Global yield breakout dominates market focus

Today a look at the implications across markets as global yields are breaking higher at the long end of the yield curve, from the US 10-year, which hit a new 19-month high, to the German Bund hitting a 15-year high and 10-year JGB a 30-year high at 3.00%. We have a busy macro calendar for the week ahead as well, particularly for the US. Elsewhere, we note the spike higher in natural gas prices for Europe, the driver's for Tesla's big advance yesterday and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

• Dwarkesh Patel's writeup on the crazy "Hugging Face indicident" that was so much more, as AI agents went rogue and even took control of an AI research cluster at one point. 
• Germany's political "firewall" against the far right may crumble in Saxony-Anholt in this weekend's elections.
• Jim Bianco looks at the largest single driver of the swelling in S&P 500 profits this year: Anthropic's valuation!

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