Chinese yuan heads for biggest daily fall as three US stock indices drop more than 5% on Thursday
People walk past an electronic board showing Japan’s Nikkei average and the yen’s exchange rate against the dollar outside a brokerage in Tokyo, Japan. Picture: REUTERS/TORU HANAI
Oil futures slumped for a second consecutive trading session due to worries about weak global energy demand, which weighed on the currencies of oil producers and countries that rely on exporting commodities. “All of a sudden the coronavirus, which has been an also-ran story for some days now, became more important as the virus began picking up in some states, and the market began thinking there may be delays to reopening,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
Coronavirus cases have jumped in several US states in recent days, raising concern among experts who say authorities have loosened restrictions put in place to contain the spread too early. Economic data appeared to back up the Fed's projections, with jobless claims still more than double their peak during the Great Recession and continuing claims at an astoundingly highUS crude slid 1.87% to $35.66 a barrel, while Brent crude eased 1.43% to $38 per barrel in Asia on Friday hit by renewed concerns over demand and a large build-up of US crude inventories.
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