Reuters Morning Bid

Treasury yields surge again as the bond selloff takes on a life of its own, despite softer inflation and lower oil prices. Micron's earnings beat lifts global chip stocks on continued AI demand. And UK Prime Minister Andy Burnham opens the door to Britain rejoining the EU, putting Brexit back in focus.

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Today's recommended read: UK PM Burnham sows seeds of "Breturn" that could excite markets by Mike Dolan

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New York Fed President John Williams cools expectations for an October rate hike, saying there's no urgency to move again. Treasury yields end a bruising quarter higher as investors rethink the path of rates. And weak consumer confidence and softer job openings raise questions about the strength of the US economy.

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Today's recommended read: The $8 trillion arms surge fueling AI - and spooking bonds by Mike Dolan

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Anthropic warns investors about potentially catastrophic AI risks as it prepares for an IPO that could value more than $2 trillion. Nvidia announces a record-breaking buyback plan. Plus Australia raises rates for the fourth time this year as central banks battle renewed inflation pressures.

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Today's recommended read: 'G force' driving world markets may need Fed and bond brake by Mike Dolan

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Sound engineering and music by Sebastian and Josh Sommer.

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A shaky Treasury auction sends fresh tremors through the bond market. Oil pushes above $100 a barrel as tensions in the Middle East persist. And Federal Reserve officials speak on Monday as traders watch for signs of further rate hikes.

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Today's recommended read: Cash-rich oil majors face post-Iran strategy rethink

Subscribe to Mike Dolan's Morning Bid⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠and check out his columns on⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Reuters Open Interest⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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The global bond selloff pushes US 30-year yields to their highest in more than two decades, driving mortgage rates about 7% and squeezing borrowers. Reports of a phased US-Iran deal offer some hope that the Strait of Hormuz could reopen. But oil markets remain cautious with any relief from a deal unlikely to come quickly.

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Today's recommended read: AI challenges fuel trading's old guard⁠⁠⁠⁠ by Clyde Russell

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