Market Overview - Page 393

The Federal Reserve, saying “the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States,” cut interest rates to essentially zero on Sunday and launched a massive $700 billion quantitative easing program to shelter.

The Fed emergently cut the rate by 75 points to 0.00%-0.25% on Sunday night. Two hours earlier, RBNZ also cut its rate by 75 points to a historic low of 0.25%. This morning, the Bank of Japan expanded its QE.

Saudi Arabia is flooding markets with oil at prices as low as $25 per barrel, specifically targeting big refiners of Russian oil in Europe and Asia, in an escalation of its fight with Moscow for market share, five trading sources.

Europe has become the new epicenter of the COVID-19 pandemic as cases in China slow and the deadly coronavirus runs through Italy and the rest of that continent, World Health Organization officials said Friday. “More cases are now being reported.

Market overview High volatility of stock markets after yesterday’s collapse remains. S & P500 since the start of trading on Friday added 3.7% after a collapse of 9.9% the day before. EuroStoxx50 grows by 5.5%, FTSE100 – by 4.4%. DXY.

Markets on Thursday were experiencing one of the sharpest declines in their history. The fall of the American indices was approaching 10%, becoming the worst since 1987, European markets were losing even more as FTSE100 collapsed by 10.5% by the.

World stocks were set on Friday for their worst week since the 2008 financial crisis, with coronavirus panic-selling hitting nearly every asset class and investors fretting that central bank action may not be enough to soothe the pain. European stock.

U.S. shale producers are seeking sharp service costs cuts to deal with plummeting prices and shrinking demand, according to executives and a letter sent to top providers, driving home the oil industry’s desperate efforts to cope with a market dive..

Stocks plunged on Friday with coronavirus panic selling hitting nearly every asset class, before finding some kind of floor as hopes turned to a U.S. stimulus package. European and U.S. stock futures traded in positive territory and some of Asia’s.

Bitcoin has a history of heart-stopping volatility but they all pale in comparison to what happened in the last 24 hours. The king cryptocurrency bowed down to macro forces as it lost nearly 40% of its value in yesterday’s trading..

While much of the attention in the bond market has focused on the Treasury side, corporate fixed income has been in its own state of turmoil. Interest rates on the lowest-rated companies have spiked, rising above their government bond counterparts.

Cryptocurrencies took a battering following a global sell-off in stocks, with bitcoin seeing a near 40% plunge. The market capitalization, or total value of the entire cryptocurrency market plummeted around $93.5 billion in the space of 24 hours as of.