Investors fear a long recession

The extremely gloomy outlook for the global economy, investors have once again in safe government bonds driven. Moreover, they preferred, given its rising again risk currencies like the dollar or the yen, for example, although Japan’s economy in the final quarter of 2008 shrank dramatically.
The gross domestic product (GDP) shrank Japan’s October-December extrapolated for the full year by 12.7 percent and three times as strong as that of the USA. Compared to the previous quarter, the decline amounted to 3.3 percent – the steepest decline since the first oil crisis in the 1974th

“While the G7 summit is expected to no surprising news side, the current Japanese GDP data for the water to the mills of the prophets demise,” write the analysts at Commerzbank in a comment. The investors believe that prices market participants now the probability of a recession that lasts longer than previously expected.

The yield on two-year Federal Treasury notes fell to 1218% at times on the lowest level since 1999. At the same time, climbed the risk premium on government bonds against Spain’s government bonds at record levels. The cost of hedging against a payment default of the United States, Belgium or Slovakia rose to record highs. The Bund future rose to 19.30 CET clock by 48 points at 125.12 meters. For one euro had to 117.18 yen and $ 1.2765 will be paid according to 118.37 yen and $ 1.2862 on Friday.

The Eastern European currencies on Monday suffered greatly from the increased recession fears. The Hungarian forint plummeted in reaction to a sharp slump in industrial production to a record low to the euro. The Polish zloty fell in the top 3.4% to its lowest level since Poland’s accession to the EU for almost five years. And the Czech koruna to the euro sank to its lowest level in three years.

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