Bond selloff deepens

Good morning. Bonds are slumping around the world. Vladimir Putin is welcoming leaders from the Global South, but not credit cards. And a clifftop mansion in La Jolla could be yours for just a touch over $100 million. Listen to the day’s top stories.

The bond slump deepened and may be far from done as traders second-guess how far and how fast global central banks will cut interest rate cuts. Benchmark Treasuries slipped after Federal Reserve officials including Jeffrey Schmid said they favor more modest reductions in borrowing costs, though Mary Daly said she sees no reason to stop easing.

Oil gained as traders continued to monitor tensions in the Middle East. The sides continue to exchange heavy fire, with an Israeli overnight attack killing at least 13 people and damaging a Beirut hospital, Lebanese officials said. US Secretary of State Antony Blinken is meeting Israel’s PM Benjamin Netanyahu in what looks like a last-ditch attempt for the Biden administration to broker cease-fires in Lebanon and Gaza. None of his previous 10 visits to the region have borne fruit.

Cash is king at Vladimir Putin’s summit for emerging economies including China and India. Russia is eager to show it’s shrugging off Western sanctions over the war in Ukraine but the event’s website reminds visitors they won’t be able to use their Mastercard or Visa cards issued outside of Russia to make payments or cash withdrawals in the country. Here’s more on what to expect at the BRICS summit.

HSBC named its first female chief financial officer, with Pam Kaur bringing a focus on auditing, risks and compliance. Her appointment comes as the bank unveiled its biggest reorganization in a decade—a revamp described by some as long on promise and short on detail.

A Hollywood filmmaker is suing Elon Musk, saying Tesla used imagery inspired by the 2017 movie Blade Runner 2049 at a recent event, even after permission was denied. The reveal of the much-hyped self-driving car—dubbed the robotaxi—left investors underwhelmed and sent shares plunging.

With the US election two weeks away, more countries are embracing neutrality. Mexico and India are among more than 100 nations aligning themselves with neither Western nations nor Russia and China, betting they can attract investment from both blocs and benefit economically if they avoid picking sides.

Medical workers are key to adapting to the realities of global heating, but they aren’t receiving the necessary training, Lara Williams writes. A new network of medical schools aims to address that for over 10,000 students but it may not be enough.

The clifftop Sand Castle mansion in La Jolla, California, has been listed for $108 million, more than double the current record for a home sale in San Diego County. It has 10 bedrooms, 14 full bathrooms and a man-made beach using materials from the same source that supplies the sand traps at Augusta National Golf Club.

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