Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK’s long-term borrowing costs soared to their highest level in 27 years on Wednesday, as gilts were swept up in a global bond sell-off sparked by Donald Trump’s trade war. Yields on 30-year gilts … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Futures indicate that the US stock market could suffer another iffy day when trading resumes, putting it perilously close to bear market territory. Goldman Sachs’ chief global equity strategist Peter Oppenheimer has therefore updated his … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The US is learning a lesson in market maleficence as post-‘Liberation Day’ shockwaves continue to ripple through global markets. Today’s pain point is US Treasuries, and if they go, nothing’s safe. Not even Games Workshop. … Read more
Stay informed with free updates Simply sign up to the Global Economy myFT Digest — delivered directly to your inbox. The European Central Bank faces an economic environment in which “some of the worst-case scenarios that we had identified are materialising”, according to José Luis Escrivá, governor of the Bank of Spain and a member … Read more
Stay informed with free updates Simply sign up to the US trade myFT Digest — delivered directly to your inbox. George Saravelos, global head of FX research at Deutsche Bank, has been worried about the outlook for the dollar for a while. Recent events have not exactly calmed him down: We are witnessing a simultaneous … Read more
Stay informed with free updates Simply sign up to the Hedge funds myFT Digest — delivered directly to your inbox. The Bank of England has warned markets could endure “a further sharp correction” even after the steep sell-off triggered by Donald Trump’s announcement of sweeping tariffs last week. Officials at the central bank on Wednesday … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. As we wrote overnight, there are growing signs of stresses in the bond market. It’s hard to say whether swap spread or basis trades getting liquidated is the biggest contributor, but Treasury markets are turbulent. … Read more
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Treasuries sold off on Wednesday as President Donald Trump’s tariffs took effect, deepening investor concern about the “safe haven” status of US sovereign debt. The 10-year US Treasury yield jumped to 4.51 per cent before … Read more
US President Donald Trump’s announcement of “reciprocal” tariffs caused havoc in the markets, notably hitting Big Tech stocks such as Apple. The company lost more than $300bn in market value the next day, and its path forward is complicated. The FT’s San Francisco correspondent Michael Acton explains why the iPhone maker is vulnerable, and what … Read more