Key facts
- Brent crude prices rose significantly, nearing $90 a barrel.
- Disagreements between the U.S. and Iran have stalled hopes for reopening the Strait of Hormuz.
- The 30-year U.S. Treasury yield approached its highest level in nearly two decades.
- The Japanese yen weakened past 159 against the U.S. dollar.
- Nvidia is working with Wall Street firms to raise $500 billion for AI infrastructure.
- Intel raised $20 billion from an upsized share offering.
U.S. Treasury yields are facing renewed pressure from tightening energy markets and a weakening yen, pushing the 30-year bond yield close to a 20-year high ahead of crucial inflation data. Brent crude rose nearly 5% to trade around $90 a barrel as hopes for the reopening of the Strait of Hormuz diminished due to entrenched positions between the U.S. and Iran.
The Japanese yen also weakened past 159 per dollar, testing the resolve of U.S. and Japanese authorities to support the currency after recent joint interventions. Doubts persist about the Bank of Japan's willingness to significantly tighten monetary policy to bolster the yen.
In corporate news, Nvidia announced it is working with major Wall Street firms to raise $500 billion in financing pools to support AI infrastructure. Meanwhile, Intel raised $20 billion from an upsized share offering, though its shares fell 4% on Monday following the announcement.