Payrolls put yields back up — but Asia bought semiconductors anyway Friday's labour report was firm enough to reverse most of Thursday's dovish move: the US five-year yield rose 4.1 basis points, gold gave back 1.38% and the Dow fell 0.51%. Yet the Nasdaq 100 and the Russell 2000 both closed higher, and this morning Asia has split hard along the same line — Seoul up 4.61%, Tokyo 2.12% and Taipei 1.67%, against Hong Kong down 0.75% and Mumbai 0.58%. US markets are closed today

Yields fell, and everything else went up now payrolls decides Thursday was a broad dovish repricing. The US five-year yield fell 4.3 basis points, the dollar 0.42%, and almost every risk asset rallied: gold 3.53%, silver 4.42%, bitcoin 4.85%, the Nasdaq Composite 1.40%. Europe joined, led by Madrid up 1.12% and Stockholm 1.00%. Asia extended it overnight with Hong Kong up 1.89% and Seoul 1.69%. Notably, Brent barely moved this is a rates story now, not an energy one. August p

The yen has moved — and it moved on its own USD/JPY has fallen about 2.2% since Tuesday to 156.62, and EUR/JPY has fallen with it, which makes this yen strength rather than dollar weakness. Gold jumped 2.4% overnight to $4,470 and silver 2.7%. Wednesday itself was quiet by comparison: Europe drifted lower, Wall Street rebounded with the Russell 2000 up 1.13% and the VIX down 7%, and US yields were flat for the first time this week. Asia steadied after Wednesday's rout.

Oil is now the shock — and Asia has just repriced for it Brent jumped 4.6% on Tuesday to $94.65 and trades above $95 this morning, up roughly 7% in three sessions. Equities took it badly: Europe fell broadly, Wall Street fell harder with the Nasdaq 100 down 1.29% and the VIX up 9.5%, and overnight Asia repriced in earnest — Korea lost 4.0% and Tokyo 2.9%. The US front end added another five basis points. Switzerland was Europe's lone gainer.

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Month-end unwound Friday's rally — and only Oslo was left standing August closed with a rates-driven reversal. Monday gave back most of Friday's gains across the continent, with the DAX down about 1.2% and the Euro STOXX 50 about 1.0%. Crude kept climbing and gold kept falling.

Warsh turned hawkish — and the debasement trade broke The Fed chair's Jackson Hole debut sent rate-hike expectations sharply higher, and Barclays now sees two more hikes this year. Gold fell 3.2% on Friday and silver 4.3%; the five-year yield jumped nine basis points and the dollar rose to a two-week high. Europe closed higher into it, led by German carmakers and French banks — BMW gained 4.61%. Over the weekend the Gulf reignited: Brent is back above $90.

Nvidia delivered — and only the chipmakers are celebrating Nvidia rose 4.56% after the bell on results, and Europe's semiconductors have followed: STMicro up 3.28%, Infineon 2.17%, ASML 1.70%. Almost nothing else has. The STOXX 600 is down 0.27%, Zurich 0.96% and London 0.57%, with defensives and energy heavy. Wheat jumped 6.2% on Wednesday and we cannot identify why. A tanker was attacked in Hormuz overnight, yet Brent has fallen again.

Gold clears $4,700 — and Maersk leads Europe on Hormuz Asia fell hard: Seoul dropped 3.12%, Hong Kong 1.89% after Alibaba announced a $10.2 billion share placement, and Taiwan 1.02%. Europe has again declined to follow, the STOXX 600 up 0.11% with Stockholm leading at +0.36%. Gold has pushed to a fresh high above $4,700 while crude fell 1.74% despite Tehran threatening to detain vessels in Hormuz. Maersk is up 4.02%, the strongest move on our board.

Equities closed the week higher — and lost it anyway Friday was a rebound: the Dow gained 0.98%, the Russell 0.85%, and the VIX fell back to 15.13. But it did not save the week. The S&P lost 1.43% over five sessions, the Nasdaq 2.05% and the Nikkei 3.93%. What went up was everything that is not a claim on a government — bitcoin 23.3%, Brent 6.0%, silver 6.0% and gold 5.2% — while the dollar fell 0.80%. Ray Dalio said the Treasury's intervention signals a debt crisis drawing c