LONDON: World shares hit two-week lows and oil fell nearly 2per cent on Monday as the relentless spread of the coronavirus curbed optimism on the global economy, prompting investors to take shelter in safe-haven bonds and gold.
"The market is caught in a real battle between recovery optimism and news of increasing cases in certain geographical areas such as the U.S," said John Woolfitt, director of trading at Atlantic Capital Markets.Sovereign bonds benefited from the shift to safety with yields on U.S. 10-year notes near 0.64per cent, having briefly been as high as 0.96per cent early in June. German government bond yields clung to one-month lows on Monday.
"Financial markets remain extremely fragile, having to weigh worsening virus news against improving economic data," said Marija Veitmane, senior strategist at State Street Global Markets.
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