Good morning. Today, Fortune focuses on the following topics:

• Asia's Most Influential Women: Click to view the 2026 list
• Oura withdrew its listing application on the grounds of "market uncertainty in IPO" – but no one believes this claim.
• Market: Dramatic fluctuations have eased
• French government bonds are now considered more risky than those of Italy or Greece.
• Why is the stock market almost indifferent to the turmoil in the bond market?
• U.S. mortgage applications drop by 37%
• AI will not have enough energy available.
• Keyboard termination: In the future, we will talk to computers instead of typing, some people believe that.

Headline News

2026 List Released: Asia's Most Influential Women

This year, Fortune’s “Most Influential Women in Asia” list focuses on women at the forefront of change in Asia. DBS Group’s CEO Tan Su Shan continues to hold the top spot, while Zhou Qunfei, the founder of Luxshare Precision, has made the biggest leap this year, rising 25 places to third place. Nearly a quarter of the 100 women on the list are newcomers, coming from 14 markets across the region. The technology industry leads the list with 16 women, surpassing the banking sector, which also has 14 representatives – reflecting Asia’s strong presence in the fields of hardware, electronics, and advanced manufacturing. Together, they are shaping industries, companies, and markets that go far beyond their regional boundaries. – Ashleigh Nghiem

View the list: Most Powerful Women Asia - Fortune editors

Christina Zhu How to Turn Sam's Club Stores into a Surprising Growth Engine for Walmart in China - Nicholas Gordon

Why did Oura withdraw IPO?

However, according to a report by Fortune journalist Morgan Chittum, no one takes this claim seriously.

The Kat Siu of IPOX said, 'What else can you say? 'We didn't meet expectations.' What I mean is, such statements would never be made to the public at all.'

The director of the University of Florida IPO Initiative, Jay Ritter, stated: “They always attribute the reasons to the market environment. They never say, ‘Well, we withdrew IPO because our expectations for how much it was worth were unrealistic.’”

More from Fortune

What exactly happened to the red lobster? | Fortune Daily

"Humanity is more likely to lose control": An ex-AI insider testifies that security fixes may just be "tape that will fall off in the future" - Catherina Gioino

Amazon's approach to addressing the rebound in data centers: Investing $1 billion in community colleges and home energy upgrades - Mia Osmonbekov

Insiding the largest companies in Europe and reshaping their power - Sam Forsdick

The affluent baby boomers suspect that their heirs will not continue to make generous gifts. As a $124 trillion fortune is transferred, Wells Fargo has discovered a different reality – Sydney Lake

Market

Dramatic fluctuations in the bond market have eased, providing a respite for the stock market.

In the past 24 hours, the dramatic fluctuations in the global bond market have eased to some extent, and the decline in oil prices has played a certain role in this. As a result, stock markets generally rose this morning. Oil prices fell below $100 per barrel, and the yield on 10-year U.S. Treasury bonds dropped below 5.3%, at 5.27% at the time of writing. Even French government bonds saw an increase, despite protests on the streets due to insufficient school funding. The Macron government has made several attempts to control debt, but has encountered political resistance at every step—this is also why traders are selling French government bonds.

Deutsche Bank’s Jim Reid stated to clients this morning: “Over the past 24 hours, the market has once again experienced a period of intense volatility, with investors struggling to weigh between European contagion risks and a new round of selling of U.S. bonds. On the positive side, there were some initial signs yesterday that French pressures seemed to stabilize, and French bonds performed significantly better than other bonds.”

S&P 500 index futures rose 0.26% this morning. The index gained 0.66% yesterday.

In Europe, the Stoxx 600 index rose by 0.94% in the early session, while the UK FTSE 100 index gained 0.86% before noon.

In Asia, the South Korean KOSPI index fell by 0.89%; Japan's Nikkei 225 index rose by 1.05%; India's Nifty 50 index rose by 0.63%; China's CSI 300 index rose by 0.29%.

Brent crude oil is priced at $98 per barrel.

Bitcoin is reported at $85,986.

