Growing volatility in stocks is driving a search for defensive assets, though investors may have fewer places to hide this time around.
That has left investors piling into other traditional safe-haven assets such as the dollar and gold, as well as short-term debt. Volatility in stocks has been accompanied by increased gyrations in the Treasury market. The MOVE index, which measures expected volatility in U.S. Treasuries, stands near a four-month high.
“Safe-haven assets have not performed as expected in response to conflicting growth data and elevated geopolitical tensions,” analysts at UBS Global Wealth Management wrote on Friday.
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