Public Markets 8 Hours

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

Energy & Commodities

Aluminum prices fell to a February low amid a strengthening dollar, reversing earlier gains from a significant acquisition. Alcoa agreed to buy South32's bauxite, alumina, and aluminum assets for up to $5.6 billion in a cash-and-stock deal spanning Australia, Brazil, and South Africa. In contrast, oil futures saw a technical recovery after a sharp quarterly drop, though Goldman Sachs flagged a potential return to oversupply as the impact of the Iran war fades and Strait of Hormuz traffic recovers. Chinese inverter maker Sungrow Power Supply Co. tumbled 20% potential US ban over national security concerns.

Currency Markets

The Japanese yen hit a fresh 40-year low against the dollar, prompting traders to watch closely for potential government intervention. Japan's currency chief stated that past interventions were successful and received some support from US authorities, suggesting a continued strategy to prop up the yen. This persistent weakness is defying traditional rate-based analysis, according to Mizuho Bank as the yen slump continues. The Singapore dollar also weakened against its US counterpart as rising Treasury yields boosted the appeal of dollar-denominated assets, while the South Korean won slid toward its weakest level since 2009 due to global fund selling of equities amid dollar strength. Bullish bets on the Chinese yuan are also fading, with options traders unwinding popular trades following the Federal Reserve's hawkish stance as Yuan rally bets fade.

Mergers & Acquisitions

Global M&A volume surpassed $2.5 trillion in the first half, fueled by a surge in deals that set a strong pace for the remainder of the year. French shipping group CMA CGM is nearing a $1.4 billion deal for FedEx's logistics unit, aiming to expand its US presence and supply chain footprint as CMA CGM nears deal. In the healthcare sector, Ipsen is set to acquire Swiss biotech Memo for potentially over $800 million, marking its second acquisition this week after agreeing to buy Kartos Therapeutics Ipsen to buy Memo. Meanwhile, Perpetual Ltd shares surged on potential takeover bid, prompting a trading halt.

Public & Private Equity

India's federal government raised $2 billion through stake sales in state-run companies last quarter, a rare bright spot in a subdued capital market, with foreign buying of Indian bonds hitting a record after a tax break India's state stake sales and foreign bond inflows hit record. Two Indian listings are expected to raise a combined $7 billion, buoyed by AI optimism AI jitters give IPOs shine. In private capital, KKR is plotting an entry into UK and European pension buyouts, joining rivals in the lucrative pension risk-transfer business KKR plots pension buyouts, and KKR, alongside Sixth Street, is providing Bridge Bio Pharma with $1 billion in preferred equity KKR, Sixth Street provide. Uber-backed Lime raised $167 million in its IPO, underwritten by major banks Lime raises $167mn IPO. Bending Spoons SpA and its backers raised $1.68 billion in a US IPO priced above its marketed range Bending Spoons raises $1.68bn, while digital infrastructure firm ITG Inc. raised $312.2 million in its own US IPO, pricing below expectations ITG raises $312.2 million.

US Economy & Markets

The job market is showing signs of reacceleration, leading to questions about the broader economy's trajectory job market reaccelerating. In Washington, judges have struck down a Trump administration rule that could have narrowed eligibility for student loan forgiveness for public servants judges strike down rule. The Trump administration also lifted restrictions on Anthropic's most powerful AI models, de-escalating a dispute with the AI startup White House lifts ban. Separately, Donald Trump's latest financial disclosure reveals he made over $1 billion on crypto deals and other ventures last year, a sum described as unrivaled in presidential history Trump made over $1bn. Meanwhile, gold held steady below $2,340 in a bearish consolidation zone, with prices falling for a third day as jitters over US interest rate outlooks worsened Gold drops third day. US fossil fuel power spending is set to outpace China for the first time in decades, driven by demand from data centers US fossil fuel spending.

European & Global Affairs

European armies are already compensating for US withdrawals, with discussions ongoing about joint production of US weapons in Europe Europe defence drive and Germany woos Trump. The EU's stringent MiCA regulations are pushing unlicensed crypto groups to offload customers, with only a small fraction holding the required license EU crypto groups hold. Airports and airlines warn of worsening delays this summer unless checks are revised, citing planes leaving half-full amidst EU border chaos EU border chaos disrupts flights. South Africa plans to tap existing rand-denominated sukuk bonds as part of its funding strategy for the fiscal year South Africa taps sukuk. In India, the Reserve Bank of India's short dollar book hit a record in May as the central bank used derivatives to defend the currency RBI short dollar book, and traders anticipate a funding squeeze from the RBI, impacting returns from arbitrage strategies India prop traders brace.