SYDNEY - Asian share markets were set for a beating on Monday as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.
Brent crude futures sank $11.27 to $34.00 a barrel in chaotic trade, while U.S. crude shed $9.22 to $32.06 a barrel. Futures for the U.S. 10-year Treasury note jumped 28 ticks in early trade, pointing to fresh record lows for yields. “After a week when the stockpiling of bonds, credit protection and toilet paper became a thing, let’s hope we start to see some more clarity on the reaction,” said Martin Whetton, head of bond & rates strategy at CBA.
“The onus is falling, perhaps inevitably on the actions of governments to abandon budget surpluses and reinvigorate the demand side of the economy,” said Whetton.Urgent action was clearly needed with data suggesting the global economy slid into recession this quarter. Figures out from China over the weekend showed exports fell 17.2% in January-February, from a year earlier.
We looking very very GOOFEEEE
realDonaldTrump Which you going to do bad boy?
Oil prices go up and they will come down!
realDonaldTrump this is the bubble I warned you of, Orangebob Squarepants.
Let the oil prices crash ! ( real good).
And by the fact that they were way overpriced. Get real, if corona virus would be the only reason smart buyers would start accumulating. Surprise surprise.... they don’t. shares ASX NYSE
Keeping track of the latest from N Cali