US borrowing costs surged in March as investors sold Treasuries amid inflation concerns tied to the Iran war. The two-year yield rose about 50 basis points to 3.9%, while the 10-year climbed 44 basis points to 4.38%, the biggest increases since October 2024. A $69 billion two-year auction saw weak demand, with primary dealers taking a larger share. Markets now price no Federal Reserve rate cuts until 2027, with some probability of hikes this year, reflecting concerns that elevated energy prices

SPOT GOLD EXTENDS LOSSES, LAST DOWN 2% AT $4,317.19/OZ

SK Hynix will spend 11.9 trillion won ($7.9 billion) on ASML’s EUV lithography tools through 2027, boosting next-generation memory production for AI. The move intensifies competition with Samsung to supply advanced DRAM and high-bandwidth memory for Nvidia accelerators, reflecting rising AI-driven demand. ASML remains the sole EUV supplier, and the deal underscores the industry trend of securing cutting-edge chipmaking equipment years in advance.