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FNG Exclusive Interview… Paul Jackson, Sales Director at IS Prime, part of the ISAM Capital Markets Group, talks to FNG about the firm’s products, growth...

US Treasuries stabilised after two days of whipsaw trading as investors questioned whether the Treasury’s efforts to contain long-term borrowing costs through increased buybacks would provide more than a temporary reprieve. The 30-year yield held around 5.25% after falling nine basis points on Wednesday before rising six basis points the following day.

The US Treasury announced a significant increase in the size of its liquidity-support buyback operations for longer-dated nominal coupon securities, at least doubling the scale of its bond buybacks. The announcement, viewed by markets as a form of quantitative easing, pushed the dollar lower and triggered a sharp rally across bonds and gold.

A global selloff in semiconductor stocks intensified as investors retreated amid elevated bond yields and geopolitical uncertainty. Samsung Electronics and SK Hynix slumped more than 7% in Seoul, sending the KOSPI down 6.09% overnight. This followed a 0.69% fall in the S&P 500 yesterday, while Nasdaq 100 futures are down 0.47% and S&P 500 futures are 0.20% lower this morning.