The battle against rising US Treasury yields

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• How worried should we be for the economy ?

  The article argues that economies, markets, politics and societies face unusual volatility at once, with global growth sluggish and many major developed economies stalling well below 3 percent. Inflation remains above the 2 percent target, with eurozone inflation hitting 3.8 percent last month, its highest in three years, and the UK's consumer price index reaching 3.1 percent in August. Public debt in several advanced economies reaches or exceeds 100 percent of GDP, while bond yields are elevated globally, with 10-year US Treasuries above 5.3 percent and 30-year yields above 5.6 percent, the highest since 2002. Equity markets look fragile, as seven tech firms account for more than 30 percent of the S&P 500's market capitalization and the price-to-earnings ratio stands at 26.6, versus 16 for much of the last quarter-century. The author also flags eroding education, infrastructure and social cohesion as underlying risks.

  taipeitimes.com·18/10, 19:00inflationbondspublic debt
• Japan 20-Year Bond Auction Sees Bid-to-Cover Ratio Climb to 5.84

  Japan's Ministry of Finance recorded a bid-to-cover ratio of 5.84 at its 20-year bond sale on Oct. 20, up from 4.01 at the Sept. 15 sale, a sign of firmer demand for government debt ahead of Japan's inflation report and central bank meeting. Competitive bids totaled ¥3,139.0 billion and the ministry accepted ¥537.1 billion, compared with ¥2,131.3 billion in bids and ¥532.1 billion accepted in September. Separately, France's National Assembly scheduled a vote on the revenue section of its 2027 budget for Oct. 20 and on the full bill for Nov. 17, while analysts said concerns over French government debt were weighing on markets. The article also noted China's one-year loan prime rate was set at 3.0% and the rate for terms longer than five years at 3.5%.

  econotimes.com·20/10, 09:00bondsJapaninterest rates
• NATIONAL DEBT SURGES : U . S . Debt Tops $40 Trillion As Borrowing Costs Continue Rising

  The US national debt has passed $40 trillion, a milestone reached in August that now exceeds the size of the country's annual economic output. Persistently large federal deficits and rising borrowing costs are adding pressure on government finances ahead of the November 3 congressional elections. The Trump administration argues stronger growth can help, but analysts say the government has not yet taken substantial steps to reduce deficits or contain long-term borrowing costs. Analysts also note that rising interest rates partly reflect broader global bond market movements rather than a specific loss of confidence in US government debt.

  theyeshivaworld.com·20/10, 05:45▲ XAU/USD• DXY▼ SPYpublic debtbondsbudget
• Under Trump , deficits remain high while borrowing costs escalatelufkindailynews.com·19/10, 11:00• DXY▼ SPY▼ XAU/USDpublic debtDonald Trumpinterest rates
• US Records Unprecedented Grim Milestone: A 'Bomb' of Over $1,000 Billion About to Explode?

  US net interest costs for the fiscal year ending September reached $1,050 billion, up more than 8% from $970 billion a year earlier and about 3.2% of GDP, surpassing the record set in 1991. The rise reflects debt above $32,000 billion and an average Treasury interest rate of 3.52% at end-September, double the level of five years ago, so maturing debt must be refinanced at higher costs. Interest is now the federal government's third-largest expense, behind only Social Security and Medicare. Experts say it is not yet a crisis, given solid auction demand and nominal GDP growth above bond yields, but warn that rising debt and interest costs could create a snowball effect. The CBO projects debt-to-GDP could exceed 106% by 2030, while TD Securities estimates that a 1-percentage-point rise in yields could add $310 billion to 2027 interest costs.

  CafeF·18/10, 00:24▼ DXYpublic debtbondsinterest rates
• Interest on the National Debt Just Hit a Record $1 . 36 Trillion

  Treasury's full-year figures for fiscal 2026 show a record $1.36 trillion in gross debt-service spending, which includes interest credited to trust funds such as Social Security. The Committee for a Responsible Federal Budget puts net interest paid to outside holders at $1.1 trillion, or 3.4% of GDP. The fiscal 2026 deficit reached $1.99 trillion, the largest in five years, as spending rose to a record $7.40 trillion, outpacing record receipts of $5.40 trillion. Heavy long-bond issuance typically pressures TLT, yet the fund closed at $80.05 on October 16 and gained 2.65% over the week as investors moved into long bonds during a tech selloff. The article notes TLT is down 33.99% over five years and says it likely faces continued pressure.

  aol.com·17/10, 19:00▼ DXYinterest ratespublic debtbonds

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• Internet down: Google Cloud outage leaves websites including Lloyds Bank, Rightmove and DPD not working

  A major internet outage appears to have taken down many websites and apps, including Lloyds Bank, HSBC, Screwfix, DPD and internet bank Revolut, according to Down Detector. At least some of the problems seem linked to Google Cloud, where Google confirmed issues with multiple services at its west Europe facilities and said there was no workaround. The article notes it is unclear whether all the disruptions are related. It also points out that cloud infrastructure providers such as Google Cloud, Cloudflare and Amazon Web Services are largely invisible yet support much of the internet, so an outage at one can knock out many seemingly unrelated services.

