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Good morning. A tighter market puts $100 a barrel oil back in sight, AllianceBernstein says buy US Treasuries, and corporations pick sides i [View in browser]( [Bloomberg]( Good morning. A tighter market puts $100 a barrel oil back in sight, AllianceBernstein says buy US Treasuries, and corporations pick sides in the new era of geopolitics. Here’s what’s moving markets. Oil Surges Oil rose to a [10-month high]( as global benchmark Brent topped $95 a barrel for the first time since November, extending a powerful rally that may rekindle inflation. Supply cuts from OPEC+ tightened the market, with Saudi Arabia’s energy minister shying away from any change in course. The tighter market has ignited a flurry of predictions that $100 oil could soon return in a roster that runs from industry heavyweights such as Chevron Chief Executive Officer Mike Wirth to traditional bears at Citigroup. The latest upswing has been marked by significant moves in timespreads, one of the market’s mosty-keenly tracked metrics. Treasury Yields The time is [ripe to buy Treasuries]( after a four-month selloff, as the US central bank is close to signaling its hiking cycle is over and will ease next year, driving the benchmark yield as low as 2.5%, said money manager AllianceBernstein. It’s not alone in calling for a turning point for US bonds but its prediction is more aggressive than that of its peers such as Jupiter Asset Management. The Federal Reserve is likely to deliver at least four rate cuts, said AB’s Matthew Sheridan, who co-manages the American Income Portfolio fund which has gained almost 2% this year to beat 75% of its peers. The “risk-reward to us looks attractive to own 10-year yields at today’s levels,” he said in an interview Monday. Picking Sides One word has been popping up increasingly on earnings calls and in corporate filings of some of the world’s biggest companies, from Wall Street giants like BlackRock to consumer titans like Coca-Cola and Tesla. S&P 500 chief executives and their lieutenants have used the word “geopolitics” almost three times as much as they did just two years ago. It’s not just talk. Hard evidence is now emerging that all the discussions of strained international relations and more than a decade of warnings over the end of an era of globalization are finally spurring corporations to pick sides with their capital. [Today’s Big Take]( looks at how Western multinationals are increasingly building the factories of the future in like-minded nations. Cautious Markets S&P 500 futures and Nasdaq contracts were little changed with both up less than 0.1% as traders await more signals from central banks as of 5.30 a.m. New York time. Crude rallied with Brent surpassing $95. The dollar and gold were flat while Bitcoin rose. Coming Up… Housing starts for August and building permits are out at 8.30 a.m. New York time. The Fed begins its two-day meeting today, with its rate decision out Wednesday. Earnings include AutoZone. What We’ve Been Reading This is what’s caught our eye over the past 24 hours. - China removed its foreign minister [after he had an affair](, WSJ reports - United Auto Workers union says it could [expand its strikes]( - India, Canada [trade diplomatic blows]( over [murder allegations]( - United Airlines finds [bogus engine parts]( in two of its aircraft - [Instacart’s $660 million IPO]( hits its goal after market rebound - UK regulator finds no evidence banks [rejected politicians]( over views - Mercedes’ new [station wagon]( can run TikTok and Zoom And finally, here's what Joe’s interested in this morning While hiring activity in the US seems to have cooled, firing activity has remained very low. Despite the Fed's hiking, there just haven't been that many layoffs, as evidenced by the weekly Initial Jobless Claims measure, which has remained near rock bottom levels. That being said, the tech sector is the one area that saw a lot of prominent job cuts last year and early this year, with all the big companies announcing some sort of downsizing, as their share prices dwindled. But maybe there's already green shoots on that front? Last week, Salesforce indicated that it would be [hiring 3,300 people]( across various departments, including sales and engineering. This is less than the 8,000 jobs that were cut in January. But it's an indication clearly of the turning tide. The company also indicated that it's interesting in bringing back employees who may have decamped for rival companies, showing that the fight for talent in Silicon Valley remains fierce. Meanwhile, it looks like good times are coming back to Meta (Facebook). As Bloomberg's [Aisha Counts reports](, various tech industry perks (which always get cut in downturns) are slowly coming back at the company. T-shirts are being ordered again. There are more happy hours happening. Laundry services and haircuts have also come back. Obviously tech can be out of step with the broader economy. Again, these companies were cutting back at a time when most employers were holding onto their workers. But on its face, it looks like more evidence that in this macro environment, the fear is being caught short on workers, rather than having too many. 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 Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. 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