Canada’s 30-year government bond yield tumbled to a record low as the economic impact of the coronavirus continues to spread, sending global markets reeling.

The yield fell 7.2 basis points from Wednesday to as low as 1.286 per cent as of 11:04 a.m. in Toronto. That breached the Aug. 15 floor of 1.289 per cent and took it to the lowest on record, according to data compiled by Bloomberg going back to 1990.

Effects of the virus are multiplying with Goldman Sachs Group Inc. slashing its outlook for U.S. companies’ profit growth to zero, Germany is examining potential stimulus measures and Saudi Arabia halting religious visits that draw millions. Stock markets continue to slump with the Dow Jones Industrial Average falling 10 per cent from its recent peak, a marker of correction.

The yield on Canada’s 10-year government bond declined as much as 8.7 basis points to 1.131 per cent, and the 5-year yield, the lowest part of the curve, declined as much as 8.3 basis points to 1.13 per cent. Both were at the lowest point since September.