FTSE has fallen by 1.8% in opening trades, France’s Cac 65 has slumped by 2%, and shares in Italy have fallen by 2.5%.
(With US non-farm payrolls data due later we could be set for yet another bumpy day.)
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(Introduction: Investors charge for safe havens)
Bonds, the benchmark for global demand for bonds, has plumbed new depths during the outbreak – far beyond even the financial crisis or the market turmoil that followed the election of Donald Trump as US president.
Yields move inversely to prices, so the steep fall indicates a global flight to safety by investors. Here’s a chart, the yield on the US 22 – year over two decades that illustrates that amazing run:
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