European Morning Brief Three central banks, three different answers The Fed has started hiking, the Bank of England is talking about it, and the Bank of Japan moved overnight. Europe opens a shade lower into a triple-witching Friday.

The ten-year has closed above 5% — and the oil trade has turned The US ten-year settled at 5.006% on Wednesday, its first close above five percent in this cycle. But the commodity picture that had driven markets for a fortnight reversed at the same time: Brent fell 2.69% and has slipped further to $103.94 this morning, some 4.4% below Tuesday's peak, while gold, silver and copper all rose. European equities gained across the board, led by the utilities and renewables that wer

The ten-year is a fraction below 5% — and Brent has made another high The US ten-year yield closed at 4.996% on Tuesday, four thousandths of a percentage point below five, having risen 3.5 basis points in a parallel shift across the curve. Brent settled at $108.75, its highest of this move, with WTI up 4.38%. European equities were quiet and mildly lower, energy names the exception. The one piece of better news is in semiconductors: the selling that broke Europe on Monday did

Semiconductors broke — Infineon fell 7.4% and ASML 6.1% in a single session Monday delivered the sharpest sector move in Europe of this series. Infineon closed down 7.43% and ASML 6.10%, dragging the DAX and Amsterdam lower and completing a semiconductor decline that began in Seoul and Taipei a week ago. Beneath it ran a broad rotation: renewables and banks were sold, defensives bought, and Switzerland was the only market to rise meaningfully. Copper fell another 2.16% while

Friday brought relief — and by this morning most of it had gone European equities rebounded on Friday, led by Milan up 1.36%, and Wall Street rose close to one percent as the VIX fell 11.21%. Brent retreated 2.81% to $104.61, which was the reason for all of it. That reprieve has not survived the weekend: crude is back at $107.27 this morning, Nasdaq 100 futures are down 1.32%, and Seoul has closed 3.26% lower. The US five-year yield, meanwhile, has risen nearly eighteen basis

Brent added 6.3% in a day and touched $110 overnight — while copper and silver fell hard Crude settled at $107.63 on Thursday, a gain of 6.34%, then reached $110.19 in the early hours before falling back to around $105. That is roughly 20% above where Brent stood a fortnight ago. What makes this different from earlier in the week is the company it keeps: copper fell 4.95% and silver 5.38% on the same day. This is no longer a broad commodity move but an energy-specific one. US

Assessed from the position of a Gulf or Latin American client — which entity you onboard to, how you fund in local currency, whether a swap-free account is available, and what recourse you actually hold.

Brent broke $100 — and Europe sold off everywhere except Oslo Brent settled at $101.21 on Wednesday, up 3.36% and above $100 for the first time this year. European equities fell almost without exception, the CAC 40 down 1.94% and the DAX 1.66%, while Oslo rose 0.71% — the region's only gainer. Every advancing stock in our European screen was an oil or energy name. US yields rose again, the five-year adding 4.1 basis points, and Wall Street closed lower with the Russell 2000 o

Brent is knocking on $100 — and the healthcare selloff closed worse than it opened Brent trades at $99.48 this morning, up 1.59% since Tuesday's settle and roughly 10% above where it stood a fortnight ago. Tuesday's healthcare decline deepened into the close: the US Health Care sector ETF finished down 2.52%, Novartis 11.14% and Novo Nordisk 2.32%. Europe was otherwise flat, the SMI down 1.55% and every other index within a fifth of a percent of unchanged. Wall Street closed

Commodities jumped again — and the yen will not stop rising Brent is near $98.71, up 2.52% since Friday's settle, with WTI up 2.79%, copper 3.18% and wheat 5.13%. The yen strengthened a further 1.32% on Monday to 154.17, now up close to 4% against the dollar since 1 September. Europe itself was quiet and mixed on Monday, the exception being Switzerland, down 0.81% as Novartis gave back 2.90% of last week's surge. Asia reversed Monday's rally overnight, Tokyo losing 1.70%. US