10.03 - markets around the world are plunging
Oh the world markets! Oh what a day it was yesterday! The world markets were tumbling. Nothing was safe from the pressure and from the losses. Dow Jones alone lost more than 2000 points yesterday. It was the largest drop in the history of an index. The previous record of around 1500 point was set only 11 days ago, which means that the hits given by coronavirus are only getting worse. The panic is rising and it is very likely that we are going to see performance even worse in the nearest days. Although I do hope I am wrong.
But that was yesterday. And what is going on today? Well, the situation might have gotten just a little bit better overnight We can see a clear growth and recovery in the Asian segment of the market even though the region is still plagued by fears from the virus with China and South Korea being the biggest sources of infection in the world.
American stock market crashed, as we have already pointed out. The fall is really seemed and felt in the market stocks. Tesla extended the drop with almost 14 percent plunge. Facebook and Amazon followed. Apple is also fling lower and lower with Chinese consumers’ interest towards iPhones being on the lowest point ever. What is going to become of the profits of these companies with so many people being not interested in their products?
Oil is another sore point. Even though the price for WTI bounced back, Brent (a Russia brand of the crude) is falling lower and lower, all due to Russian government stating that they might cut ties with OPEC after a disagreement with Saudi Arabia. This is not allowing Brent to recover together with WTI and for the first time in a long time if not ever WTI’s price is higher than that of Brent’s even if it is by several cents. Yesterday’s losses were the most serious ones in 30 years. Stimulus is awaited even despite Russia-Saudi Arabia conflict.
Here are the major changes for today:
Topix recovered 1 percent.
Kospi grew 0.1 percent.
Shanghai Composite added 1.6 percent.
Hang Seng from Hong Kong advanced 1.8 percent.
S&P 500 futures added 3.5 percent.
Euro tumbled 0.55 percent - $1.1358.
Pound recovered 0.1 percent - $1.3057.
Yen decreased 2.1 percent – 104.78 per dollar.
Canadian dollar increased 0.2 percent - $1.3622.
Tesla slid 13.6 percent - $608.
Apple dropped 7.9 percent - $266.17.
Facebook decreased 6.4 percent – $169.5.
Amazon lost 5.3 percent – $1800.61 per share.
Google shed 6.2 percent - $1215.79.
WTI recovered 11 percent after having slipped almost 30 percent yesterday - $33.51 per barrel.
Brent lost 26.7 percent - $33.34 per barrel.
Gold dropped 1.4 percent - $1656.17 per ounce.
Silver dropped 0.2 percent - $16.96 per ounce.
Platinum added 0.8 percent – $878.57.
Palladium advanced 1 percent - $2515.65 per ounce.