Global markets presented a mixed picture on Wednesday, August 12, 2026, as investors awaited key US inflation data that could influence the Federal Reserve's policy trajectory. Stock futures remained largely unchanged, with Dow futures dipping a marginal 0.01% and S&P 500 futures holding steady. The market's attention is squarely on the upcoming consumer price index report, which is expected to provide fresh signals on the central bank's next moves.
JPMorgan Raises Singapore Outlook
In a notable development, JPMorgan Chase upgraded its 12-month forecast for Singapore equities, projecting the Straits Times Index (STI) could surge to 7,000, representing a potential 22% upside. The bank cited robust economic fundamentals and strengthening corporate earnings as key drivers. This bullish stance reflects growing confidence in the region's recovery and its resilience amid global headwinds.
Plug Power's Post-Earnings Volatility
Plug Power (NASDAQ: PLUG) closed Monday with a 5.21% gain at $2.22, though it gave back roughly 74% of its earlier post-earnings spike. The hydrogen fuel cell company reported a 2.5% increase in second-quarter revenue to $178.3 million, while gross margin improved to -0.9%. Operating expenses were trimmed by 49.4%, and adjusted loss per share narrowed by $0.11. Management raised its 2026 revenue growth outlook to 15-16% and reiterated its goal of achieving positive EBITDAS by the fourth quarter of 2026. However, cash reserves declined by 56%, and dilution from share issuance remains a concern for investors.
Septerna Surges on Promising Data
Septerna (NASDAQ: SEPN) saw its shares jump 22.9% to $47.76 on Monday, following the release of pharmacokinetic data for its oral treatment SEP-479. The therapy demonstrated a 3-4 day half-life, supporting once-daily dosing, which exceeded analyst expectations. The stock closed above the average analyst target of $46.78. The company reported second-quarter revenue of $26.7 million from research partnerships and narrowed its net loss by 47.5%. With $516.5 million in cash, Septerna projects it can fund operations for 12 quarters, extending into 2029.
Balfour Beatty Lifts Guidance
UK infrastructure group Balfour Beatty raised its full-year operating profit forecast, citing robust demand in the US and UK. The company's shares hit a record high as investors welcomed the improved outlook. The positive revision underscores the strength of infrastructure spending in key markets, despite broader economic uncertainties.
Oil Supply Concerns and Currency Moves
In the energy sector, a drone strike hit a power plant at Libya's Zawiya oil export terminal, threatening operations at the country's largest refinery. This marks the fourth such attack in recent days, raising fears of supply disruptions. The National Oil Corporation warned that further attacks could force a force majeure declaration. Meanwhile, the US dollar edged higher amid geopolitical tensions and ahead of the inflation data, with the dollar index adding 0.05% to 99.85. The yen weakened as traders weighed potential rate divergence and intervention risks.
Indian Market Under Pressure
Indian equities faced significant selling pressure, with the Sensex shedding 656 points (0.84%) to 77,497.93 and the Nifty50 declining 206 points to 24,265.95. Rising crude oil prices and the resignation of Tata Group CEO Chandrasekaran weighed on market sentiment, dragging Tata stocks lower. Additionally, market veteran Atul Suri noted that India's underperformance relative to global markets has reached its worst level in 17 years, with the Nifty 50 to MSCI ACWI ratio hitting a near-20-year low. Suri views this as a time correction rather than a price decline and points to historical precedents where such periods led to robust rallies. He also highlighted the onset of a commodity supercycle, driven by energy, metals, and agriculture.
Other Notable Movers
Tilly's (NYSE: TLYS) shares have surged 197% over six months, but analysts warn of underlying risks, including same-store sales growth of just 1.1%, a negative operating margin, and high debt levels. The stock's elevated valuation could pose additional risk. In other news, a hedge fund named Situational Awareness saw its shares rise after a regulatory filing, though the outlook remains uncertain.
