Global Market Pulse

Bond markets price higher real yields despite cooling inflation expectations, offsetting lower energy-driven forecasts.

• Weak payrolls no longer...

AI data centers are pushing up power bills for America's Rust Belt factories as Big Tech demand strains the grid. Manufacturers and customers now...

As TD's 2026 Target Maturity Bond Strategies near fall maturity, yields naturally decline as bonds shorten in duration and roll down the curve. This...

Markets advanced despite a barrage of geopolitical and macro concerns, underscoring their forward-looking nature.

• S&P 500 surged +15% to near...

Two distinct market warnings on the AI boom:

• Bond market credit risk is hard to judge as AI infrastructure spending echoes 19th-century railway...

Microsoft is shifting Excel and Word prompts to its own MAI models, reducing reliance on OpenAI and Anthropic.

Open source models like DeepSeek now...

AI venture funding remains robust but is concentrating around physical infrastructure and regulated workflows.

• Chemistry raises $500M for...

Global liquidity is levelling off, supported short-term by Fed injections and low volatility but pressured by China weakness, BoJ/ECB QT, and dollar...

IPO and Funding Activity

• 🔥 SK Hynix US Listing: South Korea's SK Hynix launches $28B US listing to ride global AI wave.
• Anthropic Round:...

Weak June payrolls (+57K vs ~115K expected) triggered three distinct reactions across assets.

• Gold rebound: Signals investors questioning the Fed's...

Liquidity conditions matter more than valuations for spotting market risk, as bubbles typically break from funding stress and unstable collateral...

• Oil prices crashing to the $60-70 range and as low as $67 are easing inflation pressures, supporting lower Treasury yields into early September.
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Crypto VC funding plunged in June to $1.237 billion across 58 deals, down 58% MoM and 57% YoY.

By contrast, Q2 private rounds remained robust, led by...

Three distinct pillars highlight the scale of AI capital deployment:

• Infrastructure: TeraWulf secured a $19B, 20-year lease with Anthropic for a...

Labor Market Signals

• 🔥 Softer Jobs Report: US economy added 57,000 nonfarm payrolls in June versus 113,000 consensus, with 74,000 downward...

$510B in H1 2026 VC flowed mostly to AI, but OpenAI and Anthropic alone captured $217B or 43% of the total.

• 16 mega-rounds took 53% of Q2's $205B,...

• Macro risks: AI capex sustainability, lofty earnings delivery, and hawkish Fed under new chair Warsh top the list of tests for the S&P 500 rally.
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Weak June jobs data creates split trades: bonds gain while memory stocks face selling.

• Bond angle: Softer payrolls and moderate inflation revive...

Sovereign wealth funds plan to cut listed equities while raising private equity, credit, and infrastructure allocations by 28-35% to address S&P 500...

AI Sector Developments

• 🔥 Alibaba Claude Ban: Alibaba will ban employees from using Anthropic’s Claude Code starting July 10, classifying it as...