Public Markets 3 Hours

Last updated: July 1, 2026, 2:30 AM ET

Public Markets Roundup

Mergers & Acquisitions and Corporate Deals

Global mergers and acquisitions activity surpassed $2.5 trillion in the first half of the year, signaling a robust deal-making environment. French shipping group CMA CGM is nearing a $1.4 billion deal to acquire FedEx's logistics unit, aiming to bolster its U.S. presence and supply chain operations. In the pharmaceutical sector, Ipsen agreed to acquire Swiss biotech Memo in a deal that could exceed $800 million, marking its second acquisition this week. Meanwhile, Alcoa struck a deal worth up to $5.6 billion to purchase South32's aluminum assets across Australia, Brazil, and South Africa. Separately, KKR and SK are launching a $1.30 billion renewable-energy platform in South Korea, intended to be the country's largest in the sector.

Currency Markets and Intervention

The Japanese yen hit a fresh 40-year low against the U.S. dollar, intensifying speculation about further intervention by Tokyo. Japanese currency chief Masatsugu Asakawa stated that previous interventions to support the yen two months ago proved successful, suggesting a continued willingness to manage the currency’s fluctuations. The Singapore dollar weakened against its U.S. counterpart amid rising Treasury yields, which typically increase the appeal of dollar-denominated fixed-income assets. In India, the Reserve Bank's short dollar book reached a record $106.7 billion in May, as the central bank employed derivatives to defend the rupee.

Equity Markets and Listings

The FTSE 100 index is poised for a weaker start to the second half of the trading year. India's federal government successfully raised $2 billion through stake sales in state-run companies last quarter, offering a rare bright spot in the country's subdued capital market. Two Indian listings this year are anticipated to raise a combined $7 billion, benefiting from investor interest in AI-related sectors, which has given Indian IPOs. In broader market sentiment, some analysts question what could potentially end an extended bull market, with the adage that stock runs don't die of old age being tested.

Commodities and Industrial Assets

Aluminum prices fell to their lowest point since mid-February, pressured by a strengthening U.S. dollar that continues to weigh on commodities. U.S. fossil fuel power spending is projected to surpass China's for the first time in decades, driven by a boom in gas turbine demand from data centers, according to IEA figures. Meanwhile, South Africa plans to tap existing rand-denominated sukuk bonds as part of its funding strategy for the current fiscal year, indicating a focus on domestic debt instruments.

European Defense and Economic Activity

European armies are actively filling gaps created by U.S. troop withdrawals, with Germany reportedly in talks with the U.S. to manufacture American weapons within Europe. This initiative could potentially boost U.S. jobs and strengthen transatlantic defense industrial cooperation. Amid these developments, airport and airline industries have warned that delays at EU borders could worsen over the summer if new checks are not re-evaluated. The job market is showing signs of reacceleration, prompting questions about the broader health of the economy.

Financial Services and Regulation

KKR is planning an expansion into the U.K. and European pension buyout markets, joining rivals who have entered the lucrative pension risk-transfer business. The financial services sector also faces evolving regulatory landscapes, with a small fraction of EU crypto groups holding licenses as new MiCA regulations come into effect, pushing unlicensed entities to offload customers. In the wealth management sphere, the generational transfer of wealth is creating a significant shift in how money is managed for affluent individuals.