London/Sydney — Shares across the world fell on Friday and were set for their worst week in four as investors dumped riskier assets for the safety of bonds and gold, with coronavirus cases in China and elsewhere spreading.
Europe’s broad Euro Stoxx 600 fell 0.3%, with indices in London and Paris down 0.5% and 0.3%, respectively. European surveys painted a somewhat brighter picture, with French business activity growing faster than expected in February on a rebound in the service sector. Germany’s private sector expansion also held steady.Gold and US bonds were among the main beneficiaries as funds sought safety. Yields on 30-year US treasuries fell below the psychologically important 2% level to the lowest since September 2019. Yields on 10-year notes were down nine basis points for the week at 1.
Corporate earnings are increasingly under threat as US manufacturers, like many others, scramble for alternative sources as China’s supply chains seize up.
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