51�Թ�

Demand was soft at an auction of German 5-year government bonds on Tuesday, but other recent auctions have been "very, very, very bad", said Michael Leister, head of rates strategy at Commerzbank, likening the situation to a "buyers' strike".

"This economy needs a 'buyers strike' to flip into recession, and weak enough equities could stress household balance sheets enough to set one off."

In contrast, many analysts are warning that with oil storage tanks at low levels, sanctions over the war in Ukraine and a kind of buyers’ strike underway against Russian oil, a major supply crunch could develop, lowering global economic growth and stoking inflation.

“We’ve had something of a buyers’ strike, which is not a phrase I’ve had to use for a while,” said one senior banker who manages IPOs in Europe, preferring to remain anonymous as he is not authorised to speak about his clients.

Companies selling a narrow range of items to consumers are most at risk to a buyers’ strike.