S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
The yield on the 10-year US Treasury note rose to 4.74% on Friday, testing the 20-month highs reached earlier in the week and more than erasing the decline triggered by the Treasury Department’s announcement of a larger bond buyback. The Treasury stated it would at least double its long-maturity buybacks to $4 billion next quarter. This added to recent efforts of compressing yields after the joint intervention on the Japanese yen by selling euros and the request for the Fed to increase the limit on its FIMA facility. Yields on the longer end of the curve had surged since July amid soaring debt issuance from AI companies and higher deficit spending by the federal government. Long-term yields also rose after Fed Chairman Warsh signaled that a rate hike may not be his preferred tool to combat higher inflation, increasing the stakes of speeches in Jackson Hole. Concerns of unanchored inflation were magnified by high energy prices during the US-Iran blockade of tankers in the Persian Gulf.
