10-Year US Treasury Yield Tops 5%, Highest Since 2007, as Global Bond Selloff Deepens

The 5% threshold matters less as a round number than as a signal that the risk-free anchor is repricing everything else, and the regional equity moves show how unevenly that transmission lands — a flat Nikkei against a 1% Hang Seng drop suggests the pressure is concentrated in externally financed markets rather than evenly spread. The rotation out of chips into software, flagged as the widest momentum divergence in five years, is the more interesting thread: it hints that positioning, not fundamentals, is driving flows. Whether that divergence persists or unwinds is the open question.