Asian shares hold near 6-1/2-month high, fresh Sino-U.S. trade talks awaited
London - German 10-year bond yields crashed briefly below zero while European shares and the euro fell on Friday after another set of disappointing German economic data added to fears of a global slowdown prompted by this week’s dovish turn by the U.S. Fed.
“Numbers like the ones we have seen this morning from the European manufacturing sector in Europe would suggest there is more weak data to come,” said Tim Graf, EMEA Head of Macro Strategy at State Street Global Advisors. The decline in German bund yields comes after the U.S. yield curve flattened further overnight, indicating increased market expectations of a recession.
Adding to the uncertainty are worries over how much progress the world’s two largest economies will be able to make when they meet for another round of trade talks next week. Britain’s pound stood at $1.3082 after recovering overnight when European Union leaders gave Prime Minister Theresa May a two-week reprieve, until April 12, to decide how to leave the European Union.
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