Reuters Morning Bid

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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US Treasury yields surge above 5% as a mix of strong economic data, energy pressures and expectations for more rate hikes rattles global bond markets. President Trump and Xi Jinping meet as their extended trade truce disappoints markets. And reports of an OpenAI hack on an Australian government website add to calls for tighter AI regulation.

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Today's recommended read: Passive investing? That S&P 500 index fund is basically a tech fund⁠ by Jamie McGeever

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Hopes for a breakthrough in the Iran war push oil back below $100 as U.S. and Iranian officials meet in New York. President Trump says the midterms won't change his agenda, as betting markets point to growing chances of a Democratic sweep. Plus, AI and chip stocks keep climbing despite calls for tighter regulations.

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Today's recommended read: Darkest before dawn? Funds mull return to bonds by Mike Dolan

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Meta's new Muse assistant reignites enthusiasm for AI, sending its shares soaring and helping the Nasdaq hit a record high. Oil holds above $100 as markets watch for a possible meeting between President Donald Trump and Iran's President Masoud Pezeshkian in New York. Meanwhile, France's mounting debt and political pressures push borrowing costs higher.

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Today's recommended read: Losing the plot? Warsh's Fed more 'touchy-feely' than data driven by Mike Dolan

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As world leaders gather at the UN, markets are watching a highly-anticipated meeting between US President Trump and Chinese President Xi Jinping. Plus, oil prices are falling despite persistent geopolitical tensions, and central banks around the world are signalling a more hawkish stance.

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Today's recommended read: Hormuz shuttles keep oil flowing, but at high cost

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Produced by Eliza Davis Beard and Abisoye Osundairo.

Sound engineering and music by Sebastian and Josh Sommer.

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