Asia: Markets collapse as virus spreads, oil prices crash

📆 3/9/2020 6:41 AM
📰 BusinessTimes

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[HONG KONG] Equity markets collapsed on Monday as the rapidly spreading coronavirus fans fears over the global economy, while a crash in oil prices added to the panic with energy firms taking a hammering. Read more at The Business Times.

Driving the declines was a ferocious sell-off in the oil markets, sparked by top exporter Saudi Arabia slashing prices - in some cases to unprecedented levels - after a bust-up with Russia over production.

A meeting of main producers was expected to agree to deeper cuts to counter the impact of the coronavirus - but Moscow refused to tighten supply. "Oil prices... will likely be capped over the next few months as coronavirus stalls economic growth, and Saudi Arabia opens the pumps and offers huge discounts on its crude grades."

Foreign exchange markets were also extremely volatile, with traders snapping up the yen - seen as a hedge against global instability - and selling off the dollar owing to uncertainty over the coronavirus in the United States.

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