Overnight: US 10-year tops 5pc, Brent $104, Bitcoin $81,136, rupee 277.42

Three numbers from Friday's session in New York matter more to a reader in Lahore than the index levels do.

The US 10-year Treasury yield rose above 5 per cent, finishing Friday around 5.004 per cent, its first move through that line since 2007. The 30-year sat at 5.333 per cent. That is the global cost of money going up, and it is the single biggest reason emerging-market currencies have had a hard September.

Oil stayed over $100. West Texas Intermediate was around $103 a barrel, up roughly 1 per cent, and Brent just above $104 after touching close to $110 earlier in the week. US diesel hit a record $6.44 a gallon, about 70 per cent above a year ago.

Bitcoin held its gains, trading at $81,136 this morning against $81,028 yesterday. Ether was $2,608.

Wall Street: the Dow's third losing week

The Dow Jones Industrial Average was down about 2 per cent on the week, a third straight weekly fall, trading near 51,672 late in Friday's session. The S&P 500 was off about 0.5 per cent on the week near 7,633, while the Nasdaq Composite was the odd one out, up about 0.3 per cent near 26,423.

The split tells you what is happening. Money is leaving the industrial and rate-sensitive end of the market because borrowing costs are rising, and staying in the AI-linked technology names. The Federal Reserve raised rates during the week for the first time in three years and signalled another rise is likely.

What it means here

The rupee. When US yields rise, dollars go home. The rupee weakened slightly overnight to Rs 277.42 to the dollar from Rs 277.28. That is a small move, and it is happening from a position of strength: SBP reserves are at a record $21.39 billion. But the pressure is one way for now. Check today's rate on our currency converter or the dollar rate page.

Diesel. Brent above $100 with a Hormuz risk premium on top is why diesel here keeps grinding up even in weeks when petrol falls. Diesel is Rs 424.04 a litre. Petrol came down Rs 1.65 to Rs 389.14 from midnight. Work out a trip on the fuel cost calculator.

Gold. 24K fell to Rs 455,568 a tola from Rs 457,199, and silver to Rs 6,906. Rising real yields are bad for gold, which pays no interest.

The KSE-100 closed at 170,884.58, barely changed on the day and still at a record. Pakistani equities have so far shrugged off the global move.

The week ahead

The Bank of Japan raised its policy rate to a 31-year high of 1.25 per cent on Friday. Two more ships were attacked in the Strait of Hormuz, which is where 99 per cent of Pakistan's LNG comes through. Both keep the oil risk premium alive into next week.