Implode-o-Meter News - Record-Low Yields Abound as Brexit Stresses Grow; Yen, Gold Gain

After rallying last week on bets central banks will work to limit the fallout from Britain's referendum, global equities are retreating again as the knock-on effects become evident. Three asset managers froze withdrawals from U.K. real-estate funds on Tuesday following a flurry of redemptions and the Bank of England relaxed capital requirements for lenders. Societe Generale SA Chairman Lorenzo Bini Smaghi said a banking crisis in Italy, stoked by the referendum, could spread to the rest of Europe and rules limiting state aid to lenders should be reconsidered.
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"It's starting to feel like 2008," said John Anderson, a money manager at Smith & Williamson Investment Management in London. "Government bond yields are telling you something very nasty is about to happen. These property fund suspensions are a worry. I am risk-off at the moment, erring on the side of believing the govvies," he said, referring to government debt.
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Precious metals surged as investors piled into haven assets. Gold advanced as much as 1.4 percent to $1,375.28 an ounce in London, the highest level since March 2014. Silver gained as much as 2.9 percent.

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Record-Low Yields Abound as Brexit Stresses Grow; Yen, Gold Gain