Dow futures drop 1100 points because Donald Trump didn’t manage to convince investors that coronavirus is not as dangerous as they feel. Market goes red again.
Through the state-owned company Aramco, Saudi Arabia plans to raise its oil production from 12 million BPD to 13 million BPD. The sell-off was as a result of the production disagreement with non-OPEC member Russia.
WHO presses the red-alert button declaring the COVID-19 as a global pandemic. The WHO director showed disappointment in the ineffectiveness of the global leaders to deal with this situation. Global markets are entering a bear period. Dow Jones has lost 1400 points.
The Dow Jones opened with a fall amid the coronavirus outbreak. The Saudi Arabian and Russians continue with their supremacy battle on the crude oil price.
As the third Bitcoin halving event approaches, interest among investors seems to dwindle as BTC followed the price action of the traditional markets failing to act as a haven asset.
The Bank of England cuts interest rates by half. The country’s Health Minister Nadine Dorries tested positive for coronavirus.
Tuesday’s rally did not last long. Early on Wednesday, U.S. stock futures, including Dow, fell sharply. Tech stocks have also suffered.
The U.S. Treasury yields increase volatility caused by coronavirus panic as the number of confirmed cases in the country is growing.
Monday’s oil market crash left the Brent crude price hit its multi-year low as Saudi threatened to open its oil production taps to the tune of 12.3 million barrels per day from April 1. Russia’s energy ministry is likely to hold a meeting with the Russian oil companies later today.
After Monday’s market crash, President Donald Trump assured some fiscal stimulus measures with possible tax relief for the year 2020. Tuesday’s market recovery was most likely in the hopes of this announcement.
As the markets have started to recover after the recent fall, Bitcoin price has finally managed to go beyond the level of $8,000 today.
Markets in the Asia Pacific began to recover Tuesday and Dow Jones futures jumped more than 800 points a day after novel coronavirus fears and an oil price war sparked a worldwide panic.
Global markets were in a massive state of turmoil on Monday as major indices, including Dow Jones and S&P 500, collapsed over 7% triggering circuit breakers and suspending trading on Wall Street for 15 minutes.
Dow Jones has lost over 1,880 points due to a row of factors including Saudi’s oil price slash as well as the coronavirus that is quickly spreading. More bleeding is expected.
Bitcoin and other cryptos’ prices dropped soon after a plunge in oil prices. Besides, Bitcoin lost its positions as a result of a crypto scam committed by PlusToken.