SYDNEY/HONG KONG - Global share markets plunged on Monday as panicked investors fled to the safety of bonds and the yen to hedge the economic trauma of the coronavirus, while oil plunged more than 30% after Saudi Arabia opened the taps in a price war with Russia.
In Asia, stocks tumbled, the safe-haven yen surged and emerging market currencies with exposure to oil tumbled in volatile trade. [FRX/] “Not just us, but across the globe you would have every broker/dealer raising their margin requirements...trying to basically protect our clients from trying to leverage too much risk or guess where the bottom is.”
There were also worries that U.S. oil producers that had issued a lot of debt would be made uneconomic by the price drop. The European Central Bank meets on Thursday and will be under intense pressure to act, but rates there are already deeply negative.
Meanwhile in Mexico nothing fatal is going on despite the 5 confirmed cases. In words of the Mexican President there’s no emergency to be worried about & that’s spooking me more than if they’d say the truth
Democrats take a good look at your Global deal that your Democratic leaders sold We the American people out to, That's why Democrats have Hate for Pres Trump for shutting down their selling out We the American people for profit with China and Russia
The far left in NM should have not pushed such a high budget when 39% comes from oil and gas. It is always best to be conservative with the budget and save for times where we see the cyclic nature of oil and gas.
The best thing about watching a total economic collapse is realizing that all those who value themselves and other people according to their monitary wealth will have absolutely nothing to value themselves or others by.
Capitalism is useless when its about protecting people, But they are so fine and quick to protect themselves and there money.
Again... who is panicking? Any chance this is a completely reasonable response to a worldwide pandemic the scale of the Spanish Flu?
It’s so strange to me that Asia uses green when showing negative numbers
That's all we need right now
Russia will be the loser here they wont be able to compete with the Saudis and a reduction in the price of oil will help to cushion some effects of the Virus for global industry
I'm going deeper underground, there's too much panic in this town
Saudi Arabia's move, whether intended or not, will ease the global economic crisis by lowering cost of fuel while also collapsing the Russian economy because Russia can't compete with SA & ruble is heavily based on oil. It's a good move by KSAmofaEN - Russia, check!
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