Public Markets 8 Hours

Last updated: August 25, 2026, 3:50 AM ET

Equities

UK stocks are on track for their best winning streak since May, with the FTSE 100 extending gains for a fifth consecutive session. Across the Atlantic, US equities face a more cautious tone as investors weigh new measures against Iran and a packed earnings calendar. The Nikkei fell 0.8% in Tokyo, dragged lower by electronics stocks after US technology shares declined overnight.

South Korea's Kospi index has turned into a fright ride, with a slow-motion collapse erasing $2.5 trillion in value and burning investors who bet on the AI boom. The index, once dubbed the world's craziest stock market, has now entered bear-market territory as semiconductor names led the decline.

Commodities & Energy

Oil futures edged higher as traders assessed new US measures against Iran, with Brent crude hovering near recent highs. The geopolitical premium in crude has been building since Washington announced fresh sanctions targeting Iranian exports. Gold continued its climb, with analysts at XS.com saying the metal has potential to move toward $5,000 a troy ounce as central bank demand, fiscal risks and geopolitical uncertainty support a bullish medium-term outlook.

Bitcoin surged past $80,000, hitting a more than three-month high as fresh investor interest in the so-called debasement trade brought growing support for the cryptocurrency as a dollar hedge. The move reverses months of subdued valuations and comes amid broader questions about fiscal discipline in Washington.

Trade War

The US-Canada tariff negotiations have devolved into an all-out trade war, with detailed accounts of the final hours showing Washington offered Ottawa what it called the best deal of any country — but the concessions demanded in exchange proved too steep. President Trump has now announced 50% tariffs on Canadian cars, escalating the dispute further, with Ottawa officials set to announce their response to the new American levies on Tuesday.

Economists warn the tariffs could price Canadian firms out of the US market entirely, threatening thousands of jobs. The 50% levy on Canadian exports will make it impossible for many companies to continue selling south of the border, according to analysts studying the impact.

Iran Conflict

The Trump administration's attempt to strangle Iran's economy through sanctions depends on China's cooperation, a dependency that may prove fatal to the strategy. Washington has spent 20 years promising "crippling sanctions" on Tehran, but this latest effort comes with a reverse twist after military action failed to accomplish the president's goals. Treasury Secretary Scott Bessent has threatened economic punishment against any country doing business with Iran, a warning that clouds the outlook for India's rupee and equities.

Meanwhile, Iranians queue for petrol as the US blockade bites, with long lines forming in the capital and officials warning that war and inflation are triggering fuel shortages. China has emerged as the unexpected winner of the Iran war — the conflict was supposed to expose Beijing's weakness on oil, but it didn't work out that way. The People's Republic has ample spare capacity and could rescue the oil market again if it wanted to, though analysts doubt Beijing will intervene to support diesel prices.

US grain farmers are being pummelled by the Iran war-triggered surge in costs, adding to strains in America's heartland months ahead of midterm elections. The Middle East conflict has disrupted fertilizer supplies and raised fuel costs for planting season.

Rates & FX

Stanley Druckenmiller, the billionaire investor who mentored Scott Bessent in his early career, called the Treasury secretary's plan to spend billions buying back US bonds a mistake. The criticism from the legendary trader adds to mounting skepticism about the administration's debt management strategy. The Bank of Japan may take the lead via rate increases as the primary tool for stabilizing the yen, according to Bof A Global Research, a shift that could have significant implications for carry trades and global fixed income markets.

Deals & Corporate

Tokio Marine is plotting a multibillion-dollar acquisition after Berkshire Hathaway took a stake in the Japanese insurer, with the group reviewing several targets including Australia's Suncorp and Canada's Intact Financial. Meanwhile, NatWest is plotting a push into the US market, having secured regulatory approval for a new American office as part of its expansion plans — a significant reversal after the UK bank retreated from the US following the 2008 crisis.

JPMorgan has eased its approach on lending against shares to court AI's new wealth, shortening the time horizon for SpaceX workers and investors to borrow against stock holdings and potentially doing the same for Anthropic. The move reflects the bank's efforts to capture business from the technology sector's newest billionaires.

The unravelling of Mark Walter continues as the billionaire sells sports stakes to clean up the balance sheets of the insurance arms of the colossus he built. Sammons Financial Group has distanced itself from Walter's Guggenheim Partners in a call with lenders, after a report focusing on the longstanding ties between the firms hit valuations.

IPO & Fundraising

Investors are sizing up a parade of new offerings as Oura and Dunkin' prepare to join the IPO bonanza expected in coming months. Shein's IPO pitch should be more Meta than H&M, according to analysts who argue the fast-fashion giant's rivals are not just clothes retailers but any business that provides screen-addicted users with a dopamine hit.

Private equity growth funds attracted record first-half inflows as the sector rebounds, with the recovery in fundraising driven by the AI boom and valuations that remain below the 2021 peak. FireFly Metals is seeking A$190 million ($136 million) through a sale of new Australian and Canadian shares to develop its Green Bay copper project in Canada.

