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Financial Safe Havens

Daily Recap

Overseas stock markets were mixed in both Asia and Europe. A 0.72% decline on the Hang Seng was offset by a 0.72% gain by the Sensex. London's FTSE rose 0.23%, but the other European majors were lower as concern over the French presidential election rose, leaving the STOXX 600 with a 0.02% loss for the day.

In the US, investors got a case of the nerves over geopolitical goings-on (why not yesterday?), and stocks slumped as gold soared. Stocks were also shaken a bit by the NFIB's latest Uncertainty Index for small businesses – which hit a 42-year high. Interestingly, stocks gradually rallied into the close, while gold continued to move higher after breaking more solidly above key resistance around $1265.

Bonds rallied substantially, benefiting from the flight to safety feeling, as the yield on 10-year T-notes fell to 2.30%, their lowest yield since January or even longer. The US dollar gave ... Log in or subscribe to continue reading.


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