Public Markets 8 Hours

Last updated: June 22, 2026, 2:30 PM ET

Public Markets

Geopolitics & Commodities

Global oil markets are bracing for renewed supply flows as Iran shipped 30 million barrels in the week before U.S. sanctions waivers permitted more countries to purchase its crude. This influx comes as oil continues to move through the Strait of Hormuz at its fastest pace since the Iran-Iraq War, despite Tehran's claims, with an estimated 400 ships waiting for the strait to fully reopen. Peace talks between Iran and the U.S. have seen "major progress," according to Tehran, leading to a rally in copper prices as inflation fears ease. Meanwhile, falling Rhine river levels due to a heat wave are straining fuel supply chains in western Europe, forcing barges to carry reduced loads. The UK's Centrica Plc plans to increase U.S. LNG purchases, viewing the fuel as essential for decades to come, while Uzbekistan is seeking more Western gas investors following a deal with BP Plc for its natural gas sector.

Technology & AI

Artificial intelligence spending is expected to accelerate beyond the past two years, suggesting a sustained rally for technology stocks for at least another couple of quarters. SpaceX has secured a $6 billion deal with AI startup Reflection AI for data-center space, and the company is also marketing its debut high-grade bond sale to fund its AI ambitions following a $75 billion IPO. Chevron is moving into power production and has signed a 20-year agreement with Microsoft for an AI data center in West Texas, which will include a gas-fired plant. However, concerns about AI security are rising, with "Five Eyes" governments and corporations warning that the West's lead in AI might not last long, with AI-powered threats potentially succeeding within months. Alphabet shares saw a decline after a second AI leader departed for a rival, while Google is investing approximately $75 million into the studio A24 as part of an AI research partnership to explore creative applications. A California lawsuit alleges that some gas stations, including Walmart and 7-Eleven, are using AI to illegally inflate prices.

Finance & Investment Banking

Morgan Stanley is considering expanding its operations to Dallas with a $1.33 billion office-building deal, potentially joining other financial institutions in Texas. The debt markets are experiencing a "blockbuster summer" for corporate bond issuance as leveraged buyouts launch. Building-materials supplier CRH is set to acquire rival Arcosa for $8.5 billion, including debt, in what is the Irish company's largest deal to date. Germany is nearing a deal to purchase 40% of Europe's largest tank maker, KNDS, paving the way for a potential IPO after months of negotiations. Deutsche Bank AG analysts are recommending investors short Paragon's debut bond, citing its over-reliance on acquisitions. Saudi Arabia's central bank has reportedly pulled billions of dollars from at least two global asset managers, signaling a shift in its investment strategy for its vast capital pools.

Central Banking & Economic Policy

Former Federal Reserve Chairman Alan Greenspan, who died at, is being remembered for his tenure through periods of prosperity and crisis, with his market-friendly stances later associated with destructive financial forces. Kevin M. Warsh, who has long admired Greenspan, is designing his approach to a potential Fed chairmanship with the former chairman in mind as a model for monetary policy. Citadel Securities believes that Warsh's commitment to lowering inflation could bolster the Fed's credibility, supporting long-dated Treasury yields and a lower term premium according to their analysis. European Central Bank President Christine Lagarde stated that any Group of Seven talks on currency valuations must include China to address global imbalances, adding that the ECB does not need a more forceful response to the Middle East conflict as inflation is expected to return to target over the medium term. Brazil is working to calm markets after a "confusing" central bank rate decision, with the Treasury canceling a domestic bond auction and the monetary authority injecting liquidity to ease investor concerns.

Corporate & Market News

Psychedelic drugmaker Definium Therapeutics Inc. saw its shares rally as much as 60% following positive late-stage trial data for its experimental depression treatment. Abb Vie has agreed to acquire Apogee Therapeutics for approximately $10.9 billion in cash, bolstering its portfolio in immunology and inflammatory diseases in its largest deal in over five years. Silver miner Sinda Ltd. is seeking to raise as much as $345.2 million in a U.S. IPO and private placement, aiming to capitalize on rising metals prices for its mining operations. Electric bike and scooter rental firm Lime, backed by Uber, is seeking to raise up to $180.9 million in its U.S. initial public offering alongside its shareholders. Former New York Governor Andrew Cuomo is joining forces with the owner of the New York Stock Exchange and cryptocurrency exchange OKX to lead a new venture merging digital and traditional finance.

Global Political Developments

U.K. Prime Minister Keir Starmer is set to resign clearing a path for Labour Party mayor Andy Burnham to potentially become the next prime minister, a development that markets have reacted calmly to, though economic uncertainties persist. UK bond investors are positioning for potential changes in the Chancellor's office following Starmer's resignation and assessing market impacts. Ukraine is escalating attacks in Crimea, aiming to isolate the peninsula and pressure Moscow by stepping up its air campaign. In Colombia, bonds rose after market favorite Abelardo de la Espriella won the presidential election, signaling a potential shift towards market-friendly policies that have previously sparked investor interest. A judge found that the Justice Department had overreached in its subpoenas to Minnesota officials, quashing them and stating they were intended to "harass and retaliate against" Democratic officials who opposed the Trump administration on immigration enforcement as part of a legal challenge.