Britain's Borrowing Outlook Darkens As Energy Shock Deepens

Stellar 7 Year Auction Sees 3rd Highest Foreign Award On Record In the week's final coupon auction, the US Treasury sold $44 billion in 7 Year notes to stellar demand.  Extending on the strength yesterday's solid (if tailing) 5 Year auction, today's 7 Year sale printed at a high yield of 4.290%, up from 4.175% and the highest since Jan 2025. It also stopped through the When Issued 4.291% by 0.1bps, the first stop through since December 2025. The bid to cover was 2.518, up from 2.513 and the highest since...

Turkey Reports Another Iranian Missile Near-Miss Over NATO Skies Another near-miss has unfolded over NATO skies, with Turkey on Monday announcing that air defenses intercepted a ballistic missile fired from Iran. It's another dangerous indication that the Iran war could easily expand into a broader conflict at any moment.  The intercept was carried out by air and missile defense assets positioned in the Eastern Mediterranean, according to the Turkish defense ministry, which offered no further initial details concerning trajectory, type, or what the intended target ultimately was. US Navy image, illustrative This marks...

Futures Rise, Yields and Oil Drop Ahead Of Key Jobs Report US futures climbed and bond yields reversed an earlier rise, as a drop in oil prices provides a tailwind in calm trading following a week in which markets were lashed by sharp swings in yields, with the US payrolls report still to come. As of 8:15am ET, S&P 500 futures were up 0.4% after Thursday’s close left the index headed for its worst week since August; Nasdaq 100 contracts have added 0.8%. In premarket trading, chipmakers rallied while all Mag 7 are higher, with NVDA (+1.7%)...