Bonds

Traders also weighed a US government report saying that job growth in the year through March will probably be revised down by 306,000 — a smaller adjustment than some economists expected.

The strategy of loading up on government bonds this year in a bold bet that would atone for the punishing losses suffered in 2022 is misfiring once again.

The sale marks the firm's first operating company-level debt sale in about four years.

Much of the bullish case for emerging markets this year was predicated on a growth recovery led by China, which successive data releases have shown to be patchy at best and a non-starter at worst.

Rich-world peers from Italy to France and the UK are in the spotlight as higher interest rates impact debt levels exceeding 100% of annual output. Stakes are even higher for capital-hungry developing nations.

The yield on 30-year securities has climbed almost 25 basis points over the past three sessions, returning it to levels last seen in mid-November when inflation was still above 7%, more than double the current rate.

The bump in issuance showcases the rising borrowing needs that contributed to Tuesday's decision by Fitch Ratings to lower the sovereign U.S. credit rating by one level, to AA+.

Economic data keeps defying bearish predictions — everything from gross domestic product to consumer confidence and hiring has beaten forecasts.

In a "Nirvana scenario" market experience all the gain (an end to nasty price increases for consumers) without much pain (a spike in unemployment or a major hit to the stock market).

The company will use some of its fiber-optic network and associated customer contracts in the Dallas area to back a bond issue that will refinance some of the company's existing debt and finance a network expansion.