Imdex Upgraded to Underweight from Sell by Jarden

1. Global sovereign bonds sold off in tandem this week, with Japan at the epicenter. On September 2, the 10-year JGB yield reached 3.0175%, breaking above 3% for the first time since 1996. Over the past 12 months, it has risen 133.9 basis points, the largest increase among the six major developed-market maturities tracked. Over the same period, the French 10-year yield rose 79.7 basis points, the U.S. 10-year 74.6 basis points, and the German 10-year 70.8 basis points. The sell-off was driven less by renewed rate-hike expectations than by a repricing of fiscal supply and term premium, compounded by an approximately 10% weekly rise in crude oil, which pushed inflation expectations higher again. 2. The bond sell-off and crypto rally are not contradictory; they reflect the same underlying repricing dynamic. Bitcoin gained 2.50% for the week to $79,804 and 23.95% over the month, while gold rose 10.40% over the month. When markets are more concerned about sovereign solvency and currency purchasing power than the cost of capital, supply-constrained assets can rise alongside bond yields. On September 4, U.S. August nonfarm payrolls increased by 162,000, well above the 53,000 expected, and the implied probability of a September rate hike rose from 49.4% to 58% that day. This repricing dynamic still has further to run. 3. Within crypto, the most active capital is not concentrated in major assets, but in a new blockchain launched only in July. Robinhood Chain's TVL rose 26.2% week over week to $836 million, while seven-day DEX volume reached $11.30 billion, up 105.7% week over week and already above BSC's $8.70 billion and Base's $5.75 billion. ARB gained 50.97% for the week, UNI rose 41.35%, and PONS surged approximately 359%, compared with just 2.50% for Bitcoin over the same period. 4.Assets to watch: BTC, ETH, PONS, ARB, UNI, MARSCOIN, XAUUSD, UKOUSD, ORCL, ADBE.