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The Teflon Tech Sector Is Leading a Chaotic Market

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14 November 2023
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The Teflon Tech Sector Is Leading a Chaotic MarketCommentary For the past month, the number and severity of risks to the bond and stock markets has risen, with some pundits wondering just how the market can trade so confidently higher when there are so many large-scale events unfolding that threaten to pose a systemic risk to the United States and global financial markets. Let’s start with an easy one—a “sleeper” that caught everyone off guard. At last week’s 30-year Treasury auction, in which a mere $26 billion in debt was being bid for, the Industrial and Commercial Bank of China (ICBC), the world’s largest lender by assets, said its financial services experienced a ransomware attack that reportedly disrupted their trading of Treasurys. That attack prevented the ICBC from settling trades and rendered the bank unable to clear commitments that forced the bank to send the settlement details to its counter parties by a messenger carrying a thumb drive—a heroic effort to limit the damage....

Read more https://www.theepochtimes.com/business/the-teflon-tech-sector-is-leading-a-chaotic-market-5529241

  • Previous Article LIVE NOW: US-China Economic and Security Review Commission Releases Annual Report
  • Next Article Commerce Secretary Raimondo to Meet Chinese Counterpart During APEC

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