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Good morning. The large rate-cut commerce is dealing with a actuality verify in markets and crypto’s newest comeback is just not lifting all boats equally. Plus Elon Musk’s SpaceX is turning into quickly extra priceless. Right here’s what persons are speaking about. Sofia Horta e Costa
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US inventory futures are little modified as I kind this morning, following a three-day slide within the S&P 500 that’s been its longest in additional than a month. Oil is stabilizing near a five-month low and Bitcoin is buying and selling slightly below $44,000 — a stage not seen since June final yr. Treasury yields are a little higher as merchants navigate between a higher-for-longer narrative on the one hand and betting on a rate-cut bonanza from central banks subsequent yr on the opposite. The truth verify right now is coming from Japan, the place yields are surging as hints from the nation’s central financial institution management fuel speculation that the tip of destructive rates of interest may be nearer. Right here’s an awesome piece on how merchants are betting huge once more on Fed price cuts after so many false dawns. Oh and company bonds globally are on monitor to outpace comparable authorities debt by essentially the most in 4 years.
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