Risk on (?!?!) as Yields Spike
Bond yields exploded, the Nasdaq hit a record, and nobody can explain both at once. The 10-year surged 25 basis points to 5.21% in a single week while Meta’s Muse app drove AI stocks to new highs. Oil whipsawed on Hormuz diplomacy before Houthi missiles pushed Brent back to $106.60. With the RBA set to hike Monday, diesel at record highs, and 924 Australian construction companies in external administration, we break down what matters and where the risks are hiding. Stance: bearish.