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Good morning and welcome back to FirstFT, your early morning business briefing from the Financial Times. Today we’re covering:
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The investor switch from long-term to short-term US debt.
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Nvidia regaining its status as world’s most valuable company
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Reaction to Zohran Mamdani’s stunning victory
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The seeds of the next financial crisis
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And why fish are getting smaller
Net outflows from long-dated US bond funds, spanning government and corporate debt, hit $11bn in the second quarter — the most since the severe market turbulence linked to the Covid-19 pandemic five years ago. By contrast, more than $39bn of money poured into funds that hold US bonds maturing in the near future, according to Financial Times…
