Treasury futures rallied by the most in a week as a decline in U.S. stocks drove demand for the safest assets.

The Bloomberg U.S. Treasury Bond Index has risen 0.6 percent in August, following a 1.2 percent gain in July, reflecting investor appetite for the security of government debt amid a tumble in equities and commodity prices globally. The Standard & Poor’s 500 Index slid in the last hour of trading in New York Tuesday, and S&P futures contracts dropped 0.5 percent Wednesday in Asia.

“There was a huge selloff in stocks and that just led to a strong rally” in Treasury futures, said John Gorman, head of dollar interest-rate trading for Asia and the Pacific at Nomura Holdings Inc. in Tokyo.

Ten-year futures contracts for September delivery rose 19/32, or $5.94 per $1,000 face amount, to 128 21/32 as of 9:25 a.m. in Tokyo, according to data compiled by Bloomberg.

Benchmark 10-year yields was little changed at 2.07 percent.

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