Friday morning #headlines recap Global sovereign bond dislocation, simultaneous across three continents. US 10Y above 5.20%, first time in 19 years; 30Y closed 5.47%, highest since 2004; Japan's 30Y at a record high, 40Y quoted +6bps to 4.27%; France 10Y at an 18-year high; German 10Y +5bps to 3.61%. MOVE jumped 21%. Houthis hit Yanbu and Riyadh hours before France announces a deployment to protect Yanbu. Ansar Allah claimed ballistic missiles and drones on Aramco's Yanbu facilities and a "sensitive site" in Riyadh; Macron said France will send soldiers, radars and air-defence systems to that exact site. France. Macron. lol. One analyst equipped that France would surrender to the Houthis before deploying. Reuters reported US and Iranian negotiators discussing a phased agreement to end the conflict, with sequencing - who surrenders leverage first - as the obstacle. Equities round-tripped within minutes, crude tumbled, and then Tehran denied it and restated its conditions. Oil finished the round trip the other way: +5%, Brent above $108. Seems like some other parties have picked up on Trump’s trick of using headlines to play the market. Escalation vectors named on the same day: Iran may expand the war to the Indian Ocean if strikes resume, and Security Council secretary Rezaei warned a new US escalation could open a second front at Bab el-Mandeb alongside Hormuz. Meanwhile an Israeli source told Al Hadath further strikes are "a matter of time", said Iran is fortifying and dispersing the Natanz project, and that Israel sees no real chance of a US-Iran agreement. Russia-Ukraine: Kharkiv cauldron being split into three; Ukraine smelts zero steel for the first time in 100 years. Kiev connectivity is the new target set. A key Etherlink hub was damaged and MiroHost's data centre destroyed, taking Ukrainian sites offline. Ukraine continues to strike refineries in Russia. Xi in Washington: the truce extended only two months, and nothing on rare earth or chip exports. Trump is weighing allowing Chinese EV production inside the US. Fed signals another hike into a five-year-high PMI. Fed's Paulson said the bank may need to raise again with underlying inflation "stubbornly high", naming AI investment as an inflationary pressure. Italy approved legislation returning to nuclear power after roughly four decades out. Oracle is seeking to protect itself from potential cost increases related to a large data center project in New Mexico by sending a "force majeure" notice to the project's developer, a unit of Blue Owl, Bloomberg News reported on Thursday. Companies typically invoke force majeure to free themselves from contractual obligations when problems arise beyond their control, a move that can raise concerns among lenders and investors. Don’t worry, the (((Ellisons))) still have plenty of money for their media takeovers. 75 countries walked out before Netanyahu’s UN speech. Theater, but still lol-worthy. Harvey Weinstein has been sentenced to 15 years in prison in New York for the 2006 sexual assault of former production assistant Miriam Haley. Dirty jew rotting in jail? Sounds like good news to me. I’m off to do some fall sightseeing today frens, if I miss any big stories please drop them in the comments…