The global stock markets is a black day of trading is imminent. After the Opec failed to agree with the countries outside of the cartel to a reduction in subsidies, a break with the Oil prices currently, literally. Thus, the concern for the further development of the world economy in the midst of the Coronavirus is supplemented crisis to another facet.
In Asia, have yielded to the courses at the start of the week clear. The Japanese Nikkei closed on Monday with a loss of 5.1 percent. He crashed more than 1000 points under the psychologically important mark of 20'000 points to its lowest level in 14 months. Hong Kong's leading Index, the Hang Seng is at Minus 4 per cent and the Shanghai stock exchange fell three per cent. The Australian index of leading shares dived by as much as 7.4 percent – the sharpest decline since November 2008.
The markets, thus building seamlessly to the charges last week, which had the end of the week once more reinforced. "The magnitude of the collapse shows that any hope of a temporary respite was in vain," said the currency strategist Sean Callow of Westpac.
The Swiss benchmark index SMI plummeted to the start of trading by nearly 700 points, or almost 7 percent on 9078 points. The leading German index Dax lost at the opening on Monday of up to 8 percent to 10'617 points. So he headed for the largest daily loss since more than 18 years of age. Also, the Danish and Swedish stock exchanges following a sharp fall of over 6 per cent, the Norwegian, by as much as about 10 percent.
The Futures for Wall Street suggest taxes of about 1200 points at the start. "The uncomfortable truth for many investors is the fact that you can hide yourself really hard somewhere," said a market participant.
oil price war intensified Coronavirus-panic
the trigger for the aggravation of selling the message that the oil cartel Opec and its co-operation agreement partners on a further limitation of the crude oil production. An agreement between Russia and the Opec was announced after three years in the dispute-resolution. Russia rejected a throttling of production because of the Coronavirus epidemic. As a result, the price of Oil had fallen in the markets.
Under the pressure of the Coronavirus epidemic has cheapened petroleum since the beginning of the year, more than a quarter. This makes especially the Opec countries, including Iraq, Iran, Kuwait or the United Arab Emirates in addition to Saudi Arabia. Russia was, however, with the current price level.
The outbreak of the Coronavirus presses on the oil Demand, because of flights cancelled and holidays have been cancelled, in order to prevent further spread of the pathogen and a slump in the world it is feared stimulus.
After the Failure of talks between the Opec and Russia on a common conveyor brake Saudi Arabia wants to drive his production. The thus launched a price war between Saudi Arabia and Russia in Oil prices on Monday by up to 30 per cent in the depth of the bag.
Both the Brent and US light crude experience, the biggest slump since January 1991 to the beginning of the first Gulf war.
The biggest price of oil over the last 30 years falls: at the beginning of the 1. Gulf war in January 1991, after the terrorist attacks of September 11. September 2001 and in the Wake of the financial crisis in 2008.
The Oil grade Brent from the North sea was on Monday morning with 31,02 dollars per Barrel, as cheap as the last four years ago. In the course of the Morning the price had recovered slightly to 34,77 USD, which is still a loss of about 23 percent compared to the preliminary course.
As further stress factors to the recent economic data from China and Japan added. You exacerbate the panic in the markets.
Gold rises, the Euro and the Dollar
Against this Background, the fall of the price of an ounce of Gold at about 1700 US dollars has increased. US government bonds are also in demand, so that yields fell for ten-year US bonds, in return for the first time under the brand of 0.5 percent.
In currency markets, investors search for safe havens. In addition to the Japanese Yen you bet on the Swiss franc. The Euro currently costs in 1.0567 franc and the US Dollar goes to 0,9223 francs. For comparison: On Friday evening, the Euro was still 1,0603 franc and the US Dollar 0,9369 francs..
The U.S. Dollar was quoted at 21. February, at 0.9838 francs, has since slumped by over 5 percent. Chart: financial and economic (lop/anf/sda/reuters)
Created: 09.03.2020, 07:20 PMUpdated Date: 09 March 2020, 09:03