UBP says global equities stay resilient as US 10-year yield hits 19-year high at 5.22%

• Union Bancaire Privée flagged a surge in long-term yields to multi-decade highs, driven by strong US data, firm energy prices, Fed hike expectations.
• US 10-year Treasury hit 5.22%, a 19-year high; markets priced a 70% chance of an October Fed hike.
• Global equities stayed resilient, led by technology; MSCI ACWI total return rose 1%, Nasdaq 100 gained 3.3%.
• Bond-proxy sectors fell on rates pressure; global utilities dropped 2.4%, real estate slipped 1.1%.
• Focus shifts to US core PCE, expected at 0.3% m/m, NFP seen slowing to 90,000, as oil and yields steer sentiment.

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