News flash: risk aversion mood rises again, Shanghai gold brushes 6-year high again, silver refreshes 2-year high

SMM, Aug. 13: due to unclear trade prospects and the overnight decline in the U. S. stock market, market risk sentiment has been suppressed again. On Tuesday afternoon, the Shanghai gold 1912 contract rose another 1.63% to a high of 351.95 yuan / g since the beginning of 2013, while silver followed the rise, rising 2.5% to as high as 4311 yuan / kg.

Overnight, the U. S. stock market fell sharply, but also the market risk sentiment has been suppressed again. Us stocks closed down sharply overnight, with the Dow down nearly 400 points and the S & P 500 and the Nasdaq down more than 1 per cent. Bundesbank fell nearly 8 per cent and executives said it faced difficulties in restoring its IPO business; us financial stocks collectively fell, dragged down by a sharp drop in US bond yields, with Goldman Sachs, MS.N, Citi and Bank of America all down more than 2 per cent and JPMorgan down nearly 2 per cent.

European stocks also fared poorly, with Germany's DAX index falling 0.12 per cent to 11679.68, the UK's FTSE down 0.37 per cent to 7226.72 and France's CAC40 down 0.33 per cent to 5310.31. Europe's Stoxx 600 index closed down 0.3%, continuing last week's decline, led by banks. Fears of escalating trade tensions and political unrest in Italy have weighed on market sentiment.

Safe-haven Treasuries were favored, with the yield on the 10-year note falling to 1.64 per cent overnight. The yield on the 2-year note fell 5.3 basis points to 1.576 per cent. The yield on the 30-year note fell 9.3 basis points to 2.148 per cent.

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