Industrials & Energy Transition

Woodside has put "everything on the table" in a review of its Beaumont ammonia facility, with Chief Executive Liz Westcott saying the review reflected a shift in international policy positions and slack demand for lower-carbon ammonia. Tsingshan Holding Group is considering tripling output at its Zimbabwe steel plant, an expansion that could add pressure on South Africa's struggling steel industry.

Chinese wind turbine manufacturers are targeting Europe despite political obstacles, with Ming Yang attempting expansion despite being blocked from offshore wind in the UK and facing resistance in the EU. Germany's car parts makers are switching gears as the industry shrinks, moving into areas including medical tech, robotics and defence.

Brazil's first rare earths facility is rising in an old asbestos town, a key component in US plans to break free from Chinese dominance of critical minerals. Nuclear fusion start-ups are asking not to be called "nuclear" as they rebrand to avoid words associated with conventional nuclear plants, setting them up for a lighter US regulatory regime.

Regulation & Legal

The SEC has subpoenaed Wall Street banks over the "Situational Awareness" AI-focused hedge fund that nearly collapsed in July before striking a deal with Citadel. The probe marks a significant escalation in regulatory scrutiny of AI-driven trading operations. The Supreme Court has allowed the Trump administration to pursue mail voting limits for now, clearing the way for the president's order creating "state citizenship lists" and directing the Postal Service to decide who gets a mail-in ballot — though the justices said it is not a final determination on the order's legality.

Trump has quietly sought control over the Postal Service to transform US elections, an effort that got new attention when the Supreme Court allowed preparations for mail voting curbs to proceed. The administration is also proposing to charge more than $100,000 for skilled worker visas, a move that comes after legal challenges to a similar fee attempt last year. The State Department aims to revoke visas of foreign citizens applying for asylum, a move that could affect as many as 200,000 visa holders, with cancellations potentially occurring in waves.

Economy & Policy

Hyundai Motor and its union have reached a tentative wage deal to end months of on-and-off walkouts that disrupted production at the Korean automaker. WestJet flight attendants ratified a new collective agreement following a strike that grounded hundreds of flights in Canada earlier this month.

Big Indian corporations want a piece of the gold-backed loan business, a booming sector that has attracted interest from major financial groups. India's new stock auction system faces its first monthly expiry test, a crucial trial for a mechanism that has faced backlash over sharp swings and allegations of manipulation.

Technology & Innovation

An Nvidia employee has been charged with smuggling advanced chips into China, with prosecutors identifying a Taiwan-based manager as the "central figure" in a scheme involving the US semiconductor maker's AI servers. The case highlights ongoing tensions over technology exports to Beijing.

A little-known French company called Chaps Vision is trying to unseat Palantir in Europe, with the company in talks with governments across the region and competing for major German defence and police contracts. Ukraine's defense-tech sector faces a critical engineer shortage that threatens its ability to keep pace with battlefield innovation, where frontline troops may need a new drone design within weeks.

Your boss wants to make sure AI can read your Slack messages, with some executives pushing to share human employees' notes with AI agent co-workers. Robotaxis present a new challenge for those trying to reduce urban congestion in Britain's cities, as autonomous vehicles prepare to hit the streets.

Other Headlines

A fast-moving wildfire near Reno has forced thousands to evacuate, with the Hawk fire burning more than 15,000 acres since Saturday in the foothills of the Sierra Nevada. A California judge ruled that recalled officials in Avenal are unlawfully in office — the mayor and three council members had refused to leave despite a certified vote by residents to recall them.

Australia's bird flu crisis has crossed over to mammals, with the first case of H5N1 confirmed in June in migratory seabirds and the virus now spreading rapidly, straining government responses. NYC's 911 system had an outage last week that officials kept quiet about, raising public safety concerns. Religious references in the Lindsay Clancy trial have angered the judge and defense, with the lawyer asking for a mistrial after a prosecution witness made a religious reference on Monday.

Jelly Roll celebrated his 300-pound weight loss on "Jimmy Kimmel Live," noting "that means I've lost an entire Donald Trump." Zohran Mamdani, the socialist NYC mayoral candidate, has turned his fire on Amazon over the status of delivery workers, the sale of illegal e-bikes and fines for idling vehicles. Abdul El-Sayed, the Democratic nominee for Senate in Michigan, joined Jesse Watters of Fox News for some light verbal combat, arguing that Republican critics were using culture-war issues to distract from economic concerns.

Elsewhere

Skipton Building Society is trying to show that building societies still matter, with the mutual financial group based in the Yorkshire Dales emphasizing the personal touch. Gemcorp has struck an investment deal with Northampton Town FC — "a load of Cobblers" as the FT put it — raising questions about whether the town is an emerging market. Gen Z-ers are saving their parents' fashion shops on TikTok, with social media posts bringing an emotional, human element to spreading the word among peers. Swiss exporters face new threats to the "Swiss Made" brand, as US tariffs and the strong franc hit harder than in decades past.