Daily Bulletin

Good morning. The rise in U.S. Treasury yields has accelerated. The benchmark 10-year Treasury yield rose above 5.20% yesterday, although we are seeing a modest decline this morning. This environment, which has been weighing on global equities, is continuing in the morning hours with a partial stabilization effort. U.S. futures are flat, European futures are higher, while Asian equities are generally weak. Pressure...
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Good morning. Although stronger-than-expected PMI data in the US provided positive signals regarding the growth outlook, they weighed on equity markets by creating an environment in which the Fed could raise interest rates faster than previously anticipated. US Treasury yields have climbed to multi-year highs, while mortgage rates are also testing their highest levels in the past year and a half. The move above 5%,...
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Good morning. The decline in oil prices has lost momentum around the USD 95 level, but prices remain within the downward trend channel that started from the USD 105–110 region. As part of the ongoing United Nations meetings in the US, it was announced yesterday that US and Iranian officials held a three-hour meeting. Despite messages from the US side suggesting that the meeting was productive and raising hopes that...
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Good morning. While U.S. equities posted strong gains yesterday, led by technology companies, U.S. and European futures are slightly positive this morning, and the overall tone in Asia is also buying-led. The fact that U.S. 10-year Treasury yields tested but failed to break above 5% yesterday is also supporting the buying. Domestically, selling pressure continues due to the liquidation process affecting 131 funds....
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Good morning. As the easing in oil prices continues for the fourth consecutive session, buying is flowing into U.S. and European futures as well as Asian equity markets. That said, we remain cautious on the sustainability of this optimistic tone in global risk appetite. Factors such as Iran’s messaging toward the U.S. and its regional allies, and a renewed decline in vessel transits through the Strait of Hormuz,...
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Good morning. Oil prices are moving below the $100 level, while U.S. Treasury yields have also eased back below 5%. Against this backdrop, U.S. and European equities saw strong buying yesterday, while gains are continuing this morning in Asian markets and equity index futures. Despite the Fed moving to its first rate hike in three years and expectations for further rate hikes in the coming months, expectations that...
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Good morning. Following the continued sell-off in global markets yesterday, we are seeing a rebound in risk appetite this morning, supported by stronger-than-expected inventory data in the US, a decline in oil prices, and US 10-year Treasury yields falling below 5%. US and European futures, as well as Asian equities, are broadly trading higher. The Fed’s interest rate decision, expectations, the statement, and...
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Good morning. While oil prices remain elevated, U.S. 10-year Treasury yields are also trading above 5% for the first time since 2023. However, during that period, yields remained above 5% for only one day (October 23, 2023), after which the 10-year yield declined from around 5% to 3.8% over two months, despite the Fed policy rate remaining at around 5.5% for an extended period. During the same period, the S&P...
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