The yield on benchmark German government debt fell to its lowest level in nearly 50 years on Thursday, emulating recent historic drops seen in the US and UK bond markets.

The yield on the 10-year Bund crashed below 3 per cent, sliding as low as 2.94 per cent, a level not seen since at least 1960. In the UK, 10-year Gilts yielded 3.32 per cent at one stage, its lowest level for around 50 years. Meanwhile the US 10-year Treasury fell to a 53-year low of 2.54 per cent.