Shares, bonds, currencies and commodities, and the companies behind them: what moved, why it moved and what the price is saying.
65 articles
The DOJ says criminal charges are now on the table for firms that use algorithms to coordinate prices. The question at the heart of the case is whether software can produce cartel-like outcomes without anyone picking up a phone.
Peace on the warfront provides an opening to sift through the rubble and take account of the damage done so far.
Five years after TDR Capital and the Issa brothers' £6.8bn leveraged buyout, Asda has posted a £989mn loss and seen its UK grocery market share fall to a record low. The question is whether the private equity playbook is compatible with running a thin-margin grocer in one of the world's most competitive retail markets.
Novo Nordisk and Eli Lilly have proven GLP-1 drugs can deliver surgery-level weight loss - but with patients regaining much of it after stopping, the market's real value may depend on long-term adherence rather than who wins on efficacy.
Thoma Bravo's $5bn Medallia loss and EQT's £10.7bn Intertek acquisition tell the same story from opposite ends. Private equity's software bet has failed. The platform strategy is what comes next.
Boots looked like a deal story, but choosing a $10bn sale over a London float is really a verdict on the IPO: when a listing can't promise a price or a date, certainty wins.
The proposed takeover highlights how ownership of digital platforms is becoming just as important as ownership of the content itself.
A federal court ruled Google's search dominance is illegal. The remedies are an attempt to dismantle a monopoly built on data, defaults, and self-reinforcing scale. Whether they can work is an open question.
Active investors are clamouring for a piece of the biggest IPO to date, and passive investors don't have a choice but to take a slice. But what is everyone actually buying?
Apollo's co-president warned of a private equity reckoning at SuperReturn in Berlin, then withdrew a £1.5bn bid for Bodycote two days later. The contradiction tells you everything about where the industry stands.
As Bain and GHO rotate into Japan and healthcare, Astorg cannot raise a fund and JPMorgan quietly offloads NAV loan exposure. The private equity industry is not in a slowdown. It is in a shake-out.
As AI disruption freezes software heavy buyout funds and retail capital retreats, a handful of firms are moving decisively in the opposite direction. The private equity market is splitting into winners and losers in real time.
Goldman's near miss looked like good news. It was really a warning about everything else.
Prediction markets are booming, with Bernstein projecting $240 billion in volume this year. The case for why they work is compelling. The case for why they might not is just as important.
A Connecticut credit firm is lending millions against World Cup resale tickets, betting the markup holds. The trade exposes a wider story about how Wall Street is learning to finance scarcity.
Investors attempted to pull more than $20bn from the largest private credit funds in Q1 2026, only to find the exits partially closed. The episode marks the sector's first real test of cycle maturity.
Buyout activity fell 36 per cent in Q1 2026 as the Gulf conflict and AI disruption to software converge to freeze dealmaking across the private equity industry.
Jet fuel prices have doubled since February, but airlines face a microeconomic bind: raise fares too fast and passengers vanish, raise them too slowly and margins collapse.
Six central bank holds in 48 hours, Brent crude approaching $96, and a US-Iran military conflict have shattered the consensus rate narrative of early 2026, resetting the dollar, the yen, and the entire FX outlook.
Record unsold assets, zombie funds, and pension pain. Why the private equity industry is at a structural turning point.