Public Markets 8 Hours

Last updated: August 10, 2026, 2:40 AM ET

Public Markets

Market Overview

Risk appetite improved after Friday’s unexpectedly soft US jobs report, with emerging-market stocks and currencies climbing at the start of the week. However, Asian currencies weakened against the dollar on position adjustments ahead of Wednesday’s US CPI data. The yen underperformed all G‑10 peers this month as the boost from recent intervention faded, putting traders on alert for further official action. Gold held steady in the Asian session, while later gold steadied above $4,300 an ounce after the jobs data allayed rate‑hike bets. The FTSE 100 was set to fall in early London trade, while the pound steadied.

Equities

Japanese stocks rallied, with the Nikkei rising 1.2% led by electronics and metals stocks, as weak US jobs data diminished prospects for Fed rate increases. South Korea’s small‑cap stocks surged 30% after a rotation from leveraged ETFs redirected investor interest away from heavyweight chipmakers. Indonesian stocks advanced, putting the benchmark index near bull‑market territory as economic worries receded. In Sydney, Treasury Wine Estates shares jumped to an eight‑month high after the vintner announced a A$558.4 million post‑tax writedown to tackle US supply chain problems. Shein is valued at $22‑25 billion ahead of its IPO, according to Bloomberg Intelligence, while DatVietVAC Group is pursuing an IPO in Vietnam, seeking to replicate the success of South Korea’s entertainment industry. Meanwhile, high‑frequency trading firms are avoiding India’s new closing‑auction method due to short‑selling restrictions imposed by SEBI.

Currencies & Fixed Income

The yen’s weakness persisted, and Asian currencies broadly weakened ahead of US CPI. In contrast, India’s foreign‑exchange reserves climbed for a fifth straight week toward a record, buoyed by foreign inflows. Japanese government bonds edged lower after the Bank of Japan’s July meeting summary signaled a potentially quicker pace of rate increases. The private credit market is under growing strain, with default rates hitting recent highs and internal loan reviews pointing to tougher times ahead, according to a WSJ analysis.

Commodities & Energy

Wheat futures jumped to the highest in more than a week as disruptions to Black Sea shipping raised supply concerns. The U.A.E.’s Adnoc Gas plans to invest more than $8 billion in expansion, freed from OPEC’s production restrictions. The UK’s Financial Conduct Authority is preparing a framework for tokenised gold to encourage digitisation of financial markets, a move that could bolster London’s bullion trading.

Emerging Markets

Emerging‑market stocks and currencies extended gains after the soft US jobs data. In addition to the Indonesian and Indian stories, China is progressing its “Ice Silk Road” through the Arctic, with the first scheduled container service between Europe and Asia set to reduce voyage times significantly. A separate FirstFT newsletter also highlights the Ice Silk Road, along with Russia’s coercive recruitment and German inward investments. Vietnam’s DatVietVAC is pursuing an IPO as it looks to a Korean playbook. Australia widened orders on Chinese investors in a rare earths mining firm, requiring two parties to get government approval before selling their holdings.

Corporate & Sector News

The US government is backing Australian rare‑earth miner Sunrise Energy with a $400 million loan to develop a scandium project, as part of an effort to cut China’s dominance. Cambridge Aerospace, a UK missile and drone interceptor start‑up, raised $300 million at a $3.4 billion valuation, having secured MoD contracts and talks with the US government. Europe faces a rocket launcher shortage by 2030, the space agency chief warns, as demand for launches grows faster than regional capabilities. Todd Boehly’s Eldridge is rolling out AI across its portfolio, including Chelsea Football Club and film studio A24, after acquiring a 50% stake in the software start‑up Sudolabs. Gucci is breaking luxury’s penny‑pinching taboo by reducing overheads and reinvesting the proceeds into lower prices to attract a new cohort of buyers. The UK’s Palantir NHS data platform lifetime cost projection has risen to £1.1 billion, while forecast benefits fell to £808 million. A family dispute between the heirs of Leonardo Del Vecchio is paralysing Delfin, the €55 billion holding company, as its portfolio is reshaped by consolidation. Data‑center backlash is leading to a land rush in the Texas oil patch, as big landowners in the Permian Basin aim to capitalize on Nimby rebellion against AI projects. Finance groups could help solve Andy Burnham’s social care conundrum, replicating the universal appeal of the NHS without requiring commensurate public‑sector spending.

Policy & Geopolitics

President Trump named Will Scharf as White House counsel, replacing David Warrington in early September. The US backing of Sunrise Energy and Australia’s widening of orders on Chinese investors in rare earths underscore the geopolitical push to reduce dependence on China. China’s Ice Silk Road also has strategic implications for trade routes. Meanwhile, the billionaire broker Leaf Li has become a central target in Beijing’s crackdown on controlling the flow of Chinese money offshore.