The bond rout reaches London — and Europe's banks pay the price The global sell-off in government debt hit Britain hardest on Thursday: the 30-year gilt yield rose above 6% for the first time since 1998, the euro fell to its lowest level of the year and European stocks closed at three-month lows, with banks down sharply. Oil added to the pressure, Brent jumping 4.4% as talks with Iran stalled, the US reportedly sent a third aircraft carrier to the region and Chinese refiners

Softer US inflation, higher yields anyway — and Tokyo opens the quarter with a surge US inflation came in well below forecasts on Wednesday, enough to push the next Federal Reserve increase further out, yet the ten-year Treasury yield still rose for a seventh session to 5.293%. In Europe the opposite surprise: Germany, France, Italy and Spain all reported September inflation above expectations, and equities fell on the last day of the quarter. Brent ended September up about 1

Confidence at a 12-year low, yields at a 19-year high — the quarter ends in a squeeze American households delivered their gloomiest verdict since 2014 on Tuesday, with consumer confidence falling to 81.9, while the ten-year Treasury yield rose for a sixth straight session to 5.255%. Oil fell more than 3% as Gulf exports recovered and Qatar pressed its mediation between Washington and Tehran, before firming overnight when President Trump denied offering Iran sanctions relief.

A war premium in oil, a rates premium in bonds — and gold caught between them The US ten-year yield rose for a fifth straight session to 5.240%, its highest in roughly two decades, and Wall Street fell as the stalemate with Iran pushed Brent back above $106. Gold fell 4%, its heaviest fall since June, even as tensions rose. Europe, unusually, held its ground. Overnight the Reserve Bank of Australia raised rates to 4.60%, the highest in 15 years, adding another central bank to

Friday priced a way out of the Gulf war — the weekend closed it Markets ended last week on Iran's seven-day ceasefire proposal: oil fell 2.5%, Europe posted its first weekly gain in four and the Dow snapped a three-week slide. Over the weekend President Trump confirmed he had rejected the plan, and Iran's foreign minister said Tehran was ready for a "doomsday war" while leaving the door to talks ajar. Brent is up 2.3% at $106.76 this morning, gold has dropped below $4,200.

Five percent on the five-year — and a seven-day offer from Tehran The global reset in interest rates went a step further on Thursday. Norges Bank raised rates for a second time, the Riksbank signalled a move before year-end, and the US five-year yield closed above 5% as the ten-year reached 5.162%, again the highest since 2007. Oil climbed 3.5% after Houthi strikes on Saudi targets, then eased overnight when Iran put a seven-day plan to end the war and reopen the Strait of Ho

The ten-year is at its highest since 2007 — and Brent is back above $103 A US business survey at its strongest in more than five years and a setback for US–Iran diplomacy hit bonds and equities together on Wednesday. The US ten-year yield jumped 14.6 basis points to 5.114%, its highest since 2007, while Brent rose 4.84% to $103.42 after Tehran said it would not surrender. The Nasdaq fell 1.13% and the STOXX 600 0.44%. In Washington, Donald Trump welcomed Xi Jinping.

Brent under $100 and a second Nasdaq record — now the PMIs and a summit President Trump said American and Iranian officials met at the United Nations and called the contact constructive, and the oil price kept falling: Brent settled 1.39% lower at $98.65 and trades at $98.47 this morning. The Nasdaq Composite closed at a record for a second session, up 0.45%, while the S&P 500 was flat and the Dow fell 0.36%. Europe reached a two-week high. Today brings the September flash PM

The Nasdaq has closed at a record — and Brent is holding around $100 Wall Street finished Monday with the Nasdaq Composite at its first record close since June, up 2.26%, as Meta, Intel, Arm and AMD led a renewed AI rally. Europe had already won back Friday's losses, with the STOXX 600 up 1.02%. Brent fell 3.69% on Monday to $100.04 on hopes of US–Iran talks, climbed above $101 overnight and is back at $99.67 this morning. Tokyo remains closed and US futures are flat.

Europe wins back Friday — and oil slips under $100 European equities recovered Friday's losses in a single session. The STOXX 600 rose 1.02% as technology and banks rallied, Brent broke below $100 on talk of US–Iran diplomacy and recovering Saudi supply, and the US ten-year slipped to 4.957%. Novo Nordisk was the day's outlier, down 7.65% after its capital markets day. Wall Street is still trading, with the Nasdaq 100 up 2.5%.