The yield on 30-year Treasurys rose to 5.089%, the highest level since October 2023. Yields on 10-year government bonds rose to 4.595%, after Moody’s Ratings stripped U.S. debt of its triple-A rating, citing the government’s towering pile of debt and kicking off selling in Treasurys.
The S&P 500 is lagging behind an MSCI index tracking global stocks by more than 10 percentage points this year. If that gap holds through year-end, it would be the widest annual margin since 1993.
Poland’s stock market has emerged as one of the world’s top-performing bourses this year, up more than 28 per cent year to date. The rally has been helped by the country’s relatively insulated position from the global trade war and an expected boost from neighboring Germany’s fiscal “bazooka”.
JPMorgan CEO Jamie Dimon said that he didn’t think the full impact of tariffs had passed through to the broader economy and warned that the stock market could slump as companies reckoned with the new costs for goods and supplies. Stock markets have rebounded since the April 2 levies were announced and subsequently put on a 90-day pause, even though historically high tariffs still apply for most countries trading with the U.S. “It’s an extraordinary amount of complacency,” Dimon said. He said stocks could sell off by about 10% as companies lower earnings estimates and investors reappraise stocks.
Europe is falling behind in the technology revolution, lacking homegrown alternatives to major tech companies. This lack of innovation hinders economic growth, with only four European companies in the top 50 tech firms globally. Factors contributing to this include a timid business culture, strict labor laws, and a smaller pool of venture capital compared to the U.S. While Europe offers a high quality of life, its culture of equality and risk-aversion may hinder the development of a robust entrepreneurial ecosystem.
Beijing is racing ahead in advanced technology, including in robots, satellites and AI—and in some cases is catching up with the U.S. China's spending on research and development has tripled since leader Xi Jinping took office in 2012, and nearly rivals the U.S. in purchasing power-adjusted terms.
Chinese automaker BYD sold more electric vehicles in Europe than Tesla for the first time, a setback for Elon Musk’s EV maker as it faces growing competition overseas. Tesla registered 7,165 battery- electric vehicles in Europe last month, down 49% from a year earlier, according to data from JATO Dynamics, a consumer-research group. In contrast, registrations for BYD more than doubled to 7,231 vehicles.
$139 million. The pay package for Tesla’s finance chief, Vaibhav Taneja—more than most CEOs and the highest amount paid to a chief financial officer since modern reporting began in 2006, according to Equilar. Meanwhile, Taneja’s boss, Elon Musk, is still working without a paycheck.
OpenAI announced its acquisition of IO in a $6.5 billion deal. IO is a startup founded by Sir Jony Ive, renowned for his contributions to designing Apple’s iPhone. OpenAI will collaborate with the team to develop innovative devices tailored for AI technology. Sam Altman, OpenAI’s CEO, expressed his vision, stating, “We can completely reimagine what it means to use a computer.”