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Rachel Reeves has been accused of being “missing in action” after flying to Beijing on Thursday to meet with communist officials, despite turmoil in the UK bond market.

(Bloomberg) -- Keir Starmer’s allies spy a silver lining at the end of a week dominated by Elon Musk’s interventions in British politics and global market turmoil that endangers the UK prime minister’s economic plans.Most Read from BloombergWhat Robotaxis Brought San FranciscoA Blueprint for Better Bike LanesAmbitious High-Speed Rail Plans Advance in the Baltic RegionNYC Condo Owners May Bear Costs of Landmark Green Building LawNew York, San Francisco Ranked Worst for US Traffic in City CentersW

"I think really the market is saying maybe no rate cuts in 2025, and that the 10-year could very easily break well above 5%," Jeremy Siegel said.

Mobileye shares lost more than a quarter of their value this week as investors were left unimpressed by the company’s presentation at the CES consumer electronics trade show. Monitor these important chart levels.

President Joe Biden is ending his term in office with a remarkably strong labor market. According to data released Friday by the Labor Department, employers added a surprising 256,000 jobs in December, the largest increase since March, and the unemployment rate dropped a tenth of a percentage point to 4.1%. Both numbers were better than analysts expected. Most sectors of the economy saw job growth during the month, including healthcare (up 46,000 jobs), retail (+43,000) and government (+33,000).

BCA doubled-down on its recession call for 2025, previously predicting that US stocks could drop by as much as 26% this year.

"Markets tried to front-run the Fed on the level of interest rates and are now paying the price," Jamie Cox of Harris Financial Group said.

A strong December jobs report elevated yields to their highest level since 2023, while pushing down stock and bond ETFs.

Insurance stocks like Allstate, Progressive and Chubb fell on Thursday as analysts expect wildfires in LA to pose over a $20 billion hit to the industry.

Last year was an epic one for stocks.