On Wednesday, market panic sentiment eased somewhat, with Japanese bonds rebounding at the open and helping to stabilize US Treasuries, although global stock markets remained under pressure, pushing gold as a safe-haven asset to a new peak.
Japanese bonds reversed course after the market opened, with the 40-year government bond yield falling by 6 basis points and the 10-year yield dropping 5 basis points to 2.320%.
US Treasury prices saw a modest recovery, reclaiming some of their recent losses; the 10-year Treasury yield dipped 1 basis point to 4.28%. This followed a recent surge where long-term US yields had hit a four-month high, with the 30-year yield briefly climbing 8 basis points.
Spot gold surged past $4,800 per ounce, continuing its record-breaking run with an intraday gain of nearly 0.8%. Similarly, New York gold futures climbed to touch $4,800 per ounce, rising 0.75% on the day.
Asian stock markets were broadly lower during the session, with the MSCI Asia Pacific Index down 0.5%. Japan's Topix index fell 0.9%, while Nikkei 225 futures declined 0.1%.
South Korea's benchmark KOSPI turned positive, erasing an earlier decline of 1.6%.
Updates to follow.
