Treasuries and tech stocks in lockstep. Chinese R&D surges to the front. Braudel on energy & White Australia.

Émile Jean-Horace Vernet Napoleon’s Tomb , 1821 Treasuries and tech stocks in lockstep Treasuries fell as a rebound in US technology shares sapped haven demand for US government debt. The declines lifted yields across maturities by six to eight basis points as traders rebuilt wagers on Federal Reserve interest-rate hikes next year, while continuing to price in another quarter-point increase in December. The 10-year yield rose more than six basis points to 5.14%. The Nasdaq 100 Index climbed 1.2% Monday as the artificial-intelligence trade resurfaced, following a rout that saw the gauge suffer the steepest drop in more than a year. “Market positioning is still quite tenuous given the recent whipsaw selloff and rally, which is keeping a lot of investors away, exacerbating the day-to-day moves,” said Gennadiy Goldberg, head of US interest rates strategy at TD Securities. Just last week, the tech index fell the most since April 2025, temporarily reigniting demand for Treasuries as a hedge against equity losses. Yields remain near multiyear highs reached in the past month, offering ample protection from a broader retreat from US stocks. Source: Bloomberg Profit-dollar: Foreigners now hold twice as much in US stocks as in Treasuries For subscribers only: Subscribe In PPP-adjusted terms, China is now the top science spender. Source: Nature The myth of free trade Britain – this took me by surprise! For subscribers only Subscribe The great French historian and Annales-ist Fernand Braudel, on energy and the peasants. Émile Jean-Horace Vernet, The Duke of Orleans Leaving the Palais-Royal, 1832 Émile Jean-Horace Vernet (French pronunciation: [emil ʒɑ̃ ɔʁas vɛʁnɛ]; 30 June 1789 – 17 January 1863), better known as Horace Vernet, was a French painter of battles, portraits, and Orientalist subjects. Vernet was born to painter Carle Vernet, who was himself a son of Claude-Joseph Vernet, also a painter. He was born in the Paris Louvre, while his parents were staying there during the French Revolution. Vernet quickly developed a disdain for the high-minded seriousness of academic French art work which was distinguished by art influenced by Classicism, and decided to paint subjects taken mostly from contemporary life. During his early career, when Napoleon Bonaparte was in power, he began depicting the French soldier in a more familiar, vernacular manner rather than in an idealized, Davidian fashion; … He gained recognition during the Bourbon Restoration for a series of battle paintings commissioned by the duc d’Orleans, the future King Louis Philippe I. Critics marvelled at the incredible speed with which he painted.[3] Many of his paintings made during this early phase of his career were “noted for their historical accuracy as well as their charged landscapes”…. Over the course of his long career, Horace Vernet was honoured with dozens of important commissions. King Louis-Philippe was one of his most prolific patrons,[3] and the whole of the Constantine room at the Palace of Versailles was decorated by him, in the short space of three years.[1] The King requested that he paint a gallery dedicated to the “fruits of colonization”. At the time, France was colonizing Algeria through war, and claiming it to be part of their mission civilisatrice, or their “civilizing mission”. In a neoclassical style, reflecting the Roman colonization in North Africa about 2000 years before, Horace painted pictures of French non-commissioned officers training Algerian soldiers, French engineers building Algerian roads, and French soldiers tilling Algerian fields.[5][6] Keep Australian White – 1929 Bar the gates with Beauforts (being home-produced twin-engine torpedo bombers) – Defending Australia in 1943 For subscribers only Subscribe The legendary Red October steel factory resumes production in 1944: [ WW2 The Eastern Front@ShoahUkraine A year after the Defense of Stalingrad ; The Red October steel factory in the city is coming back to life! Workers clear left over German guns and helmets for scrap metal . 1944. 7:49 PM · Oct 16, 2026 · 21.5K Views 9 Replies · 97 Reposts · 855 Likes ]( https://x.com/ShoahUkraine/status/2111182860573089920?s=20 ) If you have got this far you know you want to click! Subscribe Émile Jean-Horace Vernet Street Fighting on Rue Soufflot, Paris, June 25, 1848 [2] Give a gift subscriptionRead More