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FT News Briefing
Can Arm’s listing reignite the IPO market?
Aug 22, 2023
The ongoing sell-off in US government bonds raises concerns about interest rates. Silicon Valley start-ups are hopeful that Arm's IPO could revitalize the market for initial public offerings. The geopolitical landscape is shifting, particularly with the changing dynamics between the US and China. Discussions also highlight the expanding BRICS group and the challenges of unifying diverse nations. Amid these trends, how Arm's listing may influence investor sentiment in the tech sector remains a key focus.
09:06
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Quick takeaways
- The increase in US Treasury yields, driven by market sentiment rather than fundamentals, is causing a bond sell-off.
- Arm's blockbuster IPO filing has generated excitement about a potential revival of the tech startup IPO market.
Deep dives
Bond Sell-off and Rise in Yields
The yield on the 10-year U.S. Treasury hit 4.35%, the highest level since 2007. This increase in yields has led to a bond sell-off, which is mainly driven by market sentiment rather than fundamental factors. The divergence between the stock market and the Treasury market can be attributed to different factors, with the stock market focusing on upcoming NVIDIA earnings and the Treasury market looking towards the Jackson Hole Symposium for key insights on interest rates and yields.
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