During the trade-war and global recession, assets like gold and sovereign bonds provided protection






As investors fretted for most of the year that the trade war and slowing growth would end in a global recession, assets like gold and sovereign bonds provided protection. That ended spectacularly Thursday. Gold lost as much as $30 an ounce, Treasuries tumbled the most since summer and defensive equities sank. (Bloomberg)

A Chinese Ministry of Commerce spokesman said that both sides in the trade dispute have agreed to roll back tariffs in phases as they work toward a deal. If confirmed by the U.S., such an understanding would provide a road map for a de-escalation of the trade war. (Bloomberg)

Treasuries tumbled Thursday as optimism about the prospect of a trade deal dented demand for bonds globally and led investors to trim bets on further Federal Reserve rate cuts. (Bloomberg)

Source: Danareksa Sekuritas Debt Research
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