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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.