Welcome to Markets Desk, your midday read on what's moving money and markets.
In fixed income, the ten-year Treasury is catching a bid as a safe haven, with yields sending a fresh signal about the Federal Reserve's rate path. The move comes as chip stocks unwind sharply, pushing investors toward government paper. The bond market is essentially pricing in a pause narrative, and that matters for equity valuations across the board.
Shifting to Japan, Berkshire Hathaway has been quietly building positions in three of Tokyo's largest trading houses. Filings show Greg Abel raised stakes in Mitsubishi, Sumitomo, and Marubeni during the second quarter, a clear signal that Berkshire's international conviction is deepening well beyond its traditional American footprint. These conglomerates offer commodity exposure and cash generation that fit squarely in the Berkshire playbook.
And in healthcare, it was a busy week for deal flow and regulatory wins. Novartis and Merck both secured FDA approvals, while Eli Lilly moved to acquire ATAI Life Sciences, adding to a wave of strategic consolidation in the sector. Clinical readouts and a promising hair loss data set from MANE rounded out a week that reminded investors just how active the healthcare pipeline remains.
That's the tape. Markets Desk, signing off the floor.
