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The dovish comments sent another jolt through fixed income markets and pushed another $714bn worth of bonds into sub-zero yield territory on Tuesday. The market value of bonds trading at negative yields — once thought to be economic lunacy — to a fresh record of $12.3TN, according to Bloomberg surpassing the last peak in 2016. The average yield of the global bond market is now just 1.76 per cent, down from 2.51 per cent in November last year.
Meanwhile, in another startling observation, Bank of America recently wrote that "highly-anticipated events in recent years (e.g. Shanghai G20, Brexit, Trump) have typically coincided with big unwinds of crowded positions; and "Japanification" rate theme max consensus." As a result, the collapse in global inflation breakeven levels have taken global govt bond yields (ex. US) to a new all-time low of 1.2%.
Source: BofA Merrill Lynch Global Investment Strategy, Haver
Let's look at the Europe countries bond yields.
Rising risks cause bond yields falling and their price moving up as the global threats between US - China and US - Iran takes the lead these days.
This week the high inflation fears will dominate the market sentiment once again.
EURGBP slumped to a fresh 1.5 year low of 0.8421. For this week, the key support area is around 0.8400.
Shares of Gambling and resorts giant MGM Resorts (NYSE: MGM) rallied more than 9% on Tuesday and climbed to a fresh 52-week high of $48.94.