At the time of rising bond yields, here's a list of teh most indebted companies in the world by Genuine Impact
🚗Toyota Group is the most indebted company globally in 2023. 🏠While Evergrande Group, one of China’s biggest property developers, has lower debt than Toyota, its performance is significantly inferior to Toyota. It recently faced a debt crisis and is on the verge of collapse.
The Treasury Yield Curve has been steepening (i.e. uninverting) for 5 straight weeks, the longest streak in more than 25 years
Source: DB, Barchart
US 10-year Yield pullback from last week peak
US 10-year Yield pullback sharply from last week peak. After the Non-Farm Payrolls report on Friday, the US 10-year Govt Yield came close to hitting 4.9%. As of today, that Yield is down below 4.6%.
Stars on X
By: World of Statistics
Vast majority on Wall Street think next 100bps move in 10Y yields is LOWER (and vast majority think the next 10% S&P 500 move will be LOWER)
The Deutsche Bank October 2023 global financial market survey, conducted between the 3rd and 6th of October, had 410 responses from around the world. - 75% think the next 100bps move in US 10yr yields is lower (average yield 4.75% during the survey). A big turnaround from June’s results where a small majority expected 4.5% before 2.5% when we were halfway between the two. Well done to that small majority as it got there in just 3 months. - 72% think the next 10% move in the S&P 500 will be lower. Slightly less than in June. In March 76% thought the next 10% move would be up so a different mood to earlier this year. Source: DB
The yield premium on the S&P 500 has completely disappeared for the first time in over 20 years
The US 10-year treasury now offers (theoretically) the same amount of sweet hot sauce goodness that's on offer in the stock market. Source: David Ingles, Bloomberg
The global bond markets rout in one chart
The world's biggest bond markets hit by heavy selloff: Bond yileds hit post-crisis highs around the world: US 30y yields hit 5% before retreating. German bund yields hit 3%. Bond rout sounds alarm bells globally. Source: HolgerZ
A lot has changed over the last two years...
Source: Charlie Bilello
