This year, an important psychological barrier for the bond market was crossed. Yields across different US Treasury maturities exceeded levels not seen in decades. And they show no sign of slowing down.

Lofty US Yields Lure Strong Investor Appetite at 10-Year Auction: https://bloom.bg/4yOte9a

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Nasdaq 100 futures lead US equities lower as Broadcom’s sales growth forecast failed to meet investors’ lofty expectations. Iran says there had been no recent progress in peace deal talks with the US, while fighting persists in Lebanon. Sharon Bell of Goldman Sachs discusses the difference in sector exposure in the US and European equity markets. Rhonda Vonshay Sharpe of the Women’s Institute for Science, Equity and Race focuses on the inequality in the labor market.

Chapters:
00:00:00 – Bloomberg Brief
00:00:45 – Global Market Check
00:04:39 – First Look Movers
00:14:38 – Trending on the Terminal
00:20:32 – Front Page News
00:23:02 – First Look Movers
00:24:22 – Breaking News: US Challenger May Job Cuts Rise 3.4% Y/Y
00:27:46 – Sharon Bell, Goldman Sachs Senior European Equity Strategy
00:34:03 – Trending on the Terminal
00:35:33 – Rhonda Vonshay Sharpe, Women’s Institute for Science, Equity and Race President & Founder
00:41:32 – What to Watch
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The upcoming US midterm elections are being used as a clearing event for risk says Scott Rubner, Citadel Securities head of equity & equity derivatives strategy. He says this is the time “AI can outperform again.” He speaks to Bloomberg’s Dani Burger.
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Volvo plunged by about 30% to a record low after the Swedish automaker’s chief executive officer said the market for Western-developed cars in China is disappearing fast, prompting it to cut 2,500 more jobs.

Luxury powerhouses including Hermès and Cartier are suffering steeper slumps in China, in a sign that a spending pullback by the country’s wealthy consumers is hitting even the most resilient brands.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.

Chapters:
00:00:00 – The Opening Trade Starts: Markets Brace After Tech Selloff
00:01:26 – The Agenda: AI Trade Pressure, OpenAI Trims Valuation, Traders Seek Safety in Bonds
00:05:29 – The Agenda: Kering, Gucci and L’Oréal Earnings
00:07:49 – What to Watch
00:09:39 – AI Selloff and Investor Rotation
00:14:00 – Tradition Dubai’s Steven Major on Are Treasuries the New Safe Haven, French Debt Crisis and ECB Options
00:20:36 – Need to Know
00:24:09 – Market Calm Returns After Volatility
00:25:27 – Goldman Sachs’ Kamakshya Trivedi on FX, Dollar and Yen, Oil Prices and Currency Markets, French Debt Risks and the Euro
00:33:09 – Gucci Struggles as L’Oréal Outperforms
00:36:42 – Big Tech Earnings and AI Financing Fears
00:38:30 – MLIV: Markets Stabilize After Tech Rout
00:42:10 – Stocks to Watch: Volvo, L’Oréal and Kering
00:47:36 – European Markets Open
00:50:09 – UBS Investment Bank’s Bhanu Baweja on UBS on AI, Oil and Market Rotation, Will Hyperscalers Be Rewarded for AI Spending
00:58:34 – Market Movers: Volvo Cars Plunges, Kering Slides
01:00:57 – Breaking News: Weak French PMI Hits the Euro
01:02:24 – SAAB CEO Micael Johansson on Surging Defense Demand, Canada and Fighter Jets, Saab, Airbus and Next-Generation Defense
01:11:15 – European Stocks Turn Lower
01:13:18 – Need to Know
01:14:28 – Breaking News: German PMI Shows Resilience
01:15:32 – Pitango Venture Capital’s Chemi Peres on Israel Election and the Business Outlook
01:21:31 – Brazil Election Too Close to Call
01:24:57 – Volvo CEO: Western Cars Struggling in China
01:25:42 – Europe-China Auto Trade Tensions
01:29:52 – French PMI, Debt and Moody’s Rating, Contagion Risks From French Markets
01:33:29 – Weekend Outlook
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Yemen says the Houthis have struck the presidential palace in Aden, while the EU and Gulf states postpone their summit in Saudi Arabia amid continuing attacks. Donald Trump also raises the possibility of a future strike on Iran using the “Mother of All Bombs.”
The war is reshaping Gulf finances, cutting the region’s overseas investment pool by two-thirds as governments direct more spending at home. Higher energy prices cushion some economies, while Oman emerges as a relative beneficiary and Bahrain and Iraq face mounting pressure. Bahrain’s debt stands at around 160% of GDP, reserves are under strain and borrowing costs reach levels associated with its 2018 bailout, when Kuwait, Saudi Arabia and the UAE pledged $10 billion in support.
At the IMF meetings in Bangkok, Kevin Warsh says the global economy is proving more resilient than expected and that a massive US investment surge extends beyond AI. A hearing for the Fed’s productivity task force is scheduled for Nov. 16. His comments come as US inflation exceeds expectations and September producer-price inflation reaches a four-year high on rising energy costs.
The S&P 500 ends a three-day losing streak, Asian stocks advance on technology gains and US Treasuries pare their gains. South African Reserve Bank Governor Lesetja Kganyago discusses the country’s inflation target in an interview with Bloomberg.
MSCI considers a downgrade that could remove Indonesia from its global indexes, prompting scrutiny from the financial regulator and calls for clarity from the stock exchange. Turkey also faces a warning that its fund crisis could put its emerging-market status at risk.
Europe prepares new trade powers aimed at China, while Chinese state media warns against “new tricks” following an electric-vehicle agreement. China’s foreign minister also urges a two-state solution in talks with Israel’s president.
In Africa, Dangote seeks broader access to its planned IPO through a visit to Egypt, with an expanded offering potentially raising $2 billion. Richemont and Signet are reportedly in talks to join a bidder for De Beers.
Elsewhere, the EU is said to be fast-tracking antitrust approval for a SpaceX rival, Tesla demonstrates a flying car, and KFC switches from Pepsi to Coca-Cola in the US. Guest includes Parisha Saimbi, BNP Paribas EM Asia FXLM Strategist and Lesetja Kganyago, South African Reserve Bank Governor.

Horizons Middle East & Africa is your daily spotlight on one of the world’s fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg.

Chapters:
00:00:00 – Introduction
00:01:34 – Warsh Sees a Stronger Economy Ahead
00:02:34 – Fed in Focus as US Inflation Tops Estimates
00:07:01 – Parisha Saimbi, BNP Paribas EM Asia FXLM Strategist
00:11:12 – MSCI Weighs Indonesia Downgrade and Global Index Removal
00:15:00 – EU Said to Prepare New China Trade Powers
00:26:50 – Lesetja Kganyago, South African Reserve Bank Governor
00:34:05 – War Cuts Gulf Investment Pool by Two-Thirds
00:39:08 – Dangote Pushes Africa IPO Access With Egypt Visit
——–
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