Ian Smith

Our Big Read today is on the $2tn monster — a debt-servicing burden that gobbles up tax revenues and has the power to overwhelm elected leaders. “These massive sovereign debts are having to get refinanced at ever-increasing rates ... Global investors are already starting to get scared.”

"We have to show them that we can cure ourselves" France's finmin talks to the FT about how it can appease the street and the bond market as.ft.com/r/6cecb987-6... also said "unwinding of carry trades" had added to pressure on short-dated debt in volatility earlier this month

France's bond market having a nice little rally today after a ratings reprieve, and with a little help from lower oil prices www.ft.com/content/97a6...

Brazilian markets ⬇️ www.ft.com/content/bffe...

ITV's Good Morning Britain ask Andy Burnham if he's planning an early election: "no, no I've ruled that out"

Spotted at Legoland @katie0martin.ft.com @robarmstrong.bsky.social 🐻

Oil on the international front today 🛢️📈

James Orr - Reform UK's ex policy chief - has stepped down from management roles at Cambridge university following media scrutiny The FT reported last month about complaints from two students. Orr has denied any wrongdoing and said his decision was voluntary as.ft.com/r/adb55c2d-2...

please help me my haven is not haven-ing ...especially weird as US interest rate rise expectations have been weakening, which we are told should help gold... nice hit from our new natural resources ed @danielthomasldn.bsky.social www.ft.com/content/5a6e...

there are fascinating social changes happening in Tehran, evident from the pictures and the vital reporting by Najmeh Bozorgmehr www.ft.com/content/0910...

Was a bit of a dramatic day yesterday from Eurozone bonds to Big Tech stocks. Today is calmer, but the slow-strangulation-by-oil is ongoing, latest here www.ft.com/content/8948...

Oil hits $115 a barrel for the first time since May, adding to the economic strain just 11 days before critical midterm elections that may turn in part on affordability. @iankmsmith.ft.com @urbandirt.bsky.social www.ft.com/content/8948...

Today's must-read is @tobyn.bsky.social on France. On a swapped basis the rise in borrowing costs for France, and Italy, looks even worse vs G7 peers. But the market is a long way from proper panic, he argues find other beautiful charts and analysis here as.ft.com/r/696898d8-d...

things are very thankfully steadier in European and US markets rn, but oil is painful www.ft.com/content/8948...

People telling gilts they are a haven asset again

Incredible rally in US government bonds now www.ft.com/content/6e31...

some views on France as.ft.com/r/8b3c24c6-6...

getting bigger and then being entirely sustainable: great to see how it will play out

live scenes of toby

France yields rising ~ 10bp as US yields fall ~ 10bp is just mad-nuts activity yields moving inversely to... each other

It's another bad day on the old stock-and-Eurozone-bond-market. Treasuries rally again in risk-off sparked by higher oil prices. Chinese stocks dip into bear market territory www.ft.com/content/6e31...

Macron: “These people irritate me.” www.ft.com/content/57e1...

www.ft.com/content/e598...

this is great stuff by @robinwigglesworth.ft.com www.ft.com/content/b354...

"The US elected George W Bush, an obvious naïf, in part because the people around him were so seasoned. Two botched wars later, it was clear that most of them were worse than the boss." www.ft.com/content/2773...

great cover. situation is ridiculous

What the hell? This is shocking. www.theargus.co.uk/news/2665180...

Sharing today's front page by Leila Abboud and me on France's social unrest and the bond market fallout. Read that here... www.ft.com/content/cc7e... ...and borrowing costs have risen further today, close to 5% www.ft.com/content/7bd4...

unimpeachable chart

"This is very much a market where if you can keep your head below the parapet, that is a good thing" Gilts, the weakest G7 bond market in the early part of the Iran war, have improved against peers, as France struggles. Investors say prospect of low-key Budget has helped as.ft.com/r/5990afaf-f...

“There is a complexity premium being priced in" Nice from @ramshodgson.bsky.social and Euan Healy, with a little bit of reporting from me, on how CDS are so hot rn www.ft.com/content/6dd3...

“.. a fresh blow to the kingdom’s ambitions to establish itself as a global financial centre.” @financialtimes.com www.ft.com/content/75a2...

Quite enjoy LinkedIn posts about people leaving banking/anniversary of when they left banking strong prison-escape energy "i crawled out of that pit half-alive but it made me a stronger person"