Oil prices slid on Monday as a coronavirus lockdown in Shanghai fueled worries about weak demand, while the yen’s stomach-churning descent continued as the Bank of Japan stood in the way of higher yields.
World stocks were largely flat, holding their ground in the face of another brutal selloff in major bond markets.
Ten-year U.S. Treasury yields pushed decisively above the 2.5%-marker for the first time since 2019, two-year bond yields in the Netherlands and Belgium turned positive for the first time since 2014 and even Japanese yields defied central bank intervention to hit fresh six-year highs.
The other eye-popping move came from the yen, which slid almost 1.5%.
