Hung, Drawn, And Third-Quartered: Roll On Q4

Michael Every of Rabobank Today closed out Q3 with a sharp reminder that this year’s market shocks aren’t slowing down. He points to prolonged wars and widening spillovers, including hits to energy sites and more hybrid attacks in Europe linked to Russia-Ukraine. In the Middle East, he says missile fire is now focused on Saudi Arabia, while both oil exporters face partial blockades. Every also cites signs of geopolitical friction involving France, US-China détente signals, and Canada’s Greenland security approval. Markets reflected the stress: Q3 bond yields surged, with US 10-year yields rising to 5.24% (up 76 bps quarter-over-quarter).