Germany's 10-year govt bond yield extended earlier falls and was five basis points lower at -0.12pc, its lowest since Oct 2016, while its 30-year bond yield slipped 7 bps to 0.50pc.

The rally in US 10-year bonds also gathered pace as New York markets opened, with yields falling five bps to a new seven-week low of 2.37pc.

The three-month/ten-year US Treasury yield curve inverted again, with the three-month rate now at 2.41pc.