Public Markets 8 Hours

Last updated: August 8, 2026, 5:37 AM ET

Equities

US equities saw a muted open after the Senate passed a stopgap bill to avert a government shutdown, with both parties eager to avoid a messy fight ahead of midterm elections. In biotech, WuXi App Tec shares surged after a US judge blocked the Defense Department from enforcing its designation of the firm as a Chinese military company, granting temporary relief to the major pharmaceutical contractor. UK housebuilder Vistry faces a cash flow squeeze after Allianz Trade moved to cut credit cover for its suppliers, pressuring the stock further. Meanwhile, London-listed housebuilders finally caught a break as construction activity picked up, though analysts warn that merely returning to normal won’t be enough to meet ambitious government targets. Sainsbury’s, the UK’s second-largest supermarket, has spent two decades delivering terrestrial returns and needs a dose of Big Tech’s boldness to reinvigorate its stock. On the streaming front, Netflix continued its summer promotional push with a billboard stunt on Sunset Boulevard, paying an actor three days inside an ad to drum up interest for a new thriller — a sign the company is still hunting for this year’s blockbuster hit. Mining stocks were in focus after unionized workers at BHP Group’s Port Hedland iron ore export hub began rolling 24-hour strikes, escalating a pay dispute that could disrupt shipments and weigh on the miner’s earnings.

Fixed Income & Currency

UK gilt yields edged higher after Prime Minister Burnham’s talk of using flexibility within fiscal rules to ramp up investment spooked some Treasury officials, who fear the rhetoric could destabilize financial markets. City bosses have also urged Burnham to rule out changes to pension lump sums in the next Budget, warning against inviting pre-Budget speculation for a third consecutive year. In currency markets, the yen strengthened after the US-Japan intervention highlighted America’s financial weak spot — the squishy underbelly of dollar dominance, according to analysts who note that the intervention points to the fragility of US Treasury demand in a world of growing geopolitical fragmentation. The euro was steady against the dollar as traders await the European Central Bank’s next policy decision, while sterling remained under pressure from the mixed signals on UK fiscal policy and the risk of a messy fight over budget rules.

Commodities

Oil prices rose on renewed supply threats after Ukraine launched drone strikes that sparked a fire at Russia’s Ilsky oil refinery, injuring five people, while Kyiv itself was struck in return. The attacks on Russian refineries and the shadow fleet are tightening global diesel supply, and with wars in the Middle East and Ukraine already squeezing the workhorse fuel, analysts warn of an even worse winter crunch as demand rises ahead of the Northern Hemisphere heating season. Meanwhile, iron ore futures slipped on the BHP strike news, though the disruption is expected to be temporary. Gold held steady near $2,400/oz as geopolitical tensions supported safe-haven buying, but the metal remains sensitive to dollar moves and Fed rate expectations.

Macro & Policy

On the geopolitical front, Ukrainian President Zelenskyy made a landmark first visit to Serbia, a Balkan country that has been scaling back its traditionally close ties with Russia, signaling a shift in regional alignments that could have long-term implications for energy routes and trade. The broader market backdrop remains influenced by the fiscal and monetary outlook in the US, with the yen intervention exposing vulnerabilities in the global financial system. In the UK, the passage of a stopgap funding bill buys time but does little to resolve structural fiscal challenges, while first-time buyers are getting older — one in three now starts a family before owning a home, underscoring the depth of the housing crisis that any government will need to address. A long-term perspective on market history suggests that the search for a stock’s true worth may not protect investors from the next crisis, as the author of a history of valuing stocks reflects on a career spent trying to find what shares are really worth.