Ambrose Evans-Pritchard writing in the UK Telegraph

• German bond yields have plunged to historic lows
• inflation expectations are collapsing across the eurozone
• prompting fears of a gathering recessionary storm
• The benchmark 10-year bund yield dropped to minus 0.18pc on Thursday and is testing the all-time lows seen during the brief rush to safety after the Brexit referendum.
• Spanish and Portuguese yields have dropped to record lows.
• A closely watched gauge of inflation expectations – five-year/five-year swap contracts – have collapsed this year and raise concerns that the European Central Bank is losing control.
• It is signalling a slide into a deflationary quagmire.