The 10-year US Treasury yield has climbed above 5%, its highest level since 2007. Market focus is shifting from immediate disruptions to the effects of a sustained 5%+ rate environment. A prolonged 5% benchmark will progressively transmit higher borrowing costs into housing, commercial real estate and highly leveraged firms, exposing financial-system vulnerabilities. Jack Ablin, CIO at Cresset Capital, said: "5% on the day won't break anything; the real problem shows up in 12 to 18 months when c

VON DER LEYEN said threats are escalating on our soil. She described the Leipzig incident as an attack by Russian agents using military-grade materials on European territory.

Markets opened weak then recovered. At midday Shanghai Composite +0.57%, Shenzhen Composite +1.42%, ChiNext +2.35%, STAR 50 +4.5%. Half-day turnover across Shanghai and Shenzhen RMB1.17 tln, up RMB108.2 bln vs prior session. Advancers exceeded 4,200. Semiconductors led gains, with storage-chip names strongest and several chip stocks hitting 20% daily limits. Rubber stocks rallied with limit-up action; military-electronics names were active and UniStrong hit its daily limit. Precious metals, batteries and components outperformed; auto OEMs, banks and aquaculture lagged.