UBP says long-end bond yields hit multi-decade highs, pressuring risk assets

• Union Bancaire Privee flagged multi-decade highs in long-end yields, pressuring the dollar and risk assets despite resilient global PMIs.
• US 10-year Treasury yield rose 4 bps to 4.73%; 30-year hit 5.31%, the highest since 2007.
• Treasury doubled 10- to 30-year buybacks to about USD 14 billion versus roughly USD 148 billion of long-end supply; impact faded quickly.
• MSCI ACWI total return fell 0.9%; global semiconductors dropped 3.9% as higher yields weighed on AI-linked trades.
• Dollar index slid over 1% to a three-month low; gold climbed to USD 4,650 per oz on financial-repression concerns.

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