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Iranian Parliament Speaker Mohammad Ghalibaf responded to the record high U.S. Treasury yields by writing to U.S. Treasury Secretary Scott Bessant: "Congratulations on setting a record for Treasury yields!"

2026-09-25

Iranian Parliament Speaker Mohammad Ghalibaf responded to the record high U.S. Treasury yields by writing to U.S. Treasury Secretary Scott Bessant: "Congratulations on setting a record for Treasury yields!"

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2026-09-24

China's total installed power generation capacity in August was 410,302 MW so far this year, compared with 407,820 MW in the previous month.

China's total installed power generation capacity in August was 410,302 MW so far this year, compared with 407,820 MW in the previous month.
2026-09-24

Before the outbreak of the conflict with Iran in February this year, the valuation of major US defense stocks relative to the S&P 500 reached a premium of about 15%, which Bernstein believes already included the anticipated $1.5 trillion defense budg

Before the outbreak of the conflict with Iran in February this year, the valuation of major US defense stocks relative to the S&P 500 reached a premium of about 15%, which Bernstein believes already included the anticipated $1.5 trillion defense budget. Since then, the sector has continued to decline and is currently trading at a discount of about 12%. Historically, sustained outperformance of defense stocks typically requires one of two conditions: a significant increase in defense investment budgets, or a free cash flow yield that is at least 3 percentage points higher than the S&P 500. Currently, the S&P 500's free cash flow yield is about 2.5%. Among the major defense companies covered in the report, only L3 Harris meets the requirement of a yield difference of more than 3 percentage points. Therefore, Bernstein still believes that whether the budget growth can be realized is a crucial condition for the valuation recovery of the entire sector.
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