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Oil prices skid 2%, extending slide as China virus spreads

Oil prices slumped a further 2% to multi-month lows on Monday as the rising number of cases of the new China virus and city lockdowns deepened concerns about demand for crude, even as Saudi Arabia’s energy minister sought to calm the market. Brent crude fell by $1.12 a barrel, or 1.9%, to $59.57 by 0113 GMT, having earlier dropped to $58.68, the lowest since late October. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud said on Monday he was watching developments closely in China and said he felt confident that the new virus would be contained. …read more […]

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Global Markets: Shares, oil slide as China virus fears intensify; yen, Treasuries in demand

Stocks tumbled on Monday as investors grew increasingly anxious about the economic impact of China’s spreading virus outbreak, with demand spiking for safe-haven assets such as the Japanese yen and Treasury notes. Japan’s Nikkei average suffered a steep 1.8% loss, on track for the biggest one-day fall in three weeks. U.S. S&P 500 mini futures was last down 0.9%, having fallen 1.3% in early Asian trade. …read more […]

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Oil prices skid 2%, extending slide as China virus spreads

Oil prices slumped a further 2% to multi-month lows on Monday as the rising number of cases of the new China virus and city lockdowns deepened concerns about demand for crude, even as Saudi Arabia’s energy minister sought to calm the market. Brent crude fell by $1.12 a barrel, or 1.9%, to $59.57 by 0113 GMT, having earlier dropped to $58.68, the lowest since late October. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud said on Monday he was watching developments closely in China and said he felt confident that the new virus would be contained. …read more […]

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Gold Extends Surge as Virus Spread Spurs Rush to Haven Assets

(Bloomberg) — Gold jumped as the spread of the coronavirus globally spurred demand for haven assets.Prices rose as much as 1.1% as risk-off sentiment swept markets, with equities tumbling and Treasures gaining. In the latest effort to contain the virus, China extended the week-long Lunar New Year holiday and banned all outgoing overseas group tours to avoid having travelers contribute to its spread.President Xi Jinping’s government is under pressure to combat a virus that shows little sign of slowing down, with more than a dozen countries and territories reporting the illness within their borders. While the return of risk aversion …read more […]

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Oil Tumbles on Virus Fear While Saudis See ‘Very Limited’ Impact

(Bloomberg) — Oil tumbled as the market opened in Asia on fears China’s deadly coronavirus will crimp energy demand, prompting Saudi Arabia to say it was closely monitoring the situation.Futures in London and New York plunged more than 3% in early trading as the death toll from the outbreak in China rose and as officials extended the Lunar New Year holiday to help stem the spread of the outbreak. While Goldman Sachs Group Inc. predicted last week that global oil demand may take a hit, Saudi Arabia said it believes the crisis so far will have a “very limited impact” …read more […]

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U.S. Stock Index Futures Slide as Virus Spread Saps Risk Demand

(Bloomberg) — U.S. stock index futures slid in early Asian trading Monday as investors reacted to the spread of the deadly coronavirus over the weekend.S&P 500 Index futures contracts expiring in March fell as much as 1.3% as of 9:11 a.m. in Tokyo, after China extended the Lunar New Year holiday for an unspecified period of time to help stem the spread of the coronavirus that has killed at least 56 people. Dow Jones Industrial Average contracts for March were down 0.9% while those on the Nasdaq 100 retreated 1.3%.President Xi Jinping on Saturday ordered a faster response, sending teams …read more […]

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Stocks drop as new coronavirus fears escalate

Shares slid on Monday as investors shunned equities on growing concerns over the scope of a China virus outbreak, with safe-haven assets such as the Japanese yen and Treasury notes in greater demand. Concerns over the spread of the coronavirus in China, and the potential economic impact, continue to generate financial market headlines. “Media wins — all you see is headlines about the coronavirus, giving investors a reason to sell the markets,” said Takeo Kamai, head of executions services at CLSA in Tokyo. …read more […]

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Shares, oil slide as China virus fears intensify; yen, Treasuries in demand

Stocks tumbled on Monday as investors grew increasingly anxious about the economic impact of China’s spreading virus outbreak, with demand spiking for safe-haven assets such as the Japanese yen and Treasury notes. Japan’s Nikkei average suffered a steep 1.8% loss, on track for the biggest one-day fall in three weeks. U.S. S&P 500 mini futures was last down 0.9%, having fallen 1.3% in early Asian trade. …read more […]