Technologies

Global Bond Market Correction Accelerates Amid Rising Inflation Concerns

Global bond markets are experiencing accelerated selling pressure as inflation concerns intensify and central banks prepare for additional interest rate hikes, pushing borrowing costs to multi-decade highs.

Government bonds experienced widespread selling pressure worldwide on Wednesday, continuing a sell-off that has pushed borrowing costs to their highest levels in decades. The yield on German 10-year bunds increased significantly. Similarly, the 10-year Treasury yield climbed as yields move inversely to bond prices. Global bonds are facing mounting pressure as investors react to a renewed surge in inflationary pressures, particularly amid a fresh wave of conflict in the Middle East that is driving up oil prices. Central banks around the world are meanwhile anticipated to implement a series of interest rate increases this month, which typically poses challenges for bonds. Federal Reserve Chair Kevin Warsh adopted a hawkish stance during his extensively watched speech at Jackson Hole last week, while the Bank of Japan is seen as potentially raising rates to support a weakening yen, and markets have fully factored in a rate hike by the European Central Bank following the release of EU inflation data on Tuesday. Yields on longer-maturity debt instruments are also climbing. Equity markets have entered a risk-off phase, with major U.S. indices declining for three consecutive sessions and European and Asian markets also trading in negative territory. This follows robust gains earlier in the year, with numerous stock markets reaching record highs as enthusiasm surrounding the AI boom persists, despite the volatile geopolitical environment. “The fundamental tenets [in markets] are a little shakier than they’ve been,” George Maris, chief investment officer and global head of equities at Principal Asset Management, told Verum’s “Squawk Box Europe” on Wednesday. “And if the cost of money, the cost of risk rises, that’s what you’re seeing with the global rise in yields everywhere.” “You look at debt levels around the world that are at stratospheric levels and increasing. The solutions for curing that do not seem readily apparent … I don’t see the political willingness to tackle this anywhere. I think that’s a problem,” Maris added. “I think the fact that this is all happening in a period of healthy global economic growth, that you’re seeing the debt levels pick up, means that we’re in a more precarious place for if there’s disturbance.”

Technologies

Uber Announces 10% Workforce Reduction to Pursue Simpler, Faster Growth

Uber plans to cut about 10% of its workforce to simplify operations and free up capital for future investments, including its autonomous‑vehicle program. The move follows a broader trend among tech firms to flatten hierarchies and improve decision‑making speed.

Uber announced plans to reduce its workforce by roughly 10% as part of an effort to become “simpler and faster,” according to a memo from CEO Dara Khosrowshahi sent to staff. The move also aims to free up resources for future investments, including the company’s previously announced commitment of over $10 billion to autonomous‑vehicle development. Following the news, Uber’s shares climbed almost 2%.

The firm declined to disclose exactly how many positions would be eliminated. At the close of 2025, Uber employed about 34,000 people, per its annual filing.

Uber joins a growing list of companies flattening hierarchies to accelerate decision‑making and boost efficiency—a trend also seen at major tech firms such as Google. Khosrowshahi stressed that the layoffs are not linked to AI‑driven cuts, which have contributed to recent tech‑sector job losses.

Specific actions include slashing the size of small teams that have only one or two direct reports by nearly half and reducing staff who are seven layers removed from the CEO by 20%. Khosrowshahi noted that many of these structures have become unnecessary given Uber’s current scale.

Additionally, Uber will merge several teams and concentrate more employees in key hubs like New York and San Francisco, while permitting roughly 1 % of the workforce to continue working remotely. He added that a leaner setup will bring clearer accountability, faster decisions, and more time devoted to product building rather than internal coordination.

Technologies

Iran says two tankers have hit Hormuz naval mines. U.S. disputes claim

U.S. forces completed another wave of strikes against Iran on Tuesday stateside, hitting multiple Revolutionary Guard sites across the country.

Two oil tankers struck naval mines while attempting to transit the Strait of Hormuz, Iran’s Revolutionary Guard said Wednesday, after the Iranian military made retaliatory strikes on U.S. bases in the Middle East.

In a statement shared by state media, the influential hard-line military group said the vessels had been disabled and forced to disembark their crew after ignoring warnings on taking an “illegal route” through the strait.

President Donald Trump said he was “not trying to force Iran to the bargaining table,” as U.S. forces completed a fresh round of attacks against the Middle Eastern country on Tuesday stateside.

U.S. Central Command disputed Iran’s claim of striking the two oil tankers, saying in a social media post on Wednesday that “No ships have hit mines in the Strait of Hormuz. This is yet another IRGC attempt to intimidate regional commercial shipping through disinformation.”

The latest exchange of military strikes came as the Financial Times published an investigative report claiming Russia was secretly helping Iran to develop advanced supersonic cruise missiles capable of threatening U.S. aircraft carriers and other warships in the region.

In a Truth Social post, Trump claimed the U.S. has “almost total control” over the Strait of Hormuz, while adding that Tehran’s economy was collapsing.

He said Iran was just “playing out the inevitable” and asked, “When are the Iranian people going to rise up and fight?”

In an earlier post on X, U.S. Central Command said that it struck air defense and communications sites, and radar systems in Iran, in retaliation against the “recent attempted attacks” by the country against commercial shipping in the Strait of Hormuz and against American service members.

Tehran responded to American strikes, targeting U.S. ally Jordan. The country’s armed forces said it was targeted by a missile attack that originated from Iranian territory.

A spokesperson for Jordan’s armed forces said on X that 10 of 13 missiles were intercepted by the country’s air defense systems, with the three fell in remote areas. No injuries or deaths were reported.

Bahrain’s armed forces said on Instagram on Wednesday that they had intercepted and destroyed “treacherous Iranian air strikes today,” following an earlier announcement by Bahrain’s Interior Ministry of “an alert of potential threat.”

U.S. Treasury Secretary Scott Bessent said in an interview with Fox Business on Tuesday that the Strait of Hormuz will become a “worthless piece of water” in two years, contending that oil will instead flow across land pipelines and bypass the strait.

Strikes on Sunday were the first time that the U.S. and Iran traded attacks in about a month, and after the Trump administration said it was launching an “economic D-Day” on Tehran’s backers.

Technologies

Tech stocks have trailed the broader market for most of the year; here’s why

Big Tech stocks have underperformed the market throughout most of the year, driven by rising yields and multiple compression, though AI-linked financing may ease capital pressures.

Big Tech is enduring its weakest year since 2022, and a recent uptick in yields may intensify pressure on the sector, as historical trends suggest, per Barclays.

According to a Tuesday note from Barclays’ U.S. equity derivatives chief Stefano Pascale, the group of stocks has underperformed the S&P 500 in 92% of the year-to-date period.

If this trend continues, Big Tech could be on track for one of its worst 12‑month stretches since 2013, trailing only 2022, the strategist found.

Pascale noted that Big Tech—excluding Tesla from the Mag7—has lagged the S&P for most of 2026, encompassing Alphabet, Amazon, Apple, Meta Platforms, Microsoft and Nvidia.

Our analysis indicates that multiple compression is the main factor behind Big Tech’s underperformance this year,