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This year, our Most Powerful Women Asia list captures the women at the forefront of change in Asia. DBS Group CEO Tan Su Shan retains the No. 1 spot, while Lens Technology founder Zhou Qunfei makes the year\u2019s biggest leap, climbing 25 places to No. 3. Nearly a quarter of the 100 women are newcomers. Collectively, they represent 14 markets across the region. Technology leads the list with 16 women, ahead of banking with 14\u2014a reflection of Asia\u2019s formidable strength in hardware, electronics, and advanced manufacturing. Together, they are shaping industries, companies, and markets far beyond the region.\u2014Ashleigh Nghiem<\/p>\n
Why Oura pulled its IPO<\/p>\n
Hours before Oura, the smart-ring maker behind one of the season\u2019s most closely watched IPOs, was expected to price its shares, CEO Tom Hale delivered a stunning announcement: The company was calling off its public debut, citing \u201cuncertainty in the IPO market.\u201d<\/p>\n
But no one takes that statement seriously, according to Fortune\u2019s Morgan Chittum.<\/p>\n
\u201cWhat else are you gonna say? \u2018We aren\u2019t meeting our expectations.\u2019 I mean, that\u2019s just not a thing to say to the public,\u201d Kat Siu of IPOX said.\u00a0<\/p>\n
\u201cThey always blame it on market conditions,\u201d said Jay Ritter, director of the IPO Initiative at the University of Florida. \u201cThey never say, \u2018Uh, the reason we\u2019re pulling the IPO is we had unrealistic expectations about how much we\u2019re worth.\u2019\u201d<\/p>\n
MORE FROM FORTUNE<\/p>\n
What Really Happened to Red Lobster? | Fortune Daily<\/p>\n
It\u2019s \u2018more likely than not\u2019 humanity loses control: Former AI insiders testify safety fixes may be \u2018duct tape that will fall off later\u2019 – Catherina Gioino<\/p>\n
Amazon\u2019s answer to data center backlash: $1 billion for community college and home energy upgrades – Mia Osmonbekov<\/p>\n
Inside Europe\u2019s biggest companies\u2014and the forces reshaping them – Sam Forsdick<\/p>\n
Redfin signals a shift in power to buyers as a record share of sellers cut prices for this time of year\u2014but 7% mortgage rates are a problem – Bilin Lin<\/p>\n
Wealthy boomers doubt their heirs will keep giving as $124 trillion changes hands, BofA finds. The data shows a different reality – Sydney Lake<\/p>\n
THE MARKETSA break in the bond drama gives breathing room for stocks<\/p>\n
The drama in the global bond markets eased off in the last 24 hours, helped by a drop in the price of oil, and stocks are broadly up this morning as a result. Oil fell to under $100 per barrel, and the yield on the 10-year U.S. Treasury fell beneath 5.3%, sitting at 5.27% at the time of writing. Even French government bonds rose, despite rioting on the streets in protest at lack of funding for schools. The Macron government has repeatedly attempted to get its debt under control but has met political opposition at every step\u2014and that’s why traders are selling out of French bonds.<\/p>\n
\u201cMarkets have had another volatile session over the last 24 hours, as investors grappled with European contagion risk and a fresh Treasury selloff,\u201d Deutsche Bank\u2019s Jim Reid told clients this morning. \u201cOn the bright side, yesterday brought some initial signs that the pressure on France was stabilizing, with a clear outperformance in French debt.\u201d<\/p>\n
S&P 500 futures were up 0.26% this morning. The index rose 0.66% yesterday.\u00a0
\nIn Europe, the Stoxx 600 was up 0.94% in early trading, and the U.K.\u2019s FTSE 100 was up 0.86% before lunch.
\nAsia: South Korea\u2019s KOSPI was down 0.89%. Japan\u2019s Nikkei 225 was up 1.05%. India\u2019s Nifty 50 was up 0.63%. China\u2019s markets are closed.\u00a0
\nBrent crude was $98 per barrel.
