Global Stock Markets
Unitree Robotics made a massive market debut in Shanghai, while ONGC secured U.S. approval to resume operations in Venezuela. Elsewhere, rising Japanese government bond yields threatened fiscal limits, and a brief tariff delay offered temporary relief in U.S.-Canada trade talks.
Japan's 10-year government bond yield touched 2.945% on Tuesday, reaching its highest level since September 1996 as a global debt selloff intensifies. Investors are demanding higher returns to absorb mounting sovereign debt and sticky inflation pressures driven by the ongoing Middle East conflict. Prime Minister Sanae Takaichi's expansionary fiscal agenda now faces a critical stress test as borrowing costs threaten to exceed the 31 trillion yen, or $195 billion, currently earmarked for debt servicing in the national budget. The Bank of Japan is facing mounting pressure to accelerate interest rate hikes to defend the currency and anchor inflation, moving terminal rate expectations well beyond earlier targets near 1.5%. A sustained yield above 3% risks undercutting Takaichi's strategic growth investments by forcing a larger share of public funds into debt repayment.
Oil and Natural Gas Corporation secured U.S. Office of Foreign Assets Control authorization to resume full oil and gas operations in Venezuela. The state-run Indian company holds a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project, both of which faced severe restrictions under previous American sanctions. This regulatory clearance unlocks access to more than $500 million in outstanding dividends tied to these assets. ONGC Videsh is currently negotiating framework agreements with Venezuelan stakeholders that could result in the firm taking over the operatorship of both projects. Meanwhile, the company is positioning itself to capitalize on new petroleum laws offering improved incentives for foreign investors.
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.