Shares slip as oil spikes and bond bashing rumbles on
SPY•Global shares fell as oil prices jumped more than 5% and bond yields rose. The S&P 500 was down about 0.4%, while the U.S. 10-year Treasury yield reached 5.29%, near its 24-year high.
1. Stocks and oil fall into focus
Global shares slid on Thursday as sovereign bond market strains worsened alongside a more than 5% rise in oil prices. The pan-European STOXX 600 fell 0.7%, Japan’s Nikkei lost 1.4%, and South Korea’s KOSPI dropped 2.6%.
2. Yields and debt concerns
The U.S. 10-year Treasury yield rose to 5.29%, after reaching 5.36% overnight, its highest level in 24 years. Reports said Broadcom was seeking $50 billion in financing, while SpaceX planned to issue $30 billion in investment-grade debt and raise $10 billion in loans to buy AI chips.
3. French debt and earnings
Concerns about French debt weighed on the euro, which traded at $1.119 after falling 0.6% on Wednesday. Brent crude rose above $105 a barrel, while U.S. crude gained 5.18% to $92.85. Samsung reported a 783% increase in third-quarter operating profit to 107.4 trillion won.
