The 10-year US Treasury yield touched 4.75% intraday on Aug. 31, the highest since January 2025. Refinitiv reported that after Walsh's hawkish Aug. 28 speech the two-year yield jumped 12.8bp and the 10-year rose 5.6bp in one day, signaling rate-hike expectations as the immediate catalyst; renewed US–Iran exchanges and oil near $90 added to energy-inflation concerns. The sell-off is not just trading higher inflation: as of Aug. 28 the 10-year breakeven was about 2.31% and the real yield about 2.3

Market sources: Kazakhstan's president has nominated Yerlan Karin as vice president.

China A-shares midday: Shanghai Composite -0.20%, Shenzhen Composite -1.00%, ChiNext -1.29%. Markets opened lower, recovered into the morning and eased into the midday close. AI corpus names led gains: Mango Excellent Media and Rongxin Culture hit 20% daily limit-ups; Zhongguang Tianze, Shanghai Film and others also limit-up. Coal-mining stocks jumped — Zhengzhou Coal & Power limit-up, Dayou Energy +6%+. Real-estate services active, Tefa Service +10%+. Liquid-cooled server suppliers strengthened; Jinfu Technology, Jindi, Kangsheng among those limit-up. Outperforming sectors included consumer electronics, sports, kitchen appliances, banks and PCB. Real-estate developers slipped after early strength; Xiangjiang Holdings and Yingxin Development fell >5%. Hard-hit sectors: precious metals, innovative drugs, nonferrous metals and aviation/airports. Combined Shanghai/Shenzhen half-day turnover ~1.31 trillion yuan, down ~112.1 billion yuan vs prior session; ~2,200 stocks up, ~2,800 down.