Another day, another record high for the Nasdaq, S&P 500 and many stock markets around the world on Thursday, as the Xi-Trump summit in China and stalemate in the Persian Gulf gave investors no reason to pause the relentless tech rally.
In my column today, I look at the U.S. bond market. While the long end of the curve grabs headlines as the 30-year yield rises above 5%, borrowing costs are also spiking at the short end. For a heavily indebted Treasury reducing its debt maturity profile, this is a worry.
Today's Key Market Moves: Stocks fresh highs, GBP biggest FX decliner, bond yields fall, oil flat. Bad breadth: nearly 50% of FTSE All-World return in April from just 13 stocks. Asia's AI frenzy: TSMC ramping up capacity, SK Hynix near $1 trillion. UK health minister resigns, pound slumps.
