Global bond markets are pointing to risk-off, particularly regarding Italy

As the Dow Jones Industrial Average flirts with a 500 point decline, it's worth mentioning the flight to safety going on in the global bond markets. We are seeing major moves into sovereign bonds across currency areas. That has the US 10-year down 7.4 basis points today. And it also has the 10-year German Bund down 4.3 basis points. Australia, France, S…