U.S. stock futures plunged 5% to hit their daily down limit and halt trading after the biggest single-day loss in oil futures in almost 30 years on Sunday exacerbated fears of a credit crunch across financial markets.
Oil prices plunged around 25% on Monday, heading towards their biggest daily loss since 1991 after Saudi Arabia slashed prices and set plans for a big increase in crude production in April.
Vehicle sales of automakers in China, the world’s biggest car market, tumbled in February as customers stayed at home and away from dealerships amid the coronavirus epidemic that has killed 3,100 people in the world’s second-biggest economy.
(Bloomberg) — Gold rallied above $1,700 an ounce as a global rush into havens intensified, with the upswing driven by turmoil in the oil market, the spread of the coronavirus, sinking equities, and expectations of easier monetary policy as recession risks loom ever larger.The metal hit the highest since 2012 as Brent collapsed, futures on the S&P 500 Index sank, and the entire Treasury yield curve dipped below 1% for the first time. Investors have already driven holdings in bullion-backed exchange-traded funds to a record as the coronavirus hurt the outlook for growth.The traditional haven has sprinted higher this year, …read more […]
(Bloomberg Opinion) — In a war of attrition, the winner isn’t the force with overwhelming power, but the one with the greatest capacity to sustain damage. The current price war in the oil market is little different. Brent crude fell the most since the 1991 Gulf War Monday, dropping 31% in a matter of seconds, after Friday’s OPEC+ meeting broke up in disarray and Saudi Arabia slashed its crude prices and promised a surge in output.That decision to open the spigots may seem contradictory from a country that just days ago was trying to coax Russia to join a 1.5 …read more […]
Global share markets tumbled on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.
Asian shares sank in a sea of red on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price. The world’s top oil exporter plans to raise its production significantly after the collapse of OPEC’s supply cut agreement with Russia, a grab for market share reminiscent of a drive in 2014 that slashed prices by about two thirds. “Today’s price action puts at risk the fiscal health of the vast majority of sovereign producers and budget cuts and increased …read more […]
Asian shares sank in a sea of red on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.
Gold prices jumped past the $1,700 per ounce level for the first time since late 2012 on Monday, as a widening coronavirus outbreak and a plunge in crude oil hammered equities and sent investors scurrying for safe havens.
Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.
Mar.08 — Lan Shen, economist at Standard Chartered, talks about China’s economy and policies. China’s exports fell more than expected in the first two months of this year as the coronavirus outbreak led to extended holidays, depressed factory output, and blocked transport and movement across the country. Shen speaks with Haidi Stroud-Watts on “Bloomberg Markets.” …read more […]
Mar.08 — Sayuri Shirai, professor of economics at Keio University, discusses Japan’s fourth-quarter GDP and her outlook for the economy. She speaks on “Bloomberg Markets: Asia.” …read more […]
Mar.08 — Margy Osmond, chief executive officer at Tourism & Transport Forum, discusses how the coronavirus has impacted Australian tourism and her outlook for the sector. She speaks on “Bloomberg Markets: Asia.” …read more […]
(Bloomberg) — The coronavirus has spread to about half of the world’s countries, with infections in Italy eclipsing those in South Korea.Asian equities plunged with U.S. stock index futures and 10-year Treasury yields tumbled as investors kicked off the week with an extreme bout of risk aversion.Global fatalities from the coronavirus reached 3,800 as China reported 22 new deaths, while total cases surpassed 108,000.In the U.S., the State Department warned U.S. travelers with health problems should avoid cruise ships. New York City wants residents to walk or bicycle to work to avoid crowded rush-hour subways.Key Developments:Cases surpass 108,000 worldwide; deaths …read more […]
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