US 3M Govt Bond Auction — Allocation At Winning Rate 25.6% (Prev 12.47%)

MORGAN STANLEY: rising global bond yields push developed-market equity-bond correlation near historical highs; historically when U.S. Treasury yields exceed ~4-5% and European government bond yields exceed ~3-3.5% higher yields start to weigh on stock valuations; strong earnings may let risk assets tolerate higher rates, but bond volatility is a medium-term risk and a larger driver of equity valuations over 6-12 months.

歐洲央行：市場突然拋售可能會暴露主權脆弱性，增加對公共財政可持續性的擔憂。