Sovereign yields climbed further on Tuesday, led by the 10-year U.S. Treasury yield, which reached a nearly two-decade high. Signs of mounting discomfort among borrowers and global investors also deepened.

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The benchmark 10-year US Treasury yield briefly reached 5.011% on Monday, its highest level since October 2023, before moving lower as the global bond sell-off intensified.

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The 10-year US Treasury yield climbed to its highest level in nearly two decades, marking the latest stage of a painful global bond selloff fueled by surging energy prices, rising debt and inflation.

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The benchmark yield for 10-year U.S. government debt reached a peak Tuesday that had not been seen since 2007. The Treasury selloff worsened with the Federal Reserve’s rate decision looming.

US Treasuriesbond yieldsFederal Reserve

The US 10-year Treasury yield moved above 5% on Monday for the first time since 2023. Rising anxiety over inflation coincided with growing borrowing needs from the government and corporations.

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Yemen’s Iran-aligned Houthis launched another wave of attacks on Saudi Arabia and were reinforcing positions along Yemen’s western Red Sea coast, Yemeni officials said. Urgent discussions were underway in Riyadh over how to respond to their rapid advance.

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The Iran-backed Houthis have seized parts of Yemen’s Red Sea coastline and tightened control over islands there, giving them influence over a vital global shipping route. The renewed fighting has broken a largely sustained ceasefire and raised fears that Yemen could slide into another civil war as disruption in the Strait of Hormuz affects maritime traffic.

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The Houthis’ advance along Yemen’s Red Sea coast, including the seizure of Mocha and movement toward the Bab el-Mandeb Strait, is drawing new attention to their extensive financing system. Researchers say it spans ports, tariffs, Iranian oil, hawala networks, cryptocurrency exchanges and foreign facilitators, complicating US efforts to cut the group’s funding without disrupting civilian lifelines.

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Nigerian billionaire Aliko Dangote has launched Africa’s biggest-ever share sale, listing 4.1 billion shares in his Lagos refinery. He called it a “people’s IPO” intended to give all Nigerians a chance to benefit from the plant’s wealth potential. Trading is expected to begin in November. Global oil prices also rose as Houthi attacks led Saudi Arabia to shut its East-West oil pipeline.

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Nigeria’s Dangote refinery is opening up to public ownership and plans to raise $1.6 billion from retail investors across the continent. President Felix Tshisekedi has called on the National Service to clean Kinshasa’s streets, while the Youth Olympic flame begins touring Senegal ahead of the Games.

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Nigerian billionaire Aliko Dangote has launched Africa’s largest share sale, offering the public about 3% of his refinery in an IPO that could raise up to $2.1bn. He says the sale will let ordinary Nigerians share in the plant’s success, while experts warn that prices could fall and urge buyers to avoid investing money they need soon.

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Aliko Dangote plans to raise about $1.6 billion through an IPO of Dangote Industries to help fund a $14.3 billion expansion that would double the refinery’s capacity to 1.4 million barrels per day. The offer is pitched as a way for millions of Nigerians to own a stake, but affordability remains in question despite a 525-naira price per share and a 10-share minimum.

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Aliko Dangote’s Nigerian refinery business has launched what is described as Africa’s biggest-ever IPO. If fully subscribed, Dangote could add $23bn to his $35bn fortune, while the refinery’s valuation is expected to reach about 65.22tn naira. The offering is aimed at institutional and retail investors, particularly young Nigerians.

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Nigerian billionaire Aliko Dangote launched an initial public offering for his oil refinery on Monday, calling it Africa’s largest share sale to date. The IPO opens ownership of the plant to retail investors and raises funds for expansion.

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US Energy Secretary Chris Wright predicts that oil and oil-product shipments through the Strait of Hormuz will rise in the coming weeks. He said the current average is up to 10 million barrels a day. The waterway carries about 25% of global oil trade and roughly 20% of LNG trade.

Strait of Hormuzoil shipmentsChris Wright

A meeting in Oman on temporary routes to restore some commercial traffic through the Strait of Hormuz has been postponed after regional parties failed to agree on the waterway’s future. Iran blamed Saudi Arabia’s objections but said it would continue pursuing a regionally backed agreement with Oman.

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The US energy chief says Saudi Arabia’s East-West pipeline is expected to resume operations soon. It was shut after attacks last week, disrupting a key route used to bypass the Strait of Hormuz.

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