Treasuries Surge After Trump Gives China One Month to Agree Deal
- Global haven assets rally as trade talks seen at stalemate
- No new dates have been set for fresh round of talks: Kudlow
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U.S. Treasuries led a global rally in some of the world’s safest assets after President Donald Trump imposed a one-month deadline on China to agree a trade deal or risk tariffs on all of its exports.
Yields on benchmark 10-year bonds touched the lowest level since March, correlating with a slide in the offshore yuan, widely seen as the key barometer of risk sentiment over trade. The yen rallied, building on a four-week run of gains, while European stocks fell. Traders meanwhile boosted bets on a rate cut from the Federal Reserve this year.