SYDNEY- Global shares plummeted on Monday as wary investors sought bonds to equalize the economic impact of the novel coronavirus. Oil followed trend and shed more than 20% after Saudi Arabia cut its official selling price.
Investors anxiously resorted to 30-year U.S. bonds pushing it up neutral to 1%. Such followed as markets anticipated that the Federal Reserve would be compelled to reduce interest rates by 75 basis point at its March 18 convention, despite implementing nothing but an emergency easing.
The heavily-sought after yen advanced at the top of the trading board as emerging market currencies linked to crude products suffered. Japanese benchmark Nikkei .N225 declined by 5.7% all while Australian shares sunk by 5.9%.
Brent crude LCOc1 futures fell $11.14 and were quoted at $34.13 per barrel in a sharp trading session. U.S. West Texas Intermediate CLc1 inched down with $10.58 loss and last stood at $30.70.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...