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United States: Global risk assets declined after a sharp sell-off in sovereign bond markets forced investors to rapidly reassess the interest rate outlook and unwind leveraged positions. The US 10-year Treasury yield climbed to 4.58%, its highest level in more than a year, while the UK 10-year gilt yield jumped to 5.2%, the highest since 2008. Oil prices pushed above $100, adding to inflation concerns and reinforcing expectations that central banks may need to keep policy tighter for longer. Within roughly a week, market pricing shifted from implying a 28% chance of a Federal Reserve rate cut to assigning nearly a 50% probability to a rate hike by year-end. United States: Bitcoin traded between $78,659 and $82,048 over the past 24 hours and fell as low as about $78,600 before stabilizing near $79,000, contributing to a 2.3% drop in the global cryptocurrency market capitalization to $2.63 trillion, according to CoinMarketCap. The sell-off extended across asset classes, with the Nasdaq losing 1.7%, the S&P 500 falling 1.2% and gold sliding 2.5%, a pattern analysts described as broad-based deleveraging rather than a rotation into perceived safe havens. Crypto-related equities also came under pressure, with shares of Coinbase, Circle, Marathon Digital and Hut 8 all recording declines alongside the retreat in Bitcoin and other major tokens.

Prepared by Christopher Adams and reviewed by editorial team.