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Oil's retreat and Eurozone worries drive fresh demand for Treasuries

Global equities came under renewed selling pressure yesterday as further declines for oil prices and continuing worries over the eurozone produced an uneasy and volatile session. The nervous mood triggered renewed buying of US government bonds, with the yield on the 10-year Treasury dipping below 2% for the first time since mid-October. The key driver of market action remained the weakness in oil prices, as Brent fell another $1.93 to $51.18 a barrel and West Texas Intermediate dipped below $48. By midday in New York, the S&P 500 was down another 0.8% at 2,004, while the CBOE Vix volatility index was up 8%. Elsewhere the FTSE Eurofirst 300 closed 0.7% lower, while the Nikkei 225 tumbled 3%.

 

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