Equities fall after Saudi Arabia launches an oil price war with Russia, sending already-panicked investors fleeing for safety
A trader works the floor of the New York Stock Exchange on March 6 2020 in New York City, the US. Picture: GETTY IMAGES/AFP/DAVID DEE DELGADO
The shock in oil was seismic, with Brent crude futures sliding $12 to $33.20 a barrel in chaotic trade, while US crude shed $11.80 to $29.48. In Asia, stocks and emerging market currencies with exposure to oil tumbled in volatile trade while the safe-haven yen surged.Investors drove 30-year US bond yields beneath 1% on bets the Federal Reserve would be forced to cut interest rates by at least 75 basis points at its March 18 meeting, after having already delivered an emergency easing last week.“Not just us, but across the globe you would have every broker/dealer raising their margin requirements ...
The number of people infected with the coronavirus topped 110,000 across the world as the outbreak reached more countries and caused more economic carnage. Not helping the mood was news North Korea had fired three projectiles off its eastern coast on Monday. The European Central Bank meets on Thursday and will be under intense pressure to act, but rates there are already deeply negative.
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