German 10-year bond yields crashed briefly below zero while euro fell after another set of disappointing German economic data added to fears of a global slowdown prompted by this week's dovish turn by the U.S. Fed.

Yields in Germany's 10-year government bond turned negative for the first time since October 2016 after data showed German manufacturing contracted for a third straight month in March, compounding worries that unresolved trade disputes are exacerbating a slowdown in Europe's biggest economy.