Global equity markets fell sharply yesterday and investors sought the safety of government bonds as a deteriorating outlook for economic growth, led by the US, fanned an aversion for holding risky assets.
Bond yields in Germany and the US touched record lows. Sliding commodity prices helped propel the largest one-day rise in the dollar versus the euro since the “flash crash” of May 6, while the yen rose to its strongest level in 15 years.
“Developed and emerging markets showed investor concern about slowing economic growth and increased fears of the advent of some kind of dip, if not a double dip,” said John Stoltzfus, strategist at Ticonderoga Securities.
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