Safe-haven trade stand-bys such as gold and the yen are back in vogue. The yellow metal is closing in on $1,300-an-ounce mark for the first time since before Trump’s victory. A four-day winning streak helped it rise above the 200-day moving average this week. The yen also strengthened below 110 per U.S. dollar for the first time since November. The dollar extended a slump after Trump told the Wall Street Journal it was “getting too strong” and backed down from labeling China a currency manipulator.

Anxiety has jumped in Europe, too. Investors have raised bets that stocks will move in lockstep to levels not seen since the Brexit vote, up from a record low in February, according to data going back to 2011. That’s something that often happens in times of crisis, and is an expression of concern that forthcoming political events will dominate market movements and overshadow company-specific forces.

And the cost of hedging against declines in the Euro Stoxx 50 benchmark has risen to levels not seen since the U.K. referendum on European Union membership. Investors may be seeking to protect gains as the French election looms.

This article was provided by Bloomberg News.

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