Global Macro Stress: China Bear Market, French Bonds at 24-Year High, SPX Divergence
China's CSI 300 entered a bear market (-1.5%), French 10-year yields breached 5% for the first time since 2002, and SPX is near all-time highs while Goldman's High Beta Momentum basket is down 41% — raising serious questions about market breadth.
What we know
China's CSI 300 fell 1.5% and officially entered bear market territory — a significant macro signal coinciding with an Australian iron ore miner warning of a production slowdown without a China trade deal. In Europe, France's 10-year bond yield broke above 5% for the first time since 2002, with Macron's government seemingly powerless to stem the move. In the US, SPX sits just ~1% off its highs while Goldman's High Beta Momentum basket is down 41% — a divergence David Marlin says has never been seen before. Nasdaq has broken its parabolic and is approaching a key descending trendline. S&P futures are tracking an October 2018 analog and the Dow is being compared to October 1929. Meanwhile, DeepSeek raised $15B from Tencent and CATL, signaling continued aggressive Chinese AI investment.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.