Global stocks panic as oil price plunges and Covid-19 spreads
Investors piled into safe-haven bonds, driving the 30-year US bond yields beneath 1% on bets the US Fed will cut interest rates 75 basis points at its March 18 meeting
09 March 2020 - 16:42
London — Global stocks plunged on Monday and prices for crude oil tumbled as much as 33% after Saudi Arabia launched a price war with Russia, sending investors already worried by the coronavirus fleeing for the safety of bonds and the yen.
Saudi Arabia had stunned markets with plans to raise its production significantly after the collapse of Opec's supply cut agreement with Russia — a grab for market share reminiscent of a drive in 2014 that sent prices down by about two-thirds...
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