Special Analysis

Some briefings close with a longer note on the mechanism behind one of the day's major moves. They are collected here, newest first.

Friday, 30 October 2026

Intel's shares closed at $21.48 on 2 August 2024 after a 26.06% fall, reached $140.94 on 22 June 2026 and fell back to $65.76 on 30 October 2026 after a 28.58% fall.

Why Anthropic's IPO Filing Lifted Chip Shares Around the World

Tuesday, 27 October 2026

Anthropic, the developer of the Claude AI models, published its listing prospectus on 26 October.

Why Euro-Area Two-Year Yields Jumped Half a Point and Then Fell Back, August to October 2026

Monday, 26 October 2026

Between 25 August and 24 September the two-year yield on the euro area's top-rated (AAA) government bonds rose 48 bp to 3.23%, as the ECB raised its deposit rate to 2.50% and markets priced several more rises; by 23…

CoreWeave's Debt Scare, and Why Its Shares Rose the Next Day While Its Bonds Kept Falling

Thursday, 15 October 2026

CoreWeave rents out Nvidia's AI chips and has borrowed heavily to buy them. On 14 October investors sold its bonds until they yielded about 15%, and its shares fell 15.5%.

Why MongoDB Lost 18% When Its Chief Executive Left for Meta

Monday, 28 September 2026

MongoDB's shares fell 18.5% on 28 September, taking about $6bn off its market value, after its chief executive of eleven months left with immediate effect to run Meta's new business selling AI tools to companies, one…

Which Stocks Are Rate-Sensitive When Yields Rise

Wednesday, 23 September 2026

Textbook finance says expensive growth stocks should suffer most when bond yields rise, and on the days of this summer's climb in the US 10-year yield, from 4.38% on 26 June to 5.11% on 23 September, they did:…

The CLARITY Act's Failed Cloture Vote and What Crypto Had Been Pricing

Tuesday, 15 September 2026

The Senate's 49 to 50 vote on cloture left the crypto market-structure bill eleven votes short of the 60 it needed, with every Democrat present voting no, and the congressional calendar before the 3 November midterms…

Oracle's $664bn Backlog and What It Is Not

Friday, 11 September 2026

Oracle's $664bn remaining performance obligation is the number that put the AI trade back on the front foot today, but it is a sum of multi-year promises from a handful of loss-making AI labs, not revenue, and…

The S&P 500's Entire 27 August Gain Came From Three Stocks

Thursday, 27 August 2026

The S&P 500 rose 0.72% on 27 August, and Nvidia, CrowdStrike and Salesforce, together 8.2% of the index by weight, contributed 0.79 percentage points of that, which means the other 502 companies were collectively…

How the Ifo Business Climate Index Works, and Where It Fails

Tuesday, 25 August 2026

The Ifo index that drove today's German cyclical bid is a monthly survey of roughly 9,000 firms, and its reliability rests not on the sample resembling the German economy but on its being a stable panel asked…

Why a Treasury Buyback Announcement Rallied the Long End 9 bp

Wednesday, 19 August 2026

A buyback swaps one liability for another and leaves total debt outstanding unchanged, so on the face of it there was nothing in Wednesday's announcement for the bond market to celebrate.

The 30-Year Treasury at Its Highest Since 2007

Tuesday, 18 August 2026

This section is triggered by the 30-year Treasury yield touching 5.34% on 17 August — its highest level since July 2007 — before settling at 5.28% on 18 August.

What Explains the CAC 40 at an All-Time High

Thursday, 6 August 2026

The record has very little to do with France, and quite a lot to do with what the index is made of.