Beyond Fundamentals.

This is about liquidity.

“I can’t do my job without News Items.” — Jim Cramer.

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1. Here’s a Bloomberg roundup of the main developments:

The most dramatic moves today have been in US Treasuries, which have suffered a vicious selloff in what are supposed to be the world’s safest assets.

The fallout is rippling around the globe, with UK 30-year yields surging to the highest since 1998.

The stock drop in Europe has resumed after declines in Asia.

In European stocks, drugmakers are among the big losers after Trump said the US would shortly announce major pharmaceutical tariffs

China said it has capacity to take countermeasures against the US, though it hasn’t announced anything yet and said differences can be resolved. (Sources: bloomberg.com, wsj.com)

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2. Reuters:

U.S. Treasuries extended heavy losses on Wednesday in a sign investors are dumping even their safest assets as a global market rout unleashed by U.S. tariffs takes an unnerving turn towards forced selling and a dash for the safety of cash.

"This is beyond fundamentals right now. This is about liquidity," said Jack Chambers, senior rates strategist at ANZ in Sydney.