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Correction Deepens in U.S. Stock Futures Pointing to Rough Open

(Bloomberg) — Futures on American stock indexes tumbled, extending their 13% drop since mid-February, as plummeting oil prices added to the backdrop of dread surrounding the coronavirus outbreak.The drop erased the rally that lifted cash equities in the final hour of trading on Friday, as crude sank more than 20% in the deepest rout since the U.S.-led war in Iraq in 1991. While energy and commodity stocks only make up about 5% the S&P 500, plunging crude prices worsened sentiment as one of the starker signals of the outbreak’s economic toll.Volatility has been rampant in markets around the world amid …read more […]

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Oil Crashes, U.S. Stock Futures Plunge in Asia: Markets Wrap

(Bloomberg) — Crude oil prices crashed and U.S. equity futures plunged at the open Monday in Asia, while the yen and sovereign bonds jumped, as a price war for crude threatened an already fragile global economy hit by increasing coronavirus worries.Brent opened 20% lower. S&P 500 futures were down well over 3%. Japan’s yen was up about 1% against the greenback in early trading, while the Mexican peso tumbled along with Canada’s dollar. Equities in the Middle East plunged on Sunday as Saudi Arabia slashed the price of its crude after producers failed to agree on supply cuts. Stocks in …read more […]

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Wild Start to Currency Trading Gives Taste of Markets in Crisis

(Bloomberg) — The Japanese yen jumped to the strongest level since 2016 in the start of another roller coaster week, but this time with an oil-price war to add to the distress.Canada’s dollar and Norway’s krone dropped at the open in Sydney after Saudi Arabia slashed official crude selling prices, firing the first shots in a dispute with the world’s biggest oil exporters. The euro climbed to the highest against the dollar since July, which may give the European Central Bank food for thought when it decides on interest rates on Thursday.The prospect of competing price-cuts by the biggest crude …read more […]