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Stocks fell at the start of a pivotal week for markets, with the artificial intelligence trade under pressure ahead of Nvidia’s earnings and the Federal Reserve’s annual gathering at Jackson Hole. The KOSPI is down 2.94% this morning, while the Nikkei has fallen 0.66%.

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.