Bonds rally and Asia steadies — but the chip sell-off is not over Thursday split the market in two. Treasuries rallied hard, the ten-year yield falling 10 basis points to 5.089%, even though US producer prices rose 6.3% on the year, as investors sought safety; the Dow gained 1.08% while chipmakers kept falling, with TSMC's record profit unable to lift its shares. This morning Asia has steadied: Seoul rose 2.05%, ending a seven-day rout, and Tokyo 1.39%, although Indonesia suf

Hot US inflation meets AI debt fears — Seoul crashes 7.6%, Tokyo 4.9% US consumer prices rose 3.7% in September, above forecasts, as petrol prices surged, putting a Federal Reserve rate increase this month back on the table. On the same day, the bonds of the AI cloud provider CoreWeave sold off sharply, reviving fears about the industry's borrowing binge. The Nasdaq fell 1.88%, and this morning Asia took the full force: Seoul's KOSPI plunged 7.57%, triggering a trading halt,

Inflation day in America — as Iran turns up the pressure on shipping US consumer prices are released at 14:30 CEST, and they will go a long way to deciding whether the Federal Reserve raises rates again this year. The backdrop is not helpful: US officials say Iran is shifting tactics to step up attacks on shipping before the midterm elections, President Trump has threatened to "hit them hard", and Brent is holding above $106. Bank earnings were mixed, with Goldman Sachs beati

A Chinese memory breakthrough rattles the chip trade — and Seoul falls 5.5% China's ChangXin Memory Technologies said it had achieved a breakthrough in DRAM memory chips, and the market treated it as a direct challenge to Samsung, SK Hynix and Micron. Micron fell 3.9% on Monday, the Nasdaq lost 0.44%, and this morning Seoul's KOSPI plunged 5.47%, briefly breaking below 6,000, with Tokyo and Taipei down almost 2%. Europe held up on Monday, led by banks, and has opened higher a

Missiles on Riyadh, a hurricane in the Gulf — and oil back near $107 The weekend added to the strain on oil supply from both sides of the map. The Houthis struck Riyadh's airport twice, killing one person and forcing Saudi Arabia to suspend operations; Iran called Washington's response to its Hormuz proposal "insufficient"; and Hurricane Isaias came ashore on the US Gulf Coast, shutting in most offshore production. Brent is up 2% at $106.80.

Trump rules out Iran strikes before the midterms — and markets take a breath A day after reports that he had asked the Pentagon for strike options, President Trump said the United States will not attack Iran before November's midterm elections, citing productive talks. Brent has eased 1.3% to $102.58 after Thursday's 2.9% jump, European shares are rebounding this morning and Hong Kong rose 1.8%. Thursday itself was difficult: the Nasdaq fell 1.25% as chipmakers sold off.

Washington readies its Iran options — and oil jumps back above $104 Oil rose more than 3% overnight after reports that President Trump has asked the Pentagon for strike options against Iran and that US forces have been told to complete preparations for a possible resumption of operations. Brent is at $104.28, while Hurricane Isaias, the first of the Atlantic season, is already forcing evacuations and production cuts on the US Gulf Coast. The Fed's minutes showed expectancy of

Wall Street extends its records — as India joins the tightening wave The S&P 500 and the Nasdaq closed at fresh records on Tuesday as Treasury yields and oil eased, and Europe rose for a third session. Overnight the Reserve Bank of India raised rates for the first time since 2023, adding another economy to a global tightening cycle, while oil climbed again as the first Atlantic hurricane of the season threatens the US Gulf Coast and fighting between Saudi Arabia and the Houth

Stocks at records, yields at a 19-year high — and Spain heads to the polls Wall Street closed at record highs on Monday even as the US ten-year yield rose to 5.311%, its highest close since 2007. In Europe, Prime Minister Pedro Sánchez called a snap election in Spain for 29 November, while fears of contagion from France's debt troubles pushed the euro lower again. Schneider Electric fell 10% after agreeing its largest-ever acquisition. Brent has slipped below $100 as Gulf exp

A weak jobs report rescued Wall Street — now France puts the euro on the defensive Friday's US jobs report showed just 29,000 new positions in September against 90,000 expected, and markets took the weakness as relief: it lowers the odds of another Federal Reserve increase. The Nasdaq rose 1.2% and Europe rebounded from three-month lows, led by chipmakers. This morning the focus has shifted to Europe's own fault lines. The euro has fallen to a 17-month low.