Investors in global stocks dash for safe havens
Falls in Europe followed hefty tumbles in Asia, with Japan's Nikkei hitting a five-week low after diving 3.1%
London — World stocks hit a 12-day trough on Monday as fears for economic growth sent investors dashing for safe-haven assets, but the selloff lost some momentum after better-than-expected data from Germany. The Ifo Institute's March business climate index unexpectedly rose, soothing nerves after Friday's dismal German manufacturing data, which helped spark a global selloff that hammered stock markets and pushed key benchmark bond yields below zero. Crucially, an inversion in the US bond yield curve on Friday had stoked fears that the world's largest economy was headed for recession. But the Ifo report lent some cheer. It helped European shares rise off early lows. Paris traded flat, London's FTSE was down 0.2%, and Frankfurt inched up 0.14% after the numbers. Europe's banking as well as industrial goods & services sectors which were down 1% at one point, recouped losses to trade flat by 950 GMT. But the jitters were far from over. "We had a dire end to 2018 which was then recouped ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.