Japan's Nikkei slumps 1.3 per cent amid generally poor Asian trading sentiment and global vulnerability. — AFP pic
The dizzying dive in oil has turned investors away from stocks, and has given fresh urgency to bearish voices who are bracing for a catastrophic decline in asset prices as the Covid-19 pandemic wrecks the world economy. “The negative price for May WTI futures was probably an anomaly, but it also was a symptom of bigger underlying issues that the industry must address,” said Arij van Berkel, who leads the energy research team at Lux Research in Amsterdam.
“The plunge in oil prices sparked fresh caution about the stock market. Overnight, companies that have been seen as a winner in the post-corona world, such as Amazon, fell. That is a worrying sign,” said Naoya Oshikubo, senior manager of research at Sumitomo Mitsui Trust Asset Management.As the difficulties of restarting the US economy sank in, US Treasury yields tumbled, with the five-year note hitting a new record low on rising prices for bonds: One of the safest assets.
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