Rush into U.S. bonds sinks global stock markets; gold touches six-year high
LONDON - A cautious calm returned to stock markets on Wednesday as softer rhetoric from Washington on the U.S.-China trade war soothed investors, though demand for safe-haven assets like government debt underscored lingering anxiety over recession risks.
But gold soared to a six-year high and benchmark government debt from Germany to the United States was in high demand as money still headed towards safe-haven assets. Still, market players voiced caution. Trump’s threat to impose additional tariffs on more Chinese products is set to take effect in less than a month.
“We had a little bit of recovery yesterday, but this morning we are seeing that stalling due to the PBOC fixing the dollar-yen higher again,” said Thu Lan Nguyen, FX strategist at Commerzbank.The skittish mood was underlined by continuing demand for currencies and commodities considered safe havens.JPY=EBS
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