An investor looks at an electronic board showing stock information at a brokerage house in Shanghai, China. Photo: Reuters
CNN: Global stocks tumble as oil crashes, compounding coronavirus fears
Global stocks are falling and bond yields are sinking after the implosion of a critical oil alliance caused crude prices to crash to historic lows.
S&P 500 (SPX) futures plunged as much as 5% Sunday evening, triggering a limit that prevents futures from trading below that mark. Dow (INDU) futures fell more than 1,200 points, or about 4.9%. Nasdaq Composite (COMP) futures were down 4.8%.
The sell-off carried over into Asia Pacific, where Australia's S&P/ASX 200 dropped 6.3% on Monday, putting the index on pace for its biggest plunge since October 2008. Japan's Nikkei 225 (N225) sank 5.6%, heading for its lowest close in more than a year.
Hong Kong's Hang Seng (HSI) lost 3.5% by noon, setting the index up for its biggest decline in more than a year. South Korea's Kospi (KOSPI) also fell 4%. China's Shanghai Composite (SHCOMP) was the best performer among major indexes in Asia — and even then was still down 2.5%.
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WNU Editor: It is a perfect storm. OPEC breaking apart. Italy locking down the north of the country. The coronavirus outbreak continues to spread globally. Investors search for stability, and there is certainly none in the world today.
More News On Today's Oil And Market Collapse
Dow futures tumble 1,200 points, Treasury yields plunge amid oil price war -- CNBC
Asia plunges, European & US futures collapse as panicked investors seek safe haven from perfect storm ravaging markets -- RT
US crude prices drop below $30 a barrel after OPEC deal failure sparks price war -- CNBC
Oil plunges about 30% after Saudi Arabia slashes prices, opens taps -- Reuters
Panic Purgatory: Oil Crashes To $27; S&P Futures Locked Limit Down, Treasuries Soar Limit Up Amid Historic Liquidation -- Zero Hedge
Over $26 billion wiped off cryptocurrency market in 24 hours after massive oil price plunge -- CNBC
4 comments:
Well played, China, well played.
And the usual suspects, Iran, North Korea and Russia joining in.
Lol this will be an epic election year @ 2020.
If this trajectory continues, we will have seasonal warfare ahead of US elections. "Oh look, Ma, Iran just invaded Iraq" "Don't worry, son, they do that every 4 year or so" :D
" OPEC breaking apart. Italy locking down the north of the country. "
People laugh at Italy. But the locked down north is where the industrial might of Italy is. So yeah, no need for oil.
Everyone decided to play their cards in a big game of Jenga. Time to reap the whirlwind. Nuke Moscow Now!
Is Zero Hedge a Russian Trojan Horse?
Ever since the coronavirus exploded outside of China at the end of January, Donald Trump has treated the public health crisis as a media war that he could win with the right messaging. But with cases now documented in 34 states and markets plunging, Republicans close to Trump fear his rosy assessments are fundamentally detached from reality in ways that will make the epidemic worse. “He is trying to control the narrative and he can’t,” a former West Wing official told me.
The problem is that the crisis fits into his preexisting and deeply held worldview—that the media is always searching for a story to bring him down. Covid-19 is merely the latest instance, and he’s reacting in familiar ways. “So much FAKE NEWS!” Trump tweeted this morning. “He wants Justice to open investigations of the media for market manipulation,” a source close to the White House told me. Trump is also frustrated with his West Wing for not getting a handle on the news cycle. “He’s very frustrated he doesn’t have a good team around him,” a former White House official said. On Friday he forced out acting chief of staff Mick Mulvaney and replaced him with former House Freedom Caucus chair Mark Meadows. Trump thought the virus was “getting beyond Mick,” a person briefed on the internal discussions said. Trump has also complained that economic adviser Larry Kudlow is not doing enough to calm jittery markets. Last week Kudlow refused Trump’s request that Kudlow hold an on-camera press briefing, sources said. “Larry didn’t want to have to take questions about coronavirus,” a person close to Kudlow told me. “Larry’s not a doctor. How can he answer questions about something he doesn’t know?”
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