Public Markets 3 Hours

Last updated: June 23, 2026, 2:30 AM ET

Asia Markets Face Headwinds

Chinese equities in Hong Kong hovered near bear market territory, dragged down by tepid consumer spending and waning confidence in e-commerce giants. This sentiment seeped into India, where economic activity slowed in June as cost pressures and softening demand weighed on businesses, according to a flash survey. The Thai baht also plunged to a one-year low on expectations of a widening interest rate gap with the U.S., as domestic demand faces multiple headwinds. In contrast, foreign investors returned to Indian equities for the first time in two months, buoyed by easing Middle East tensions and lower oil prices. Meanwhile, Nomura Holdings and Sony Group are spearheading a significant week for Japanese issuers in global bond markets.

European Equities Under Pressure

European stocks faced a sharp decline as a tech selloff intensified, leading to broad market weakness. The region's automotive sector is warning that Brussels’ proposals to reduce reliance on U.S. Big Tech will increase costs. In addition, European refineries have pushed jet fuel production to record levels, helping to secure summer holiday travel following disruptions from Middle East conflict. Separately, KPMG Australia’s chair and senior partners will depart following an audit scandal, with the firm set to appoint an independent chair as part of an action plan.

US Markets & Economic Indicators

Higher interest rates continue to shape the U.S. market. Gold fell in Asian trading as macro challenges persist in the near term, with Deutsche Bank AG reducing its gold-price forecasts by as much as 22% due to growing caution over U.S. monetary policy and diminishing investment demand for the precious metal. In the U.S., the potential for a right-wing victory in Colombia could ripple across Latin America, while there is some possibility that America may avoid returning to war with Iran and instead turn the page on decades of animosity. Separately, conflicting advice on the Strait of Hormuz has left shipowners adrift.

Private Equity & Tech Developments

Private equity firms are actively re-creating software products to assess their competitive edge, as buyout investors face stalled payouts and a growing number of requests to borrow against future profit shares through carried interest loans. One such firm, IVC, a UK vet group, has spent £34 million on a competition probe, paving the way for a potential IPO following an industry-wide investigation. In the technology sector, GM-backed self-driving firm Momenta Global Ltd. is gauging investor interest for a Hong Kong IPO as early as this week. OpenAI is also pitching Chat GPT ads to Cannes marketers ahead of its own IPO, presenting at the advertising conference for the first time despite being lossmaking. South Koreans are pouring AI stock windfalls into an overheated property market, with the government struggling to divert investment away from real estate.

Energy & Commodities

Iran is actively courting major Asian oil importers as a temporary U.S. sanctions waiver takes effect, aiming to resume exports and clear backlogs. This comes as Europe’s refineries have been instrumental in helping to ensure summer holiday travel by pushing jet fuel production to record levels after Middle East export routes were cut off. Separately, Citadel, founded by Ken Griffin, has evolved from its Enron origins into an energy giant with a commodities empire that extends beyond financial trading.

Global Fixed Income & Currencies

Japan’s five-year government bond auction saw weaker demand than the 12-month average, with yen weakness adding to expectations that the Bank of Japan may need to raise rates sooner. In Europe, the Netherlands is set to open its €1.5 trillion pensions market to foreign providers, a significant move for the country’s workplace retirement system which is currently dominated by domestic funds. The Thai baht also dropped to a one-year low due to expectations of a wider interest rate gap with the U.S. and pressure on domestic demand.