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Uncertainty persists even after Trump’s ‘capitulation to markets’, investors say
US stocks surged on Wednesday after Donald Trump backed off his plans to hit a huge swath of trading partners with steep tariffs, but investors and analysts said uncertainty over the duties would persist. The S&P 500 jumped 9.5 per cent on Wednesday, while the tech-heavy Nasdaq Composite jumped 12 per cent, the best days … Read more
An apology to the bond vigilantes
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Dear Bond Vigilantes, As a great man once said: “I owe you an apology. I wasn’t really familiar with your game.” Things were looking very dicey for Americans, after the White House introduced an aggressive … Read more
US stocks soar as Donald Trump backs down in global trade war
Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world Donald Trump said he had authorised a 90-day pause in additional tariffs on a wide range of countries that were willing to negotiate with the US, the first sign that the president was … Read more
Bitcoin stabilises as hopes rise Trump tariffs will renew interest in crypto
Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world Bitcoin shrugged off the market turbulence on Wednesday as industry figures raised hopes that the US’s aggressive global tariff policy will spark fresh interest in the technology behind cryptocurrencies. The price of bitcoin, … Read more
British Steel prepares to idle one of its two blast furnaces
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. British Steel is preparing to idle one of its two blast furnaces as early as next week to preserve critical raw materials as crunch talks with UK ministers to stave off a collapse are set … Read more
Brent crude dips below $60 per barrel for first time in 4 years
Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world Brent crude dipped below $60 per barrel for the first time in four years as Donald Trump’s sweeping global import tariffs went into effect and his trade war with China escalated. The price … Read more
Cost of insuring Europe’s riskiest companies against debt defaults surges
Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world The cost of insuring the debt of Europe’s riskiest companies against default has soared to the highest levels in 18 months as investor alarm rises in response to Donald Trump’s tariffs. The spread … Read more
A bestiary of leveraged Treasury market trades
There’s a lot going on in the Treasury market right now, and none of it is good. Liberation Day seems to have morphed into Liquidation Day. You might have seen terms like “off the runs”, “basis trades”, “swap spreads” and “omg are we going to die” bandied about over the past few days (including here … Read more
Chinese Lunar Rocks Suggest a Thirsty Far Side of the Moon
The far side of the moon — the part that always faces away from Earth — is mysteriously distinct from the near side. It is pockmarked with more craters and has a thicker crust and less maria, or plains where lava once formed. Now, scientists say that difference could be more than skin deep. Using … Read more