`Risk-On' Rally Loses Luster When Viewed Against Haven Markets
- Bonds, gold, yen keep rallying even as stocks bounce back
- Global economic indicators still falling short of forecasts
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From stocks to developing-nation currencies, riskier assets around the world have been flashing the all-clear signal for over a month. But for investors in the world’s safest securities, nothing has changed, and that may spell trouble.
Some of the world’s great haven destinations have proven resilient amid a rally that’s sent global equities surging more than 11 percent from their February lows. That’s a change from the start of the year, when there was a simple relationship between stocks and developed-economy government debt: When one went down, the other went up.