The yield on Germany's 10-year bund turned negative for the first time ever on Tuesday, according to TradeWeb. The mid-yield fell to minus 0.003% about 25 minutes after European equity trading started at 8 a.m. London time. Investors have been flocking to the fixed-income market on rising uncertainty around the referendum on June 23 to decide whether the U.K. should membership ties with the European Union, as the IMF and others warn of the economic impact of a "Brexit." In addition, the European Central Bank last week kicked off purchases of corporate bonds as a part of its aggressive stimulus program. Bond yields fall when prices rise and vice versa.
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