Yields on 10-year Treasuries hit a fresh 15-month low on Thursday in Asia, and Australian ones recorded the lowest on record, while Japan’s are near levels unseen since 2016. Japanese shares led declines in the region, sliding almost 2 percent. Korea’s benchmark also slumped, while China and Hong Kong saw more modest declines. U.S. futures fell after the S&P 500 Index dropped on Wednesday. The yen headed higher as haven demand emerged.
Britain’s pound traded at the weaker end of its recent range after the U.K. Parliament rejected eight possible options for a new Brexit strategy, leaving the Brexit outlook all the muddier. Elsewhere, rates on benchmark German Bunds sank further below zero after European Central Bank President Mario Draghi said an accommodative stance is still needed.
Recent data showing weakness in U.S. housing and consumer sentiment fed into the growth concerns that have helped stoke the bond rally over the past week. Federal funds futures are now pricing in more than a quarter point of easing by the end of 2019.“We are worried about the short term because the Fed is as dovish as they can be in the short term,” Chris Harvey, head of equity strategy at Wells Fargo in New York, told Bloomberg TV.
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