Public Markets 8 Hours

Last updated: August 2, 2026, 8:31 PM ET

Market Movers and Dealmaking

AstraZeneca is reportedly in discussions with Bristol Myers Squibb regarding a potential tie-up that could value the combined entity at approximately $400 billion. Such a deal would establish the world's fourth-largest drugmaker based on market valuation. Italy, Monte dei Paschi is exploring the possibility of a takeover of Banco BPM following the collapse of previous "merger of equals" discussions. The chief executive of Monte dei Paschi is reportedly considering an approach to Banco BPM's largest shareholder, Crédit Agricole. Prysmian, Italian company, is said to be in advanced negotiations to acquire the American electrical manufacturing firm Atkore Inc..

Commodities and Currency Watch

Oil prices a decline amid hopes of a potential U.S.-Iran deal, which could alleviate supply disruptions. The market's movements were influenced by President Trump's announcement that he had halted a U.S. assault, indicating a pause in fighting in the Iran conflict. Strategists are warning that coordinated intervention between Japan and the United States to support the Japanese yen significantly increases the risk for those betting against the currency. President Donald characterized the U.S. intervention in the yen as a "signal of friendship". Japanese stock indicated a lower opening as traders remained vigilant for further yen intervention following coordinated efforts by Tokyo and New York to bolster the currency.

Asian Markets and Economic Outlook

Morgan Stanley upgraded South Korean stocks to an overweight rating, suggesting that the recent "leverage washout" presents investors with an improved entry point into artificial intelligence trades and the industrial super-cycle. Officials Bessent and Japan have stated their unwillingness to hesitate on further intervention if necessary to manage currency fluctuations. Australia's resilient outlook may encounter challenges during the August reporting season, as the nation's largest corporations reveal their strategies for navigating a fragile economic environment. Inflation updates from China and India are also on the economic calendar as earnings season reaches its peak.

Corporate Performance and Industry Trends

In the beverage sector, U.S. sales of Campari's orange spirit have been surpassed by Bacardi's St-Germain elderflower liqueur, indicating a shift in consumer preferences. SpaceX is scheduled to hold its first earnings call, while Flutter is in the process of migrating its listing to New York. ultra-wealthy increasingly relocating to Miami, bringing their wealth managers with them, partly driven by tax incentives and other benefits. A new Google Earth tool that allowed the creation of AI-generated deepfake maps was quickly removed by the tech giant following a backlash and concerns about disinformation risks.

Other Notable Developments

Gunfire erupted in a shopping center in Twin Falls, Idaho, resulting in a chaotic scene and the deaths of at least three individuals. Firefighters Spokane Washington, are battling wildfires that have destroyed hundreds of buildings, with thousands of residents evacuated. Canada's second-largest airline, experienced a strike that grounded hundreds of flights and stranded passengers during a busy holiday weekend. The Democratic Socialists of America held a national meeting, characterized by nervous energy and a wide array of competing interests. An Equable study indicates that the market is already contributing to worker benefits through public pension AI initiatives. Historical perspectives on wealth creation suggest that while ancients aggregated wealth, America was built on creating it, a concept that some socialist viewpoints may overlook.