Global Stock Markets
Global markets experienced contrasting developments today, led by Unitree Robotics soaring 600% in its Shanghai debut while Japan's 10-year bond yield hit a three-decade high of 2.945%. Meanwhile, UK grocery inflation cooled to a near-two-year low of 2.1%, and South Korea restricted access to the prediction platform Polymarket over gambling concerns.
Japan's benchmark 10-year government bond yield rose 2.5 basis points to 2.945% on Tuesday, hitting its highest level in three decades. The sell-off in Japanese debt reflects intensifying inflation worries linked to climbing global oil prices and a stalemate in Middle East peace talks, alongside growing expectations for a near-term interest rate increase by the Bank of Japan. Central bank officials have adopted an increasingly hawkish tone, with reports indicating the policy board may accelerate its monetary tightening pace. Benchmark 10-year JGB futures declined to 125.97 yen as investors priced in tighter policy and higher global borrowing costs.
Unitree Robotics opened 629% higher in its Shanghai stock market debut on Wednesday, giving the humanoid robot maker a market capitalisation of about 445 billion yuan. The Hangzhou-based firm priced its initial public offering at 150.8 yuan per share before opening at 1,100 yuan on the tech-focused STAR Market, raising roughly 6.1 billion yuan by selling 40.45 million shares. The offering drew intense retail demand, with nearly 9.8 million accounts competing for an online tranche that yielded a final allocation rate of 0.018%. Strategic backers including DeepSeek and Tencent joined state-backed investors in the IPO, which marks the first mainland listing for a humanoid robot maker. Unitree shipped more than 5,500 humanoid robots last year and posted a net profit of 278 million yuan in 2025.
UK grocery price inflation slowed to 2.1% in the four weeks to August 9, hitting its lowest rate since October 2024 according to data from Worldpanel by Numerator. This marks the fifth consecutive month of easing price growth, down from 2.6% the prior month. Summer heatwaves sharply altered shopping baskets, driving a 58.4% surge in sun cream sales, a 26.1% jump in ice cream and sorbet, and a 48.1% increase in frozen fruit. Households also shifted habits, pushing 13% of evening meals past 8pm to eat in cooler temperatures while leveraging promotions for a record 31.3% of all grocery sales this year. Average take-home spend fell to £410 over the four-week period, down £14.24 from the previous month. Online retailer Ocado led the sector with a 13.1% jump in sales, lifting its market share to 2.1%, while Lidl expanded its market share by 0.5 percentage points to reach 8.8% on an 8.5% rise in sales. Tesco remained the country's largest grocer with a 27.8% market share despite a slight slip, and Sainsbury's captured 15.2% of the market following a 3.5% increase in sales.