This so-called inverted yield curve shows investors are more willing to buy long-term debt - usually considered higher risk - as they consider the short-term outlook more risky.The rush to the 10-year US bond market followed weak manufacturing data out of the US, eurozone giant Germany and France.
"The US data has been middling, but both confirm what everyone already knew, the global economy is slowing down after a 10-year quantitative-easing-induced bull run," he added, referring to the massive programme of post-crisis stimulus.All three main indexes on Wall Street ended sharply down, while London and Frankfurt were both two percent off.
The pound was facing fresh pressure with Prime Minister Theresa May's political future hanging in the balance as she looks to push her Brexit deal through parliament for a third time.
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