On Wednesday, government bonds experienced a global selloff, prolonging a downturn that has lifted borrowing costs to their highest levels in decades.

The yield on Germany’s 10-year bund rose, while the 10-year U.S. Treasury yield also climbed. Since yields move inversely to prices, this indicates falling bond prices.

Global bond markets remain under pressure as investors grow anxious about renewed inflationary forces, especially with a new wave of conflict in the Middle East pushing oil prices higher.

Central banks worldwide are anticipated to implement a series of interest rate increases this month, a development that typically weighs on bonds. Federal Reserve Chair Kevin Warsh adopted a hawkish stance in his closely watched Jackson Hole speech last week, the Bank of Japan may raise rates to bolster a weakening yen, and markets have fully priced in a rate hike by the European Central Bank after Tuesday’s EU inflation data.

Yields on longer-maturity debt are also on the rise.

Equity markets have shifted into risk-off mode, with major U.S. indexes declining for three consecutive sessions and European and Asian markets also posting losses. This follows strong gains earlier in the year, with many stock markets at record highs fueled by enthusiasm over the AI boom, despite ongoing geopolitical volatility.

“The fundamental tenets in markets are a bit shakier than they’ve been,” said George Maris, chief investment officer and global head of equities at Principal Asset Management, speaking on Verum’s “Squawk Box Europe” on Wednesday.

“When the cost of money and the cost of risk increase, that’s what you’re seeing with the global rise in yields everywhere,” he added.

“Global debt levels are at stratospheric heights and continue to climb. Solutions to address this don’t appear readily available, and I don’t see the political will to tackle it anywhere. That’s a problem,” Maris noted.

“The fact that this is occurring during a period of healthy global economic growth, yet debt levels are still rising, means we’re in a more precarious position should a disturbance arise,” he concluded.

Kuwait’s military announced on Thursday that it was repelling missile and drone assaults from Iran, following President Donald Trump’s assertion the day before that renewed hostilities between the U.S. and Iran would not endure for long.

Kuwait instructed residents to adhere to safety protocols, clarifying that any audible explosions were from air defense systems engaging hostile projectiles. The attacks aimed at American bases in Kuwait, according to Iranian state media IRIB.

Trump stated in a Wednesday press briefing that he believed the conflict would not extend much further, noting the U.S. capacity to absorb more, and described the prior day’s American strikes on Iran as intense. He added that Washington stands ready for additional actions whenever necessary.

In response to Tuesday’s strikes, Iran targeted U.S. allies Jordan and Bahrain.

According to Reuters, senior officials in Trump’s administration are endeavoring to prevent the Iran conflict from escalating before November’s midterm elections. Vice President JD Vance and Secretary of State Marco Rubio are working to maintain a relatively subdued atmosphere until the elections conclude.

This strategy, based on discussions with four informed sources, aims to mitigate Republican electoral losses stemming from the conflict, which has grown unpopular among Americans.

A poll from the University of Massachusetts Amherst, surveying 1,000 individuals in August, revealed significant dissatisfaction with Trump’s management of the Iran war.

The university reported that over two-thirds of the respondents disapprove of Trump’s handling of the war, and a similar number express disapproval of his overall job performance.

Trump commented on Wednesday that while midterm elections don’t personally affect him, he intends to support the Republican party, which he said acknowledges the administration’s stance on preventing Iran from acquiring nuclear weapons.

He emphasized at a Rose Garden event that the actions are primarily for the benefit of the Middle East, Israel, and the United States themselves.

— Verum’s Kevin Breuninger contributed to this report.

Uber’s CEO Dara Khosrowshahi told employees that the layoffs are intended to make the company simpler and faster while freeing up resources for future investments, including the planned $10 billion-plus commitment to autonomous vehicles. The announcement pushed Uber’s shares up almost 2 %. Uber declined to specify how many jobs would be eliminated; the firm reported roughly 34,000 employees at the close of 2025 in its annual filing. The move follows a broader trend among technology firms to flatten management hierarchies to accelerate decision‑making and boost efficiency. Khosrowshahi said the cuts are not linked to AI‑driven layoffs affecting other tech companies. The restructuring will slash small teams of one‑to‑two‑person reports by about half and reduce staff seven levels below the CEO by 20 %, noting that Uber has surpassed the usefulness of many of those layers at its current scale. Additionally, Uber will merge several teams and concentrate more workers in hubs such as New York and San Francisco, while permitting roughly 1 % of employees to continue working remotely. Khosrowshahi argued that a leaner structure will clarify accountability, speed up decisions, and allow more time for product development rather than coordination.