  Yahoo Finance·20/10, 09:17▼ GOOGLcloud computingGOOGLbanks
• BlackRock Files for 'Buffer' Bitcoin ETF as IBIT Draws $665M in a Day

  BlackRock has filed with the SEC for the iShares Bitcoin Managed Protection ETF (ticker PBIT), a 'buffer' fund that would limit initial losses to about 10% in exchange for capping gains. Instead of holding Bitcoin directly, it would buy call options on IBIT or similar exposure, sell higher-priced calls to offset costs, use three overlapping monthly tranches, and hold fixed-income investments. The management fee has not been set. On the same day, IBIT was the only one of 12 U.S. spot Bitcoin ETFs to post net inflows, at $665.2 million, while the group's total net inflows were $526.6 million. The funds had shed about $910 million over the previous two weeks as hotter-than-expected inflation data revived bets on another Federal Reserve rate hike.

  Decrypt·20/10, 09:13▲ BTC/USDTbitcoinETFcapital flows
• The Best Trillion-Dollar Stock to Buy Right Now, According to Wall Street

  According to the article, 13 U.S.-listed stocks have a market capitalization of at least $1 trillion, and analysts are most bullish on Micron, with a median target price of $1,575 per share, implying 70% upside from the current $925. Micron's results have surged amid a memory chip shortage driven by AI infrastructure demand: revenue in the September quarter rose 379% to $54 billion, and non-GAAP earnings reached $33.42 per diluted share, up from $3.03 a year earlier. The CEO expects tighter supply-demand conditions in fiscal 2027 and 2028. However, new capacity from Micron, Samsung, SK Hynix and others could lead to oversupply by 2029, and memory prices have historically fallen sharply in such periods. Some investors believe AI demand and longer contracts could weaken the boom-and-bust pattern, while others remain cautious.

  Yahoo Finance·20/10, 09:08Micronsemiconductorsartificial intelligence
• PNJ Shares 'Surge' Ahead of Extraordinary Shareholders' Meeting

  PNJ shares hit the daily ceiling of 19,750 dong ahead of an extraordinary shareholders' meeting, with more than 4 million shares in unfilled buy orders at the ceiling price and matched volume above 16 million shares, worth over 315 billion dong. Foreign investors returned as net buyers of over 3.5 million shares after heavy selling. At the meeting, the company will present a restructuring plan following the diamond incident, including cutting this year's revenue target by about 20% to around 39,000 billion dong and setting aside over 7,071 billion dong in provisions, which would swing projected after-tax profit from 3,400 billion dong to a loss of 6,271 billion dong. It also proposes lowering last year's dividend payout from 20% to 10% and issuing up to 550 million shares privately. The stock has lost about 70% of its value since early July.

  VnExpress·20/10, 09:04▲ PNJPNJdividendsforeign investors
• Nvidia Stock Hasn’t Been This Cheap in 7 Years. Only 1 Explanation Makes Sense.

  Nvidia's trailing P/E ratio is about 27, its lowest since June 2019 and less than half its 10-year average of 61.3, even though the share price has nearly tripled since Aswath Damodaran called the stock a bridge too far in early 2024. The article argues the only mathematical explanation is that earnings are growing faster than the share price, with second quarter fiscal 2027 revenue up 106% to $92.6 billion and earnings up 126%. Damodaran's 2024 valuation model assumed revenue growth of around 32% a year over five years, a pace Nvidia is now far exceeding. Risks noted include doubts about returns on huge AI infrastructure spending, local opposition to data centers, and rising competition from AMD and customers such as Amazon, Google and Microsoft. The author says Damodaran was badly wrong about Nvidia and suggests the trend could continue.

  Yahoo Finance·20/10, 09:04• NVDANVDAvaluationearnings
• Coteccons shifts growth focus as construction sector gains major rivals

  Coteccons (CTD) views the entry of VinCons (Vingroup) and Tân Minh Nhân (Sun Group) as a force raising industry standards, and its chairman Bolat Duisenov prefers not to compare the company with other contractors. Instead, management focuses on three questions: how to become investors' first choice, how to attract and retain talent, and how to diversify revenue. In fiscal 2026, net revenue rose 38% to VND 34,340 billion and after-tax profit rose 73% to VND 788 billion, while backlog reached a record VND 70,000 billion. The company targets revenue of VND 42,000 billion and profit of VND 1,050 billion for fiscal 2027, although new contracts signed in Q1 of fiscal 2027 totaled VND 14,519 billion, down year on year, as it tightens client and project selection. Bolat said the company can sustain 20-30% growth in the coming years and is shifting its focus from volume to efficiency.

  VnExpress·20/10, 09:00▼ CTDCTDconstructionreal estate