News

According to Foresight News, based on Bitget market data, US stock crypto sector tokens showed mixed performance. In the past 24 hours, CIFR rose by 9.43%, IREN increased by 3.36%, MARA fell by 5.78%, GEMI dropped by 5.64%, BTGO decreased by 4.72%, CRCL fell by 4.66%, SBET dropped by 4.52%, and COIN decreased by 3.09%.

⑴ After Iran fired ballistic missiles at Kuwait and Bahrain, where US military bases are located, Gulf region stock markets closed lower on Wednesday. The exchange of fire between both sides is one of the fiercest battles since the ceasefire in April and comes at a time when diplomatic efforts have stalled. ⑵ Nevertheless, Junaid Ansari from Kuwait-based Kamco Invest stated that the losses in the region were less than expected, which may indicate that the differentiation between the war itself, its economic impact, and how the financial markets reflect risk expectations is intensifying. Dubai Financial Market General Index fell by 0.8%, Abu Dhabi benchmark index dropped by 0.4%, Saudi TASI index fell by 0.1%, and Qatar's main index closed down by 0.1%.

ADP employment data exceeded expectations with an increase of 122,000 people, marking the highest growth in a year and a half. The escalation in Middle East tensions has pushed up oil prices, and U.S. Treasury bonds declined across the board overnight. Details about an attack on Kuwait Airways point to Iran, with the United States and Iran expressing different stances on negotiations—America claims talks are ongoing, while Iran says communication has stalled. Despite Trump stating that Iran has agreed not to possess nuclear weapons, oil prices and U.S. bond markets remain unconvinced, with yields and oil prices staying at high levels before the release of ADP data. After the ADP data was released, U.S. Treasuries retreated further. Commodity trading advisors and other trend-following funds increased selling, and hedge funds sold 30,000 five-year, 40,000 ten-year, and 10,000 long-term Treasury futures contracts. The sell-off triggered support level tests for various maturities: the 2-year found support at 4.08%, the 3-year at 4.13%, the 5-year at 4.22%, and the 10-year at 4.49%, while the 30-year remained below the 5.00% support level. Regarding the latest yields, the 2-year stands at 4.086%, the 10-year at 4.491%, and the 30-year at 4.991%. The 2-year/10-year spread is 40.47 basis points, and the 5-year/30-year spread is 77.3 basis points. After the sell-off, small-scale algorithmic short covering was triggered, temporarily easing selling pressure.