High US Treasury yields pressure global stock markets, geopolitical risks drive up oil and gold prices, market awaits Nvidia's earnings report

智通财经2026/08/21 13:46

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This week, global stock markets are set to record their largest weekly decline since mid-July. The US Treasury sell-off has returned after a brief respite, with 10-year and 30-year yields hovering around 4.70% and 5.25% respectively. The market generally believes that a 5.30% yield for the 30-year bond has become an important psychological threshold for US Treasuries.
Although the Treasury Secretary has mentioned ideas for increasing buybacks and fiscal restructuring, analysts remain skeptical about whether these measures can effectively reduce the budget deficit—which exceeds 6%—with interest payments alone reaching $1.2 trillion this year. Combined with last week's total US national debt surpassing the $40 trillion mark, confidence in US dollar assets continues to weaken.
On the geopolitical front, the US has issued severe sanctions threats against Iran, making hopes for a full reopening of the Strait of Hormuz increasingly dim. Brent crude surged to a one-month high near $95 per barrel, gaining over 5% for the week, bringing inflation risks back into the spotlight for investors.
Under the dual pressure of strong yields and high oil prices, the sustainability of tech giants borrowing heavily to fund AI capital expenditures is being scrutinized. Walmart saw a single-day plunge of 9% due to weaker-than-expected sales, a typical case of high expectations failing to materialize. The market's focus has now shifted to how Nvidia's financial report next week will guide demand for AI infrastructure.
Foreign exchange and commodities markets are displaying a rotation towards safe-haven assets. The US dollar index fell nearly 0.9% for the week, hitting a three-month low. The Swiss franc surged 1.7% against the dollar—its best weekly performance since January. Gold approached a three-month high near $4,583 per ounce. The yen was boosted by accelerating core inflation in Japan, with expectations for a September rate hike fully priced in, but markets are hoping for more hawkish forward guidance from the central bank.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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High US Treasury yields pressure global stock markets, geopolitical risks drive up oil and gold prices, market awaits Nvidia's earnings report

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