A buyback rally that lasted a day

Two days in the Treasury market

On Wednesday the Treasury said it would increase its buybacks and bond yields dived, according to the Wall Street Journal. Scott Bessent told CNBC the operation could amount to more than $4 billion. The dollar held near its lows and Asian currencies were mixed as the announcement was digested.

By Thursday the effect had gone. Yields resumed their rise, crude prices rose with them, and US stocks sold off through the session. The WSJ's closing accounts recorded stocks and bonds sliding together, brushing off the buyback plans. Walmart added to the pressure with weak sales growth, one of several disappointing earnings reports that weighed on the market during the day.

CNBC's verdict was blunt: Bessent's efforts in the Treasury market have not worked so far, and the piece set out what else he might try. This is Money reported borrowing costs spiking as US national debt reached $40 trillion, describing fresh jitters despite the intervention. In the Guardian, Richard Partington examined why the Trump administration is causing turmoil in bond markets and how that turmoil is reaching governments worldwide. The WSJ opinion page took the opposite view, arguing the bond "chaos" is a sign that Kevin Warsh's plan is working. President Trump, speaking on Wednesday, complained again about Federal Reserve interest rate policy and said the United States should be paying much less.

Two side-effects. The South China Morning Post argued that Treasuries are now in the driver's seat for the riskier AI stocks, with investors grappling with elevated yields. Bitcoin, meanwhile, rose above $70,000 for the first time since early June, which This is Money linked to Bessent's intervention. The Nikkei opened Friday down 0.5 per cent, tracking Wall Street's losses.

Trainers, spectacles and a takeover or two

JD Sports cut £50 million from its profit forecast, its second warning in three months. The Guardian attributed the shortfall to cost-of-living pressures hitting trainer sales; This is Money pointed to a slump in US sales. City A.M. headlined the fall in the shares and framed it as a slowing of Régis Schultz's turnaround at the self-styled King of Trainers. The FTSE 100 nonetheless rallied over the session, City A.M.'s live blog reported, with JD dragging on blue chips and oil jumping again.

Specsavers paid a £12 million dividend to its parent company after a jump in earnings. The Guardian recorded profits soaring; This is Money framed the same payout as one destined for the husband-and-wife team behind the chain.

Mike Ashley's Frasers offered to pay personal shoppers as part of its takeover of Harvey Nichols. Danone's €1 billion acquisition of Huel was approved by the competition watchdog. Standard Life announced a partnership with Goldman Sachs and CVC to fuel its pension risk transfer business. Shein's cut-price listing was delayed, This is Money reported, with the fast fashion group reeling from the Trump administration's tax on small parcels.

The Financial Conduct Authority warned that investors risk losing their life savings through unregulated services, according to City A.M. And an outlier from Wednesday evening: This is Money reported Moderna shares soaring 177 per cent after a successful trial of an experimental skin cancer jab.

Asia: results, and a queue at the exchange

Alibaba's earnings were driven by a surge in AI cloud growth, the South China Morning Post reported, despite soaring spending on technology. Ping An's profit climbed 36 per cent on policy sales and investment gains. Henderson Land posted a 66 per cent profit surge after a run of strong sales.

Pop Mart went the other way. The Chinese toymaker's shares slumped after it warned it may miss its 20 per cent sales growth target, with demand for collectible toys cooling. The company said it would buy back shares worth US$740 million.

Hong Kong's listing pipeline drew attention. Pamela Chung, described by the SCMP as the city's "IPO queen", said the time is ripe for advancing the listing connect scheme. Mech-Mind Robotics is set to open the order book for a US$300 million initial public offering, according to people cited by the paper.

In the banking system, Chinese lenders are embracing cheaper short-term loan rates despite the risk to margins. And an SCMP opinion piece set out Japan's tough trade-off between inflation and growth, arguing the country is not alone in facing it — a question that sits directly behind the week's movements in government bond yields on both sides of the Pacific.