Treasury bonds rallied Thursday, while global stocks tracked declines in U.S. shares, as concern grew about the worsening impact of the novel coronavirus on the world economy.

By early afternoon in Hong Kong, the yield on the benchmark 10-year U.S. Treasury note fell to 0.580%, after settling on Wednesday at 0.630%. The rally brought the yield nearer to last month’s record closing low of 0.501%. Bond yields fall as prices rise.

Shorter-dated…

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