Rain from the neocloud
SPY•French bond yields reached fresh 24-year highs as street unrest added to pressure over the country's budget and political outlook. Tech stocks rebounded on Wall Street Monday, while Asian chip shares fell and Brent crude traded above $111 a barrel.
1. French markets under pressure
French bond yields hit fresh 24-year highs Monday, and risk spreads versus Germany neared their peaks of the past month. French stocks underperformed, with banks among the hardest hit, as street unrest added to concerns about budget negotiations, deficits and the country's political outlook.
2. Technology and energy moves
US tech stocks recovered some ground Monday after a bruising week, but technology shares fell again in Asia. The debut of South Korean data center builder Elice fell 30%, refocusing attention on neocloud firms after CoreWeave plummeted last week. Brent crude continued to probe five-month highs above $111 a barrel, while European natural gas prices reached four-year highs.
