LONDON, July 20 — European shares bounced back from their worst day of the year today, but German bond yields slipped to fresh five-month lows as a reminder that investors remained worried the spread of the Delta coronavirus variant could derail the economic recovery.
China deleveraging risks hurt property stocks and the broader market for a second day, causing a plunge in shares of heavily indebted developer China Evergrande Group. The Hang Seng Index dropped 0.8 per cent while China’s blue chip CSI300 Index was 0.1 per cent lower. “I fear the equity selling isn’t over yet, and if I am right, Europe will be the worst place to be given the index is value dominated — and thus very cyclical.”
In a separate gauge of investor risk appetite, bitcoin fell below US$30,000 for the first time since June 22. In a sign of lingering fears of the spread of the Delta variant, the Aussie dollar/Swiss franc cross, a favourite proxy in currency markets for economic recovery bets, fell to its lowest level since December 2020 at 0.6714 francs, according to Refinitiv data.
However, while the US yield curve steepened slightly, the spread between the US 10-year and 2-year yield remained near February lows, signalling investor doubts about the growth outlook.
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