Investing.com - Germany's 10-year bond yield hit a fresh record low on Wednesday, as demand for safe-haven assets mounted amid concerns over the health of the global economy and uncertainty ahead of this month’s referendum on the U.K.’s membership of the European Union.
German 10-year bonds fell to an all time low of 0.033%. It last stood at 0.049% by 09:15GMT, or 5:15AM ET, down 0.5 basis points, or 7.55%.
The World Bank cut its 2016 global growth forecast on Wednesday to 2.4% from the 2.9% estimated in January, citing "sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows."
Monthly trade data released earlier showed that both Chinese exports and imports fell in May, adding to concerns over the health of the world’s second largest economy.
Lingering uncertainty over the result of this month's 'Brexit' vote on whether or not Britain will choose to remain a member of the European Union further buoyed the safe-haven bund.
Meanwhile, the European Central Bank was due to begin its corporate bond buying program on Wednesday, in a bid to boost inflation in the region.