bloomberg.com faced an interim order from India’s securities regulator in record time, raising concerns about market manipulation. CFTC bloomberg.com signaled that crypto regulations will come regardless of congressional action, heightening oversight pressure.
Geopolitical Developments
US-China tensions bloomberg.com persisted as China bought Saudi crude through rare tenders, though overall import levels remained subdued. Iran-US dynamics nytimes.com escalated as Trump threatened economic penalties against countries doing business with Tehran. Strait of Hormuz tensions remained high, with Rosie O’Donnell mocking Trump’s claims about controlling the vital waterway. Houthi attacks on Red Sea shipping assumed greater economic significance under Iranian influence.
Russia-Ukraine conflict developments included the departure of the USS Abraham Lincoln after a nine-month deployment. Somali piracy nytimes.com resurged with two hijackings in four days, raising concerns about regional stability. Venezuela-US relations bloomberg.com remained opaque despite new oil deals being signed. Canada-US trade nytimes.com talks resumed as a new deadline loomed over proposed tariffs.
Debt & Distress
Evergrande bloomberg.com creditors faced a complex path forward after the founder was sentenced to life in prison, capping one of China’s largest liquidations. China’s property sector bloomberg.com continued its five-year downward spiral, with real estate values plunging and households in financial distress. Private credit ft.com stress spread across portfolios as defaults rose, prompting regulatory scrutiny. Private equity ft.com risks remained elevated amid persistent market volatility.
Guggenheim bloomberg.com loan volatility persisted as lenders digested ongoing investigations into the firm’s practices. Healthcare of Ontario Pension Plan bloomberg.com saw its private equity head depart, signaling potential shifts in investment strategy. British pensions wsj.com became a key driver of the $1 trillion private credit boom, with major deals involving Standard Life and Goldman Sachs. Zambia debt bloomberg.com attracted Citi’s bullish stance as the copper producer eyed credit upgrades.
Technology & Innovation
Google ft.com struck a $12 billion AI chip deal with Marvell, expanding its semiconductor capabilities. Marvell ft.com benefited from the expanded partnership, securing a significant role in Google’s AI infrastructure. Stripe acquired Open Router for $8 billion as part of its AI-focused investment strategy. Wonder ft.com targeted an IPO with a $9 billion vertical food platform, led by former Walmart executive Marc Lore.
Bitcoin bloomberg.com hit $72,000 following a record short liquidation, though signs of fresh leveraged longs remained limited. Crypto stocks wsj.com rallied after Trump reaffirmed support for the Clarity Act. Prediction markets bloomberg.com gained institutional traction as Cantor Fitzgerald offered clients access to Kalshi exchanges. CME Group bloomberg.com sparred with CFTC leadership over oversight of growing prediction market platforms.
Emerging Markets
Colombia bloomberg.com saw GDP growth jump to 3.5% in the second quarter, providing a boost for the new government. India’s economic activity bloomberg.com remained subdued in August, with manufacturing weakness offsetting slight service sector growth. India’s growth forecast bloomberg.com may exceed the RBI’s 6.7% projection, according to Deputy Governor Poonam Gupta. EM tech stocks bloomberg.com rebounded as smaller AI firms led the charge beyond chipmaking giants.
Singapore dollar wsj.com edged higher as traders questioned the efficacy of Bessent’s economic plans. Thai baht wsj.com was expected to remain weak in the near term amid regional currency pressures. South Korea bloomberg.com explored creating a new financial hub beyond Seoul to ease metropolitan concentration. Vietnam gem smuggling bloomberg.com investigations cleared PNJ of wrongdoing in diamond import operations.
Special Situations
WuXi AppTec bloomberg.com became a top short target as its 80% rally drew growing skepticism from investors. Short sellers bloomberg.com suffered a painful $5.5 billion loss following Moderna’s dramatic surge. Quant funds ft.com were rocked as Treasury boosted buybacks, disrupting momentum trades. Bond veterans bloomberg.com warned of mounting credit market risks as valuations became increasingly stretched.
Orion180 bloomberg.com filed for an IPO targeting the home and flood insurance market, seeking to capitalize on growing specialty insurance demand. BlackSun bloomberg.com raised $1 billion for its inaugural sports and media fund, aiming for a $7 billion target. Castelion wsj.com secured $1 billion in funding for its hypersonic missile development program. Exail Technologies bloomberg.com attracted Thales investment through a major bond issuance to support maritime robotics expansion.
Market Volatility & Outlook
Bond market stress nytimes.com returned as yields surged, raising borrowing costs across sectors. Treasury intervention bloomberg.com complicated T-bill outlooks as buyback programs expanded. Market volatility bloomberg.com spiked as investors rushed into long-bond ETFs just before unexpected Treasury announcements. Investor sentiment wsj.com remained fragile despite policy interventions, with mixed earnings reports failing to restore confidence.
Wall Street wsj.com saw no end in sight to the global bond selloff, with analysts warning of prolonged yield pressure. Asian stocks bloomberg.com were poised to fall as bond yields climbed, reflecting broader market unease. Market talk wsj.com in healthcare highlighted developments at Moderna, Merck, and Novartis. Energy markets wsj.com continued to react to geopolitical tensions and supply disruptions.