Australian futures -1.7pc. Bond yields sink again. Gold climbs. Credit Suisse plunges 24pc, government steps in. Oil at lowest since Dec 2021. Follow updates here.
Government debt yields plunged globally overnight as mounting financial-stability concerns prompted bond traders to abandon bets on additional central-bank rate hikes and begin pricing in cuts by the Federal Reserve.
A weeklong rout in bank shares globally has unleashed historic demand for government debt and other havens. Longer-maturity yields also tumbled, with the US 10-year falling as much as 31 basis points to 3.38 per cent, approaching its January low, and German 30-year yields falling the most ever. US yields were off their lows in late trading, down 13 to 32 basis points on the day.
The Bank of England is newly seen holding pat next week, and a quarter-point hike by the European Central Bank at its meeting tomorrow is favoured, down from a half-point last week.
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