Action on world markets focused on bonds on Wednesday, with a fresh slide in ben...
LONDON - Action on world markets focused on bonds on Wednesday, with a fresh slide in benchmark debt yields on simmering global trade war and recession fears, central bank easing bets and ebbing oil prices.
Traders greeted the decision by sinking German 10-year Bund yields to record lows of minus 39 basis points first thing and Italian two-year yields back into negative territory for first time in over a year. “And now have Christine Lagarde as the likely successor of Mr Draghi at the ECB, which for the market says that the dovish policies will continue.”
Worryingly, forward-looking indicators did not point to a bounce back, and other data showed Britain’s economy appeared to have contracted in the second quarter against a backdrop of Brexit and global trade worries. Sweden’s crown meanwhile hit a 2-1/2 month high of 10.4890 versus the euro after the Riksbank bucked the global trend back towards cutting interest rates and said it remained on track to raise its by early 2020, albeit with some caveats. [/FRX]
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