Asia takes it all back — and the Bessent put meets its first test Seoul has recovered almost the entire crash, up 5.9% with SK Hynix 12.7% higher and Samsung 9.5%. The cause sits in Washington: the Treasury moved to curb yields with upsized buybacks, sending the thirty-year down nine basis points on Wednesday, the dollar to a three-month low and gold up 4.4%. But the relief is already ebbing. Europe is lower at midday, the DAX off 0.47%, and crude has jumped 2.3% on a fresh t

Asia sells off hard — and Europe simply shrugs Seoul fell more than five per cent, Tokyo lost 3.2% and Shanghai 2.4%, with SoftBank down 10.3%, SK Hynix 9.8% and Samsung Electronics 7.8%. Japan's ten-year yield is closing on 3%. And yet Europe has opened almost exactly unchanged: the STOXX 600 is up 0.05%, the miners are leading, and even ASML is higher. US futures are marginally firmer after Washington paused its 50% tariffs on Canada. This is a very large divergence to hold

Yields spiked, then gave it all back — and the damage stayed The thirty-year Treasury yield touched 5.326% today, a fresh nineteen-year high, before falling back to 5.285% — below where it closed on Monday. Equities did not follow it down. The Nasdaq 100 lost 1.70% while the Dow gave up only 0.23%, the widest duration split of this series. Semiconductors bore it again, with Micron down 7.00% after rising 4.01% yesterday. Money moved into pharmaceuticals, staples and energy.

Asia opens the week broadly higher — and gold sets another high The Asian session was the strongest we have seen this month. The Nikkei has cleared 69,000 for the first time, Shanghai is within reach of 4,000, and the Hang Seng rose 1.4% to end a four-session slide. Gold is at $4,455, above every prior close of this advance, with the dollar index slipping below 99.4. Europe has opened modestly higher, and beneath the surface today is an almost exact reversal of Friday.

Chips carried the market — and the mega-cap platforms were sold Technology was not one trade today. Micron rose almost 6%, Intel 3.3% and Nvidia 2.6%, while Meta fell 3.2%, Microsoft 1.9% and Amazon 1.5%. The net was a modest advance: the Nasdaq added around 0.5% and the S&P 0.25%, while the Dow was flat. Small caps outperformed for a second day and the VIX fell to 14.40, its lowest reading in this series. Brent's test of $90 failed and the dollar index closed back above 100.

The trade reverses — oil jumps 5% and the metals finally turn Last week's pattern has inverted almost exactly. Crude surged about 5% on Monday and is extending this morning, with Brent above $88 and WTI above $82. Gold and silver, after touching fresh highs overnight, have both reversed hard and are trading at their lows for the session. Yields rose, the VIX rose, and equities drifted lower. Tokyo is closed for a public holiday. European cash markets had not opened when this

Gold and silver open the week at fresh highs — and Tokyo jumps 2% The metals run that defined last week has carried straight into this one. Gold is around $4,416 and silver near $64.4, both higher again and both at new highs for this move. Japan is the standout in Asia, with the Nikkei up about 2% as the yen weakened past 158 to the dollar. Wall Street closed Friday strongly, led by the Nasdaq's 1.3% gain, and volatility fell to 14.90.

A week of two extremes — silver up 11%, oil down 8% The week closes with one of the sharpest divergences we have recorded. Silver has gained almost 11% since last Friday and gold 7.5%, with gold reaching a fresh high near $4,351 this morning. Crude went the other way entirely, down roughly 8% despite a firm rebound on Thursday. Equities took the combination well: the Nasdaq is up 3.8% on the week, the FTSE MIB 3.0%, and volatility has fallen to 15.15. Europe has opened modest

Gold will not stop — up 7% in three sessions while technology is sold The dominant move of this week is in the metals. Gold has reached roughly $4,315, a gain of about 7% since Monday's close, with silver up almost 8% over the same three sessions. Against that, technology continues to lag: the Nasdaq fell 0.83% on Wednesday while the Dow rose 0.49%, and Asia has pulled back this morning with Hong Kong down 1.8%. Crude has settled just below $80 after its collapse.

The opening advance fades — Iberia holds while chips slide Two hours in, most of the early gains have been given back. The Euro STOXX 50 has slipped marginally into the red and the DAX, up 0.45% an hour ago, now holds barely 0.09%. Spain and Portugal are the exception: both are up 0.49% and are the only markets to have extended. Beneath the index level the rotation is clear — miners are strongly higher on the metals rally and energy is firm as Brent pushes past $80.