Bonds fared well amid rising risk aversion ahead of the first round of the French presidential elections and rising geopolitical tensions in Asia and the Middle East. In contrast, European equity markets weakened.
The IMF said it expected the world economy to grow faster than it previously thought, thanks to increased trade, investment and manufacturing. It revised its projections for global growth in 2017 up to 3.5%, from its previous estimate of 3.4%. While small, this is the first time in six years the IMF has revised up previous expectations for short-term global growth.