Good morning. Global bonds are sinking, Arm’s jumbo IPO and Germany’s relations with Huawei. Here’s what people are talking about.
Global government bond yields extended their climb — with the US 30-year reaching the highest point since 2011 and other benchmarks returning to 2008 levels — as resilient economic data challenges the view that central bank rates are peaking. Both five- and 10-year Treasury yields rose Thursday to within a few basis points of their 2022 highs. The equivalent UK yield jumped to a 15-year high, while its German counterpart approached the highest since 2011. Treasuries have led the global debt selloff as the US economy defies expectations that more than five percentage points of Federal Reserve interest-rate hikes would cause a recession.