Traders work on the floor of the New York Stock Exchange. Picture: REUTERS
Japan’s Nikkei recouped early losses to end 0.06% higher and Shanghai blue chips rose 0.3%, after China’s state planner said Beijing would roll out a programme to boost disposable income. “There are plenty of risks to keep investors on edge, from the ongoing trade dispute between the US and China, to the potential for a no-deal Brexit,” strategists at UBS wrote. The uncertainty has undermined economies, they said, noting that Germany GDP shrank in the second quarter.
This meant investors were willing to lend the government money for three decades for less than the overnight rate. Surprisingly strong US retail sales had no effect on the bond rally. Markets anticipate a cut in the ECB’s deposit rate of at least 10 basis points and a resumption of bond-buying, sending German 10-year bund yields to a record low of -0.71%.
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