Global markets are looking at their worst open since the 2008 financial crisis following a 30% drop in Oil prices over the weekend and a sharply lower expected open on Wall street following a 7% meltdown in Australia and EU markets and a 5% plunge in the NIKKEI in Japan. S&P500 futures reached their max CME draw down. The fast spreading US corona virus and the OIL prices meltdown signals a red flag for global economy while the effect of the corona virus is crippling the Italian economy as well as spreading the virus into other EU countries. As investors in Asia and EU markets are heading for the exit this morning, US markets will face a potential gap down and buy situation, last seen in Dec 2018. Safe heavens gained aggressively over the weekend, the JPY is up 2% versus the AUD and 1.6% versus the USD this morning while Gold traded at $1,700 seeing the dollar index set to lose another1% over the weekend. The trigger for the sharply lower move this morning seems to be the brutal meltdown in Oil which will have a devastating impact on the global economy that’s fighting the corona virus panic as well. Oil is trading at 7-year lows $32 per barrel this morning after the worst gap in 32 years as Saudi Arabia and Russia fight over quotas and demand is the US and EU regions is likely to drop substantially near term on the corona effect.
There is no important news on the agenda Monday, (all times GMT).
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OIL prices dive to 6-year lows following the price war between Russia and Saudi Arabia and the drop in demand following the corona virus fast US spread.
Global equity futures are down 7% this morning as investors fear a global recession on the corona virus fast spread in the US and Europe.
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