Weeklong rallies for global stocks and commodities ended as the outlook for economic growth rekindled investor caution.

The MSCI All-Country World Index fell for the first time in six days after reaching a six-month high, and futures on the S&P 500 indicated the gauge will slip after closing close to a record high. The Bloomberg Commodity Index was set to end the longest run of gains since March, as oil and most precious metals fell. Bonds rose, with U.K. gilt yields declining to a record low. Emerging markets declined.

Investor optimism is starting to flag as weak U.S. jobs data, the looming Brexit vote and European Central Bank President Mario Draghi’s call for government-led reforms revive concerns about the ability of central banks to bolster the global economy. Billionaire George Soros has also recently made a series of large, bearish investments, according to a person familiar with the matter.

“Growth still doesn’t look brilliant,” said Peter Dixon, global equities economist at Commerzbank in London. “The kind of rally we’ve had in the past few days across most assets doesn’t tend to last very long.”

The MSCI All-Country World Index lost 0.4 percent at 7:10 a.m. in New York, and the Stoxx Europe 600 Index dropped 0.8 percent. S&P 500 futures expiring this month retreated 0.3 percent.

About 500 of the Stoxx 600 members fell. Plastics-product maker Essentra Plc tumbled as much as 31 percent after saying it probably won’t achieve the financial results it predicted in February. Seadrill fell as much as 9 percent in Oslo after on plans to issue new shares in exchange for debt.

The MSCI Emerging Markets Index dropped 0.5 percent. Russia’s Micex slid 1.1 percent and India’s S&P BSE Sensex index lost 1 percent, dropping from the highest close since October.

The Bloomberg Commodity Index erased earlier gains, putting it on track for the first decline in seven days. Brent crude oil fell 0.9 percent to $52.02 a barrel, heading lower for the first time in four sessions, after the dollar strengthened.

Gold for immediate delivery fell 0.3 percent to $1,259 an ounce. Platinum and palladium declined about 1 percent. Copper was little changed, while aluminum rose 0.3 percent.

U.K. governments bonds extended gains before a June 23 poll on whether the nation should leave the European Union. The 10-year yield touched 1.22 percent, the lowest since Bloomberg started tracking the data in 1989. It could fall to 1 percent if the nation votes to leave the world’s biggest single market, according to Daniela Russell, a portfolio construction associate at Legal & General Group.

Treasuries advanced, with the 30-year yield falling to its lowest level since Feb. 11, before an auction of $12 billion of the securities, which comes a day after an offering of 10-year notes garnered record demand from investors bidding through primary dealers. The Treasury 30-year yield fell two basis points to 2.49 percent, and that on 10-year securities also slid two basis basis points, to 1.685 percent, having reached the lowest since Feb. 24.

Bonds of the euro-area’s higher-rated nations climbed, with the German 10-year bond yield matching the 0.033 percent record low it first touched on Wednesday.

The ECB bought corporate bonds for a second day as it steps up stimulus efforts. Purchases included 2019 notes issued by Volkswagen, as well as debt from tiremaker Continental and mobile-phone company Orange, according to a person familiar with the matter.

President Draghi also said politicians need to speed up reforms to help restore the region’s economic health.

“There are many understandable political reasons to delay structural reform, but there are few, very few, good economic ones,” he said in a speech in Brussels on Thursday. “The cost of delay is simply too high.”

The yield on South Korea’s three-year government note dropped to an all-time low of 1.35 percent. The central bank unexpectedly cut the benchmark interest rate to a record low on Thursday, citing growing risks to the economy including slowing global trade and the government’s push to restructure indebted companies.

Oman raised $2.5 billion in a sale of five- and 10-year notes, its first international offering in almost two decades. Governments and companies from the six-nation Gulf Cooperation Council have been tapping the bond market to plug funding shortfalls after the price of crude tumbled over the past two years.

The Bloomberg Dollar Spot Index, a gauge of the greenback against 10 major peers, gained 0.3 percent, snapping a two-day drop. The U.S currency strengthened about 0.5 percent to $1.1341 per euro and was 0.5 percent weaker against the yen.

The kiwi soared as much as 2 percent to 71.48 U.S. cents, its strongest level in about a year, after the Reserve Bank of New Zealand refrained from cutting rates and said it expects inflation to accelerate.

Emerging-market currencies fell, with South Africa’s rand declining 0.7 percent after closing at a one-month high on Wednesday. Russia’s ruble and Mexico’s peso weakened with oil.

China, Hong Kong and Taiwan markets were shut for holidays.

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Contributors: Stephen Kirkland, Cecile Vannucci, Lukanyo Mnyanda, Anooja Debnath and Eddie van der Walt.

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