Editorial companion

What stands out

Yields on sovereign debt have remained at multi-decade highs even as the global bond rout cooled, which matters because it keeps borrowing costs elevated for governments and corporations and changes how investors price risk. Traders are now parsing UK inflation prints and last month’s Federal Open Market Committee (FOMC) minutes for clues about whether central banks will ease up or stay hawkish. The same squeeze is biting equities, with chip stocks leading the selloff, while China’s Unitree saw its shares jump more than 600 percent on a Shanghai debut that underscores the divergence between domestically driven speculative rallies and tighter global financial conditions.