The yield on the 30-year US Treasury bond has climbed to 5.31%, its highest level since 2007, even as global equity markets continue trading near record highs, according to an analysis by economist Michalis Toutziaris published in the newspaper Kefalaio.
Toutziaris, an economist and certified equity and derivatives broker at MERIT AXEPEY, said markets remain elevated because investors believe conditions will be different this time. He said bond issuance has reached record levels, adding a significant supply of long-duration debt, as technology companies seek longer-term borrowing to fund artificial intelligence investments.
Investors are demanding greater compensation to finance the US government over three decades, he said, as concerns grow over fiscal deficits, the supply of new debt and long-term inflation. He said doubts that governments will manage to rein in spending, combined with an economy that keeps interest rates higher for longer, are raising questions. He also pointed to large banks packaging loans tied to the new generation of AI lending and passing them on to the next buyer as a source of unease rather than reassurance.
Toutziaris said this is the real problem facing Wall Street. As long as long-term yields stay high, financing costs rise for mortgages, businesses and investment, while a government bond yielding more than 5% becomes far more competitive against stocks.
He said this creates a difficult paradox for equity markets. Corporate profitability remains strong and the economy resilient, but the risk-free rate now sits at levels the current generation of investors is not used to. Investors who learned to buy every dip and follow the president's so-called TACO pattern have never felt the pain of a genuine market collapse, he said. Given the seriousness of the global situation, he said it was worth remembering a remark attributed to a senior Wall Street banker in 2009, who said that if they had known how much damage they would do to the markets, they would have saved Lehman Brothers.
Greek Stock Exchange Hovers Around 2,600
With international markets in a summer lull, the Athens Stock Exchange is following the broader mood, with valuations staying elevated as most of the companies driving the general index, from Hellenic Telecommunications Organisation (OTE) and Metlen to Eurobank, Public Power Corporation (PPC) and Titan Cement, continue share buyback programmes. Toutziaris said that in a shallow market, a solid buyback is enough to support an entire index, and several have continued through August. He said a buyback in an undervalued market is read as an opportunity at multi-year highs, which raises legitimate questions about the future given the many open fronts surrounding Greece.
Shares in dairy producer Kri Kri hit a new all-time high, following the stock's inclusion in the MSCI Small Cap index. The company's market value stands at 1 billion euros.
PPC extended a loan worth 1.327 billion euros on 12 March to its Romanian subsidiary, PPC Renewables Romania, with a 15-year term and a fixed interest rate.
Construction group GEK Terna distributed 1,112,500 of its own shares free of charge to 42 executives, under a share incentive programme, after the company met its performance targets.
OTE's fibre-optic network now covers more than 2.1 million households and businesses. Following its acquisition of TERNA Fiber, the company has raised its target to 3.5 million by 2030.
Bank of America Sees Two Different US Economies
Bank of America used the popular term "K-shaped recovery" to describe the current state of the US economy, meaning a reheating economy for high-income households alongside stagflation for low-income households.
However, the bank said spending growth among low, middle and high-income households is now moving at a similar pace, with spending on non-essential goods and services converging near 5% on an annual basis, a convergence also visible in discretionary spending categories, which the bank said makes the shift more substantial. It attributed the change largely to after-tax wage growth for low-income households approaching 5% over the past two to three months.
Bank of America said high-income households remain more exposed to stocks and home ownership, while lower-income consumers are more likely to rent, which is why the convergence in spending may prove fragile. The bank forecast Federal Reserve interest rate increases totalling 75 basis points within the year, warning that higher rates could hit low-income households harder through rising loan payment delinquencies. It said the top 5% of earners remains an exception because of the huge rise in wealth from the stock market, leaving the underlying wealth gap unchanged, and noted the irony that the Fed may end up reigniting the K-shaped divide it is currently narrowing.
US Home Prices Reach Record Highs in June
The US housing market has been slowing since 2022, when mortgage rates began rising from pandemic-era lows. Sales of existing homes were essentially unchanged in 2025, recording their lowest level in 30 years. In the first half of 2026, seasonally adjusted sales rose just 0.7% compared with the same period the previous year.
The new figures confirm that housing remains out of reach for much of the American public. Property prices have risen for decades, with the 2008-2009 housing crisis standing as the only major exception. The pandemic further accelerated the rise in prices as the Fed slashed interest rates to support the economy.
According to LendingTree, fewer than four in 10 households that do not already own a home can afford a basic starter home worth about $200,000. The new price rise comes while the 21st Century ROAD to Housing Act remains pending, a bill that would ease regulatory barriers to construction, restrict large institutional purchases of single-family homes and reform zoning rules. The US property market remains defined by high prices, elevated mortgage rates and limited housing supply, keeping activity relatively subdued despite record overall sector value.
Corporate Moves: Disney, JPMorganChase, Shein and Oracle
Walt Disney received approval to build a new theme park in Florida at Disney World, a response to Universal's Epic Universe.
JPMorganChase said it is aiming to finance 1 million affordable housing units, meaning homes for households earning less than 120% of their area's median income.
Theon continues to post strong business growth, expanding its footprint into new technologies and markets through a series of acquisitions and strategic partnerships, with the United States among its targets.
Fast-fashion retailer Shein is due to debut on the Hong Kong Stock Exchange on 28 August, after the company had earlier considered listing in New York and London.
Shipping group Maersk raised its outlook, citing strong demand, particularly in Asia, and said it expects the global container market to grow by about 4% this year.
Oracle spent $55.7 billion on infrastructure in its 2026 fiscal year, an amount that exceeded its cash inflows by $23.7 billion, an unusually fast pace of spending.
