11/10/2026
The biggest float in 30 years was pulled on Friday. Firmus withdrew its $7 billion ASX listing after investors balked at a $43.7 billion valuation.
It was not the only place capital said no this week.
The US 10 year Treasury yield touched 5.36% on Wednesday, its highest since April 2002. When a government bond pays more than 5%, every other asset has to clear a higher bar.
In private credit, Metrics closed its underlying funds to redemptions and ASIC issued more stop orders. In the US, commercial mortgage delinquencies reached 8.02%, the highest since late 2020.
Shares held up. The S&P 500 rose 1.1% and the ASX 200 finished at 8,716.6, up 0.4%, led by real estate.
Know what you own, how it is valued and how you would exit. If an investment cannot answer those clearly, the yield needs to be well above 5%.
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General information only. Not personal financial advice. Past performance is not a reliable indicator of future performance.