A.M. Update

S&P futures are down -0.2% and Nasdaq down -0.3%, somewhat correlated to USD/JPY’s -0.45% slide after PM Takaichi’s landslide election win (LDP majority boosts fiscal stimulus, AI/semis/defense). The 10Y Treasury yield  is up 2 bps to 4.22% after Bloomberg report that  China is urging banks to curb/reduce US Treasury exposure (not affecting official holdings), raising…