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Bond pressure, talks progress rattles oil, and a raft of corporate news. Rising yields The selloff in global sovereign bond markets continue [View in browser]( [Bloomberg]( Bond pressure, talks progress rattles oil, and a raft of corporate news. Rising yields  The selloff in global sovereign bond markets continues, with the yield on the U.S. 10-year instrument reaching a high of [1.9559% this morning](. The move, kicked off by central-bank hawkishness and strong economic data last week, has seen the global stockpile of negative-yielding debt plunge to the [lowest level since 2015](. Traders now see a 40% chance of a [50 basis point hike]( from the Federal Reserve in March. Goldman Sachs Group Inc. strategists say that the hawkish turn from the European Central Bank will [benefit stocks in the region]( as higher rates mean investors should stay overweight attractively valued stocks.  Progress? French President Emmanuel Macron [is meeting]( Ukraine’s President Volodymyr Zelenskiy today after yesterday’s long talks — at a [long table]( — with Vladimir Putin. The Kremlin said after the talks that its troops in Belarus would return to base after exercises there and Macron said he got assurances from Putin of no more escalation. Oil moved sharply lower in the wake of the French president’s comments, with West Texas Intermediate [dropping below $90 a barrel](. Crude is also under pressure from the resumption of [Iran nuclear talks](, with an agreement possibly seeing the country exporting oil again before the end of the year. Peloton, Arm Peloton Interactive Inc. Chief Executive Officer John Foley will step down and the company will reduce its [workforce by about 2,800 positions](, the Wall Street Journal reported. While the company’s stock [soared yesterday](, it is still far below the pandemic-era high. Elsewhere, Nvidia Corp. abandoned a proposed acquisition of chip designer Arm Ltd with SoftBank Group Corp. saying it is now [aiming for an IPO]( of Arm in the U.S. in 2023. Also in tech company news, Cathie Wood stepped up the selling of shares in Twitter Inc. just days before the company reports. Her firm ARK Investment Management LLC [sold nearly 4 million Twitter shares on Monday](, the most in one day since at least May. Markets rise While bond investors remain focused on central bank policy, equities this morning are rising with traders favoring mining companies as [base metals surged](. Overnight the MSCI Asia Pacific Index was little changed while Japan’s Topix index closed 0.4% higher. In Europe the Stoxx 600 Index had gained 0.3% by 5:50 a.m. Eastern Time with the tech sector the notable underperformer. S&P 500 futures pointed to a [small move into the green at the open](, while both gold and [Bitcoin]( were slightly lower. Coming up... The U.S. December trade balance is published at 8:30 a.m. In Congress, the House Financial Services Committee holds hearing on stablecoins from 10:00 a.m. The U.S. sells $50 billion in 3-year notes at 1:00 p.m. It is another busy day for earnings with Harley-Davidson Inc., Pfizer Inc., Lyft Inc., Peloton Interactive Inc. and Warner Music Group Corp. all reporting. What we've been reading Here's what caught our eye over the last 24 hours. - Even bosses are giving up on the [five-day office week](. - Musk blasts media for “[relentless hatestream](” of bad news. - Peter Thiel is finally free to go [all-in on far-right politics](. - China’s taking on a risky [bubble deflation experiment](. - European [electricity prices soar]( as France cuts nuclear forecast. - Metaverse ETF price battle starts early as Roundhill [cuts costs](. - [What really happened]( at our universe’s birth? And finally, here’s what Joe’s interested in this morning As everyone knows, high inflation is one reason why the Fed hasn't been worried about stock market volatility, and won't let it get in the way of rate hikes. But the other thing, as I've been writing about, [is that growth seems to be doing just fine](. Last Friday's jobs report, which saw much better-than-expected hiring numbers in January, combined with upward revisions to both December and November, bolster the idea that there's a lot of positive momentum to this economy. Not only is there no evidence of a slowdown, some measures seem to be gathering steam. As Neil Dutta of Renaissance Macro Research has been pointing out, [anxiety about the pandemic is dropping](, people are planning to travel more, [and overall consumption still seems to be gathering steam](. As he told me: "The inflationary boom continues. While consumers lament high prices, there is no evidence that consumption is slowing down. In the last month, auto sales surged and the latest data from the BEA indicate credit card spending is running roughly 20% above pre-pandemic levels.... it is hysterical that people think inflation is the reason behind the credit spend increase. I mean no, inflation is not up 20% over the last two years. Come on." If you think back to the last Powell press conference at the January meeting, one of the points he made multiple times is that this hiking cycle is (or would be) different than the last one. The thing about the last one is that the margin for error didn't seem to be there. Inflation was mild. Growth was mediocre. And it was never clear that the labor market was anywhere close to tight. It's certainly true that inflation might go down. And there's likely more space to improve the labor market. But right now, this doesn't look like an economy that's going to be derailed by some rate hikes, [and as such the cycle is full speed ahead](. Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwart]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](