Hot inflation, then a tech selloff. US producer prices rose 6.3% over the past year, the highest since late 2022. Rate-hike worries hit AI stocks hardest: Korea's Kospi fell 7.6% and Japan's Nikkei 4.9%. Money moved into bonds, and the 10-year yield dropped to about 5.06%. Europe held up best. Saudi stocks hit a 3-year low. This looks like a rotation out of AI, not a liquidity crunch. Next to watch is the Fed meeting on Oct 27–28.
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