Public Markets 8 Hours

Last updated: July 1, 2026, 11:30 PM ET

Public Markets Overview

Global equity markets saw mixed performance as investors digested geopolitical tensions, central bank commentary, and corporate earnings news. Investors are closely watching the upcoming U.S. nonfarm payrolls report for further clues on interest rate trajectories. South Korean stocks experienced a significant downturn, tumbling 6%, largely driven by concerns over excess artificial intelligence capacity and a selloff in chipmakers, following Meta Platforms' plans to offer computing power. Meanwhile, global investor interest in South Korea’s economy and capital markets has improved, with the nation’s top finance official noting a positive shift ahead of the yen’s 24-hour trading debut. Energy & Commodities

Oil futures extended their decline for a third consecutive day as flows through the Strait of Hormuz surged and indirect talks between the U.S. and Iran showed signs of progress. OCBC has cut its oil forecasts, now expecting Brent crude to average $75 per barrel in the third and fourth quarters of 2026, down from previous estimates of $85 and $80 respectively. This decline in oil prices comes as supply concerns ease, with ships moving more freely through the key shipping lane.

Fixed Income & Currencies

Japanese government bonds edged lower in early Tokyo trading, mirroring overnight price declines in U.S. Treasurys. The yen consolidated against the dollar and other major currencies as traders awaited the U.S. nonfarm payrolls report. Some investors are now plotting a worst-case scenario for the yen, considering a slide to 200 per dollar as a medium-term risk, though this is viewed as an extreme possibility. Emerging Asian bonds, however, continue to attract foreign capital despite renewed Federal Reserve hawkishness, as regional central banks are expected to maintain elevated interest rates.

Initial Public Offerings & Dealmaking

India's IPO pipeline has reached a record high, with bankers anticipating an acceleration in listing activity in the coming months. Social media platform Xiaohongshu, often dubbed 'China's Instagram', is reportedly accelerating plans for a Hong Kong listing and is targeting male users as part of its strategy. Data center firm Switch Inc. is initiating a private funding round, aiming to raise approximately $2 billion, with Andreessen Horowitz leading the effort. In a notable development, KKR & Co.-backed South Korean fashion retailer Musinsa is expanding its physical store presence in China and Japan, building momentum ahead of its own IPO. Meanwhile, Franco-German tank maker KNDS has postponed its IPO, citing unfavorable market conditions and investor hesitation over its €12 billion-plus valuation. Global mergers and acquisitions volume is expected to remain strong in the second half of the year, driven by megadeals and a response to economic shifts spurred by artificial intelligence advancements, 60. Bending Spoons, the owner of AOL and Eventbrite, saw its shares soar 40% on its Nasdaq debut, raising $1.68 billion in one of Europe's largest tech IPOs this year. Uber-backed Lime also saw its shares climb post-IPO, priced at $25 per share in a deal underwritten by major financial institutions. Mirae Asset Securities has disputed a report regarding its work on SpaceX's IPO, stating it coordinated with lead underwriters on the deal.

Corporate & Investment News

Gold extended its gains, supported by central banker commentary that eased rate-hike prospects. Federal Reserve Chairman Kevin Warsh's speech dampened speculation of further interest rate hikes this year, contributing to gold's rebound. In the private markets, Hamilton Lane Inc. is planning its first yuan-denominated fund to target discounted Chinese assets, managing a total of $1 trillion in assets. The U.S. Securities and Exchange Commission (SEC) is reportedly investigating allegations of insider trading that may have cost Susquehanna International Group $100 million on options bets before a Chinese regulatory crackdown. The SEC is also re-evaluating its oversight of the ETF industry, indicating a shift in its regulatory approach. Caterpillar Inc.'s stock declined from a record high after Michael Burry, known for his "Big Short" bet, announced he had shorted the industrial company. Tesla Inc. saw a surge in investor interest as its stock price crossed the $420 mark, a level that has historically sparked trading activity among meme stock enthusiasts.

Artificial Intelligence & Technology

The White House is accelerating plans for AI model standards, with guidance expected as soon as next week, following government interventions in the rollouts of models from Anthropic and OpenAI. AI is also making it easier for entrepreneurs to establish solo businesses.

Regulatory & Legal Developments

Alibaba Group and U.S. payment processor AUS Merchant Services have agreed to pay $600 million in a settlement with the Department of Justice over allegations that they facilitated the sale and import of illegal pharmaceuticals and restricted items into the U.S. . A judge has blocked the U.S. Postal Service from imposing restrictions on mail-in ballots, marking the second time such curbs have been halted by a court. The Bureau of Prisons intends to close facilities housing thousands of inmates, citing crumbling infrastructure, chronic staffing shortages, and budget shortfalls as reasons for cost reduction measures.

Geopolitical & International Affairs

Russia launched new strikes on Ukraine, with explosions reported in the capital, Kyiv, hours after President Volodymyr Zelensky warned of an impending "massive strike". The war in Ukraine has crossed a grim milestone, with scientists also creating a cell exhibiting the hallmarks of life.