Market News
Dollar mauled by Trump trade war; German 'bazooka' blasts bonds - REUTERS
By Kevin Buckland and Amanda Cooper
Summary
- Euro up, bonds in epic selloff after German debt reform
- Beijing retains growth target of 5%, lines up more stimulus
- Oil sinks as Trump trade war escalates
- Global growth worries trigger losses for oil, Wall Street
TOKYO/LONDON, March 5 (Reuters) - The dollar hit three-month lows on Wednesday as the U.S.' trade war with its partners escalated, while a major overhaul to German government borrowing triggered the biggest sell-off in the country's debt since the late 1990s.
In addition to the cocktail of tariffs and a seismic shift in German fiscal policy, investors also scrutinised the start of China's annual sessions of its parliament, the National People's Congress, at which Beijing retained a goal of roughly 5% economic growth for 2025.
The euro hit its highest in four months, while European stocks surged. The biggest casualties were longer-dated German government bonds, caught up in their worst one-day selloff in more than 25 years as yields ripped higher.
