2725 stories from 15 sources
The month in Global Markets
Longest running story: 35 days
Click on a headline to see stories that shaped it.
Threads
8 threads
AI leadership first narrowed the market, then weakened across chips, software, data-center debt and broader growth assets. By month-end, investors demanded earnings and cash generation instead of rewarding AI exposure on its own.
Energy disruptions repeatedly pushed oil higher and spread risk into currencies, stocks and rate expectations. Diplomatic relief briefly reduced the premium, but renewed attacks and escalation restored pressure on shipping, inflation and growth.
The bond selloff deepened from a repricing of inflation and fiscal risk into forced deleveraging, while heavy financing needs and weaker foreign demand added pressure. Bonds later regained some defensive demand, but renewed tightening signals kept currencies, housing and growth assets exposed.
Higher yields first widened junk-bond spreads and raised refinancing costs, then pressure spread to technology companies, property borrowers and weaker corporate issuers. Strong borrowers still attracted demand, but weaker companies faced postponed offerings and tighter terms.
China combined rate cuts, mortgage support, export measures and equity intervention with stronger trade and headline growth. Weak domestic demand, property stress, regulation and rising financing costs nevertheless kept private investors cautious and the recovery fragile.
France’s debt outlook and political instability pushed yields higher, widened the spread over Germany and weakened the euro. The pressure expanded from French sovereign risk into broader concerns about euro-area refinancing and fiscal credibility.
India escalated from tighter currency and liquidity measures to direct intervention as foreign selling, oil costs and high US yields pressured the rupee. The defense offered temporary support but depleted reserves and disrupted market pricing.
MSCI concerns turned foreign selling into a broader test of Indonesia’s market access, liquidity and ownership transparency. Authorities helped the market recover temporarily, but the downgrade risk reached corporate bonds and raised potential funding costs.
Week’s Recap