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The week in Global Markets
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Long-term Treasury yields reached multiyear highs as inflation, debt supply and fiscal concerns overwhelmed successive buyback efforts. Brief declines reversed during the week, leaving investors questioning how much support Treasury operations could provide and raising concerns about the boundary between fiscal and monetary policy.
A temporary U.S.-Canada tariff pause gave way to collapsed talks, 50% duties on selected Canadian goods and preparations for retaliation. The dispute shifted from a near-term supply-chain threat to a broader inflation and growth risk for both economies.
Gold advanced as weaker confidence in the dollar and Treasury support met stronger reserve and defensive demand. Bitcoin and other cryptocurrencies also rallied, but a Treasury-related liquidation showed how leverage could magnify gains and losses.
Asian chip stocks moved from a foreign-led rally to a sharp correction and then a volatile rebound as higher yields and doubts about Big Tech spending challenged valuations. The renewed selloff in Samsung and concern over leveraged semiconductor bets showed that concentrated AI exposure remained vulnerable to both rates and disappointing capital returns.
Higher oil prices linked to Middle East tensions pressured equities, the rupee and the Philippine peso while reviving inflation concerns. Dollar weakness later supported emerging-market carry trades, but the positioning remained exposed to renewed risk aversion and an oil-driven policy squeeze.
Copper’s scarcity premium eased after deliveries to London Metal Exchange warehouses increased, but underlying tightness kept prices volatile. Flooding at a major Congolese mine then threatened production targets and revived concern that the supply deficit could widen.
Weak Japanese growth made further rate increases less certain even as bond futures trading and government debt auctions drew greater international attention. Yen support then encouraged carry trades, while higher energy prices added another challenge to the policy outlook.
Court action, unresolved compensation and a more complicated liquidation process left Evergrande creditors facing very low recoveries and vast unresolved claims. The developments kept pressure on China’s financial system and weakened confidence in distressed offshore property debt.
Day’s Recap