Nervy Week for Markets Ends With Wild Swings on New Covid Strain
- Stocks, U.S. futures slide; Treasuries, German bonds, yen rise
- South African rand and other emerging-market currencies drop
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Investors dumped risk assets and flocked to havens Friday as a new variant of the coronavirus made its presence known in global markets.
Treasuries led a rally in global bonds, while the yen led gains among G-10 currencies amid fears that the variant first discovered in South Africa may spread and hurt the global economic recovery. Risk assets took a hit -- U.S. stock futures slid and European equities were set for their worst drop in a year. The Cboe Volatility Index, or the VIX, surged the most in nine months, while emerging-market currencies erased their 2021 gains.