Shocking US factory orders and Chinese bank woes trigger global flight to safety

“Absolutely awful” factory figures as new orders suffer worst slump since 1980 recession

Factory orders in the US suffered their steepest fall for 33 years in January and also slowed further in China, raising fresh concerns about the strength of the world’s two biggest economies.

The shock figures set off a renewed flight to safety in New York, where yields on US 10-year Treasuries fell to a three-month low of 2.60pc. The Dow Jones index tumbled 326 points, breaking through crucial technical support levels. Continue reading