(Bloomberg) — Global bonds have erased their losses for the year as concern the US economic outlook is rapidly worsening spurs demand for fixed-income assets.
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Bloomberg’s index of global sovereign and corporate debt has now gained 1% for 2024 after being down as much as 4.6% in the middle of April. The gauge surged 2.3% last week alone. Bond markets took another jump Friday when monthly US payroll data showed hiring slowed and the jobless rate climbed to a three-year high.
Treasury 10-year yields slid five basis points in Asia Monday after tumbling 19 basis points Friday in the wake of the worse-than-expected US nonfarm payrolls report. Asian bonds echoed the move with Japan’s 10-year benchmark yield tumbling as much as 17 basis points, while similar-maturity New Zealand yields slipped 10 basis points.
“Japanese stocks are being taken to the woodshed, absolute chaos there this morning and it’s setting…
