Stocks, dollar sink, bonds pummelled again as trade war roils markets
Global stocks slumped and the dollar sank further on Friday, while a manic bond selloff took hold in a brutal end to the week of tit-for-tat worldwide tariffs that have fed fears of a deep recession and shaken investor confidence in U.S. assets. The anxiety has sparked a rush into safe havens, sending the Swiss franc soaring to a decade high against the dollar, and gold to a new peak after a brief but massive relief rally following U.S. President Donald Trump's move to temporarily lower tariffs on many countries. The selloff in U.S. Treasuries picked up pace during Asian hours, with the 10-year note yield rising to 4.475%, gaining over 40 basis points in the week, the biggest increase since 2001, LSEG data showed.