Public Markets 8 Hours

Last updated: August 14, 2026, 5:30 AM ET

US Markets

U.S. stock futures were lower, following a session of gains that were fueled by softer inflation data. This easing in price pressures has renewed hopes that the Federal Reserve may hold its benchmark interest rate steady at its upcoming meeting. The S&P 500 had approached a record high following the inflation news. Gold is on track for a weekly loss.

Commodities and Energy

Brent crude oil futures are forging higher, with prices hovering around $88 per barrel. Meanwhile, a drone attack sparked a fire at Russia’s Baltic port of Ust-Luga, a critical hub for energy and commodity exports. This incident comes as Ukraine intensifies its campaign against Russian port infrastructure, potentially impacting global supply chains. In Venezuela, BP and XRG are partnering on offshore gas development in the Loran field, which holds an estimated 4 trillion cubic feet of recoverable gas. Supertankers are increasingly employing "going dark" tactics for longer durations to navigate through the Strait of Hormuz and the Bab el-Mandeb strait, a strategy honed during earlier periods of conflict in the region. Indonesia's Prabowo has reportedly retreated on proposed commodities reform amid market pressure, with the state-owned agency having previously threatened to overhaul trade in nickel, thermal coal, and palm oil.

Asian Markets

Asian memory-chip stocks experienced a climb, with a bullish outlook from Sandisk Corp. bolstering optimism about the long-term benefits of the artificial intelligence boom. In China, tech earnings are shifting investor focus towards hardware companies, as internet platforms continue to face challenges in demonstrating a full recovery in consumer demand. Chinese tech valuations are surging, with some reaching multiples higher than their US counterparts, partly due to support from Beijing and the ongoing AI boom. The People's Bank of China injected liquidity into the financial system through overnight reverse repos, marking its first such operation in the middle of a month. Vietnam’s SCIC plans to exit dozens of companies over the next four years, freeing up capital and potentially boosting the supply of tradable shares as the country prepares for its FTSE upgrade.

European Markets

Ferrovial NV will cease trading its shares in Amsterdam in 2026, as its trading activity has become negligible compared to its listings in the US and Spain. In the UK, a popular trade in the gilt markets suggests investors are confident that Prime Minister Andy Burnham will adhere to his commitment to control government borrowing. Meanwhile, Nigel Farage won the Clacton by-election, securing 63 percent of the vote. Aviva reported robust first-half profit growth for its insurance and asset management operations, although it revised down its full-year expectations for its health business.

Emerging Markets

Emerging-market stocks and currencies have gained traction, driven by a decline in a key US inflation measure that has fueled expectations of a potential pause in Federal Reserve interest rate hikes. African local-currency debt is outperforming its emerging-market peers, with high yields and economic reforms attracting investor interest in government securities. In India, ICICI Bank Ltd. has launched a syndicated offshore loan of approximately $1.45 billion, joining a growing number of local banks that are tapping overseas debt markets. The rupee has exhibited greater stability compared to the Indonesian rupiah and the Philippine peso.

Global Economy and Weather

A historic El Niño event is on the horizon, with forecasts suggesting it could incur trillions of dollars in global economic costs. The podcast "Odd Lots" discussed this potentially significant economic impact. Mortgage rates have risen in America and several major European economies recently due to the US stand-off with Iran.

Financial Services and Technology

Providence Equity Partners has reportedly agreed to acquire the UK property valuation service Hometrack. In the artificial intelligence sector, OpenAI and Anthropic are engaged in a price war, releasing cheaper models amid increasing competition from Chinese rivals. Investors are increasingly targeting AI infrastructure providers, often referred to as "enablers," as demand for AI technology significantly outstrips supply. The anticipated initial public offerings of AI startups like Anthropic and OpenAI are expected to create a new cohort of philanthropists committed to the principles of "effective giving." JPMorgan Chase has ended its banking relationship with the prediction platform Polymarket due to regulatory concerns.

Currencies

The yen strengthened against the dollar amid heightened speculation that the Bank of Japan might consider raising interest rates in the upcoming months. Some analysts argue that the yen is significantly undervalued based on various metrics. Karthik Sankaran has been advocating for yen intervention since the dollar-yen pair was at.

Company News

The owner of Jaguar Land Rover experienced a tumble in its share price following a significant decline in profits. The e-commerce platform JD.com saw its shares slide after reporting its first revenue decline in over a decade, attributed to the cessation of a government subsidy program. Carlyle Group Inc.-backed Quest Global Services Pte is reportedly in the process of hiring banks for an initial public offering in Mumbai that could potentially raise up to $1 billion. Mike Ashley promises a "Dunkirk spirit" as he barrels into the luxury industry with Frasers acquiring Harvey Nichols.