Economic news across the world was almost uniformly bad, as slumping Japanese exports threatened to push the economy further into recession and the Swiss central bank unexpectedly slashed interest rates by a full percentage point in response to the slowdown.
In China, officials warned that the employment outlook was becoming “grim”, as the global financial crisis led to more factory closures in the export sector.
Two-year US interest rates slid below 1 per cent to their lowest levels yet amid a gathering conviction that the Federal Reserve would cut interest rates again next month. UK bond yields dropped to their lowest since the second world war.