Asian stocks set to sink after historic U.S. oil rout
FILE PHOTO: A pedestrian wearing a face mask walks near an overpass with an electronic board showing stock information, following an outbreak of the coronavirus disease , at Lujiazui financial district in Shanghai, China March 17, 2020. REUTERS/Aly Song/File Photo
But the collapse highlighted intense disruptions globally as the coronavirus pandemic and lockdowns paralyze the world economy, and augurs badly for a swift return to growth. “It’s not just relevant to energy markets, this very clear evidence of economic damage...it’s not a matter of just turning everything back on and jumping back into action.”
“The price action was scary because you’ve got folks wanting to pay other people to take physical delivery of an asset they don’t want to own,” said Kyle Rodda, market analyst at IG Markets in Melbourne. If lessons can be drawn from China, industrial production can be switched back on relatively quickly once anti-virus measures are eased, but consumption will take longer to revive if social distancing and other movement restrictions continue, Oxford Economics said in a note to clients.
Debate over the pace of re-start and recovery has already spilled into the streets in the United States, the worst hit nation globally, as protests against lockdowns intensified.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Instant View: Spot U.S. oil futures crash below zero with nowhere to store crudeEnergy traders fled from the expiring May U.S. oil futures contract in a frenzy on Monday, sending the contract deep into negative territory for the first time in history, as barely any buyers are willing to take delivery of oil barrels because there is no place to put the crude.
Lire la suite »
Crude prices plunge to lowest level in history — what Cramer and others are watchingWith oil demand collapsing, CNBC's Jim Cramer and other top market analysts share their outlook for the commodity.
Lire la suite »
Wall Street retreats as crude slump batters energy stocksA slide in energy stocks weighed on Wall Street on Monday as crude prices crashed at the start of a week packed with quarterly earnings reports and economic data likely to underline the damage from the coronavirus outbreak.
Lire la suite »
US crude plummets 14% as one analyst says the situation stateside is 'quite dire'U.S. crude prices plunged in the morning of Asian trading hours on Monday as one analyst told CNBC that the situation stateside is 'quite dire.'
Lire la suite »