The chart created by Ed Yardeni and Toby Hearst using Yardeni Research shows the ranking of countries based on the increase in 10-year government bond yields compared to a year ago. France has the worst situation, followed closely by the United States. The performance of bonds in both countries is worse than that of Italy or Greece – a situation that is quite rare.

"France may be too big to fail, but it's not so big that it won't be punished by the market" – FT

France's appetite for "magic money" has turned into a debt bomb - WSJ

A nationwide strike is imminent in France, with school protests intensifying - NYT

Today's Quote

Inigo Fraser Jenkins of AllianceBernstein believes that such a crisis "may be the only way to bring about change and avoid more severe intergenerational tensions in the future. However, in reality, politicians might back down and use administrative measures to prevent interest rates from rising, which could lead to inflation and monetary impacts."

Why hasn't the stock market been dragged down by falling bond prices yet?

In fact, to some extent, this is an illusion, said Saxo, the Chief Investment Strategist of Charu Chanana. "Over the past month, the S&P 500 index has risen by about 0.7%. However, only two sectors have achieved positive returns: the technology sector has risen by 7.1%, and the communications services sector has risen by 3.3%. All other sectors have seen declines."

She wrote, "There are two simple ways in which higher yields can harm the stock market. First, bonds become more attractive. If investors can obtain returns of over 5% from U.S. government debt, stocks must offer more compelling returns to justify the additional risk. Second, borrowing costs rise. Companies refinancing, families applying for mortgages, and businesses financing new investments will all face higher funding costs. However, the impact is not uniform, and certain sectors will feel the pressure more quickly."

Rising corporate borrowing costs hit U.S. companies - FT

Today's Chart

U.S. bond market drives up financing costs, mortgage applications "collapse"

Mortgage rates typically follow the long-term trend of bond yields. The yield on 10-year U.S. Treasury bonds recently reached 5.3%, and the average mortgage rate is now around 7.3% – high enough to exclude many people from the housing market. As indicated by Christopher Wood, mortgage applications have indeed “collapsed” this year, with a 6% decrease compared to last week and a 37% decline from the same period last year.

He said to the clients, "This is another major negative for the current occupant of the White House. That's why the economic poll ratings of the 47th President of the United States are still poor."

The Federal Reserve, facing rental issues with Kevin Warsh: Top economists warn that higher interest rates could trigger a 'doom cycle' in the housing sector - Eleanor Pringle

Today's Numbers

Six New York Cities

This is an estimate by Stephen Byrd of Morgan Stanley and his colleagues regarding the power gap required for the construction of AI. It is equivalent to how many New York Citys are needed. "The median gap is still as high as 33 gigawatts [GW]. For reference, New York City's base load power demand is 5.5 to 6 gigawatts: our power gap is equivalent to six New York Cities," they stated in their most recent report.

Today's Front Page

Warnings of potential attacks by Iranian drones prompted the United States to withdraw bombers from Fairford Air Force Base in the UK - FT

Trump offers U.S. assistance to Russia after plague deaths; WHO assesses the risk as low - CNBC

Republican senators warn Anthropic to adopt a "alarmist" approach on the issue of AI - Axios

Saudi-backed forces launched a battle in an attempt to drive Houthi militants out of the Strait of Mandeb - WSJ

DeepSeek plans to raise at least $12 billion through financing supported by Tencent - Bloomberg

It is reported that sailors earn $25,000 per trip and take advantage of the strike and drone attacks to transport oil out of the Persian Gulf - NY Post

Let me mention one more thing.

Some people believe that AI will bring the keyboard off the historical stage.

Let's just take it for now, but... according to a report by Fortune journalist Orianna Rosa Royle, the London School of Economics and Political Science warns that the days of using keyboards are numbered. By 2028, voice AI will become the default way of working. The study suggests that in the coming years, due to the rapid proliferation of AI, employees will begin to speak to their phones or laptops instead of typing.

Jabra, the person in charge of global brand communication, said to Fortune: "By the time the Alpha generation enters the workplace, AI will be fully integrated into the work process. Their tasks will first be verbalized, and only then will they be actually executed."

It's also worth remembering that the keyboard has existed for decades and has withstood the impact of every technological revolution. So don't be surprised if it manages to survive this time as well.