A new coronavirus variant identified in South Africa sparked a flight to quality trade as officials continue to gather data on the new strain. Governments have already started to respond with travel bans against six different countries in southern Africa. Ahead of the open, S&P futures declined 1.67% and contracts on WTI crude sold off 6.00%. The rally in US Treasuries were led by the belly of the curve with the 5yr yield down 15bps to 1.19%.
Associate, Investment Management Group
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