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28.02 - stock market performance is the worst since 2008

28.02.2020

 

What are we going to do next? What will we do if coronavirus is not going to stop in the next several days? How are we going to trade? Has the time to panic come? Oh, these are the questions that are plaguing our mind at the moment. And the worst thing is that we are too occupied having these question in our head. No one can give us the answers to them. We have spent the last several weeks hoping that the disease was going to start dying out but we can now see – that is not the case.

 

Today coronavirus is a real threat not only to the global health but to the global markets a well. And with the first one being in focus, we are simply not sure how long it is going to take the markets to recover from all of the losses that we have witnessed. World share market is headed for the worst week since 2008. Yes, that is right. We are at the worst point since the global financial crisis. And that is really troublesome news, wouldn’t you say?

 

Fears that the virus is going to turn into pandemic are growing just as the number of the people affected by it. The scary thing is that is the virus’ pace is going to grow, so will the panic. This means that we might be just at the very beginning of the sell offs. The only problem that not a lot of currencies and shares have some wiggle room. And that can cause a lot of troubles.

 

Of course we still have safe havens which are growing, but the thing today is that even precious metals are slowing down. The only instrument that people still believe in is USD, which has been growing against six major peers for several days all week. A dollar this strong combined with weak markets… what will this combination cause?

 

Here are the changes for the last trading day of the week:

 

Topix decreased 3.9 percent.

Kospi dropped 3.15 percent.

Shanghai Composite lost 3.2 percent.

Hang Seng from Hong Kong dropped 2.75 percent.

S&P 500 futures dropped 1 percent.

Euro added 0.8 percent - $1.0996.

Pound decreased 0.4 percent - $1.288.

Yen advanced 1 percent – 108.98 per dollar.

Canadian dollar lost 0.8 percent - $1.3442.

Tesla decreased 12.81 percent - $679.

Apple dropped by 6.5 percent - $273.52.

Facebook shed 3.8 percent – $189.75.

Amazon plummeted lower by 4.8 percent – $1884.3 per share.

Google declined 5.4 percent - $1314.95.

WTI decreased 1.4 percent - $45.68 per barrel.

Brent shed 1.1 percent - $50.84 per barrel.

Gold dropped 0.3 percent - $1640.38 per ounce.

Silver lost 1.3 percent - $17.53 per ounce.

Platinum shed 1.8 percent – $881.

Palladium lost 2.7 percent - $2778.5 per ounce.