After a decade of struggling to keep up with Wall Street, European banks are enjoying a rare period of outperformance, buttressed by four large interest rate increases in the span of just half a year.
Debt investors losing millions on the move to SOFR are starting to fight back, requiring credit spread adjustments to make up the difference between the benchmarks.
France has accused Washington of pursuing a "Chinese-style" industrial policy that discriminates against non-U.S. companies and has said it may take the U.S. to the WTO over its new law.
U.S. inflation data suggests price pressures have peaked, giving financial markets hope that the Federal Reserve's interest-rate hikes will soon pause.