\nBitcoin was at $85,986.<\/p>\n
France leads the way when it comes to bond market mayhem<\/p>\n
This chart from Ed Yardeni and Toby Hearst at Yardeni Research shows countries ranked by the increase in yields on their 10-year bonds, versus a year ago. France has got it the worst, with the U.S. coming in as a decent runner-up. Both countries’ bonds performed worse than those of Italy or Greece\u2014something that rarely happens.<\/p>\n
\u201cSix of the 22 bond markets on our list have seen 10-year yields climb 100bps [basis points] or more this year. France leads at 131bps, with the U.S. second at 112bps. Italy, Indonesia, Japan, and South Korea round out the group,\u201d the pair told clients.<\/p>\n
QUOTE OF THE DAY\u201cWe take the unpopular stance that a bond-market crisis would be a good thing.\u201d<\/p>\n
\u2014AllianceBernstein\u2019s Inigo Fraser Jenkins, who argues that such a crisis is \u201cprobably the sole route to engender change and avoid worse intergenerational tension later. However, in practice politicians might balk and stop yields from rising by fiat, thereby triggering inflation and currency implications.\u201d<\/p>\n
Why stocks haven\u2019t been hammered by falling bonds\u2014yet<\/p>\n
The S&P 500 seems to have cruised on, unaffected by the drama in bonds, which is odd because panic in one sector usually leads to panic in another. The index is up 13.56% year-to-date.<\/p>\n
In fact, this is something of an illusion, according to Charu Chanana, the chief investment strategist at Saxo. \u201cOver the past month, the S&P 500 is up around 0.7%. Yet only two sectors are positive: technology, up 7.1%, and communication services, up 3.3%. Every other sector is down,\u201d she writes.<\/p>\n
\u201cThere are two simple ways higher yields can hurt equities,\u201d she says. \u201cFirst, bonds become more attractive. If investors can earn more than 5% from U.S. government debt, stocks need to offer a more compelling return to justify the additional risk. Second, borrowing becomes more expensive. Companies refinancing debt, households taking mortgages and businesses funding new investment all face a higher cost of money. But the impact is not equal across the market. Some sectors feel it much more quickly than others.\u201d<\/p>\n
CHART OF THE DAYMortgage applications have \u2018collapsed\u2019 as the U.S. bond market drives up financing costs<\/p>\n
Mortgage rates track the longer end of the bond market. The 10-year Treasury recently hit 5.3%, and the average mortgage rate is now around 7.3%\u2014high enough to price many out of the market. Indeed, mortgage applications have \u201ccollapsed\u201d this year, according to Christopher Wood at Jefferies. They\u2019re down 6% week-on-week and down 37% from this point last year.\u00a0<\/p>\n
\u201cThis is another major negative for the White House incumbent,\u201d he told clients. \u201cThis is why the 47th American president\u2019s polling on the economy remains dire.\u201d<\/p>\n
NUMBER OF THE DAY6 New York cities<\/p>\n
The equivalent shortfall of power needed by the AI buildout, as estimated by Morgan Stanley\u2019s Stephen Byrd and his colleagues. \u201cThe midpoint shortfall remains at a daunting 33 GW [gigawatts]. As a point of reference, New York City demands 5.5-6 GW of baseload power: we are short power by six New York cities,\u201d or 34% of the estimated power needed, they said in a recent note.<\/p>\n
THE FRONT PAGES TODAY<\/p>\n
Warnings of possible Iranian drone attack led US to pull bombers from RAF Fairford – FT<\/p>\n
Trump offers U.S. help to Russia after plague death; WHO assesses the situation as low risk – CNBC<\/p>\n
GOP senator warns Anthropic of “alarmist” approach to AI – Axios<\/p>\n
Saudi-Backed Forces Launch Fight to Free Bab al-Mandeb From Houthis – WSJ<\/p>\n
DeepSeek to Raise at Least $12 Billion in Tencent-Backed Funding – Bloomberg<\/p>\n
Sailors reportedly offered $25K per trip to move oil out of the Persian Gulf amid strikes, drone attacks – NY Post<\/p>\n
ONE MORE THINGAI will kill off the keyboard, some believe<\/p>\n
Take this with a pinch of salt but \u2026 The London School of Economics has warned that the days of the keyboard are numbered, according to Fortune\u2019s Orianna Rosa Royle. By 2028, voice AI will become the default way of working. In the next few years, a study says, workers will be talking to their phones or laptops instead of typing, thanks to the explosion of AI.<\/p>\n
\u201cBy the time Gen Alpha enters the workforce, AI will be fully embedded, and their work will be spoken long before it\u2019s ever typed,\u201d Paul Sephton, global head of brand communications at Jabra, told Fortune.\u00a0<\/p>\n
(Also worth bearing in mind: The keyboard has been around for decades and has survived every technical revolution thrown at it. Don\u2019t be surprised if it survives this one too.)<\/p>\n
#bondmarket #crisis #good #Wall #Street #losing #patience #government #debt<\/p>\n","protected":false},"excerpt":{"rendered":"
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