Ten-year Treasury yield reaches a 19-year high

The selloff in Treasuries

The ten-year Treasury yield reached a 19-year high on Wednesday, rising above 5.1% as selling spread across the bond market, according to the Wall Street Journal's reporting on the session. This is Money described the move in US yields as the largest since the tariff shock earlier in Mr Trump's term, and attributed it to fears that the Federal Reserve is set for another rate rise rather than a cut.

Yields had paused, then resumed climbing later in the day. The Journal ran the rise as its own item twice over, once at the close of the cash session and again as stocks fell. It also characterised conditions in the bond market as a perfect storm, a phrase that puts several pressures in the same place at the same time.

US stocks declined as the selloff deepened. Futures had nudged higher in the morning as markets weighed Middle East diplomacy, before the direction reversed.

The dollar went the other way. It jumped to an eight-week high on Fed rate-rise bets, the Journal reported, with those bets outweighing lower oil prices. By the following session gold was muted while oil and Treasury yields resumed their climb. CNBC set out what happens to the wider economy when yields move like this, a question that has not needed asking often at these levels. The Journal's opinion page, separately, argued the opposite case on bonds.

Gilts follow, and a politician objects

UK borrowing costs spiked in the same rout, This is Money reported. The timing was awkward for Andy Burnham, who stood by his assertion that Britain should be less in hock to the bond markets even as the market was busy demonstrating its reach.

The Treasury, meanwhile, is recruiting. City A.M. wrote that its new Head of Growth will have their work cut out, a judgement it reached before setting out the job.

Domestic evidence on the consumer arrived from JD Sports, which blamed the cost-of-living crisis hitting young people as sales and profits fell. The retailer's customer base skews young, which makes its trading statement a reading on a specific part of the household picture rather than the whole of it.

Elsewhere in the London corporate news, NatWest made its first venture capital fund investment in a push to back British technology firms. And Dale Vince, the Labour donor who bid for the Observer two years ago, rescued a group of London newspapers.

Listings, and where they are going

Airtel Money, the African mobile payments business, is planning what This is Money called the largest float on the London Stock Exchange for five years. Its chief executive told City A.M. why the company picked London. Nils Pratley, writing in the Guardian, asked whether the deal marks the end of London's listing drought and answered his own question: not yet.

Further down the scale, a British cybersecurity firm is plotting an £11m float on Aim, which City A.M. took as a sign that London IPOs are stirring.

Hong Kong drew its own traffic. A Chinese maker of sensors for robot vacuum cleaners launched an IPO there, undeterred by a US ban. The city also unveiled gold, bond and liquidity plans intended to drive the next phase of yuan adoption. The South China Morning Post reported that China's growing Reit sector is giving foreign property investors a route back into the mainland market, and asked separately whether China can win back Wall Street with its own version of Warren Buffett's formula as Mr Buffett exits.

Two other items. In Turkey, the chairman of Tera was arrested in a Ponzi-like fund investigation said to affect 450,000 investors. And Mr Trump sold tens of millions of dollars of AI and technology shares, led by Microsoft, Amazon and Meta. The Nikkei rose 1.8%, led by chip-related stocks.