World stocks un­ravel on Brexit fears

Pakistan Observer - - ECONOMY WATCH -

LON­DON—Stock mar­kets ex­tended a global sell-off Tues­day on rising prospects of Bri­tain next week vot­ing to leave the Euro­pean Union. In­vestors mean­while started pay­ing for the priv­i­lege of own­ing rock­solid Ger­man govern­ment bonds as fears of a pos­si­ble Brexit and eco­nomic wor­ries caused a rush to the safety of Ger­man debt. Strong de­mand for Ger­man sovereign bonds, known as “Bunds”, caused prices to peak, in turn push­ing their yields into neg­a­tive ter­ri­tory for the first time ever. “The ner­vous­ness around the Brexit story in­creased the volatil­ity in global bond mar­kets,” said Ipek Ozkardeskaya, mar­ket an­a­lyst at traders Lon­don Cap­i­tal Group.— AFP

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