LONDON, March 9 (Reuters) - A massive oil price collapse
overnight and the fast-spreading coronavirus has led to wild
price swings across global financial markets on Monday, with
some moves as great as 25%.
Those moves came as Saudi Arabia launched a price war with
Russia, sending investors already panicked by the coronavirus
fleeing for safety.
When was the last time oil giants such as BP and
Shell shed one-fourth of their value? Never.
The list below highlights some of the biggest price moves
and their significance:
** Brent crude fell as much as 31.4%, the biggest
daily drop since the first Gulf War
** The yield on 10-year U.S. Treasuries fell
further to a record low of 0.4624%, having halved in just three
sessions
** With swings in yield, markets are now fully pricing in a
rate cut of 75 basis points by the Federal Reserve on March 18
** The 10-year Bund yield fell to a record low of -0.863%
** U.S. stock futures plunged 5% to hit their daily down
limit and halt trading
** London's FTSE 100 shed 8.4% a few minutes after
the open in its worst single-day drop since the financial crisis
** London-listed Shell plunged 23% and BP 29% in their
worst-ever intraday rout
** The Russian rouble is down over 8%, on track for its
worst drop since December 2014, also when oil prices plunged
** The dollar extended its slide in Asia to as low as 102.60
yen, depths not seen since late 2016
** Emerging-market stocks dropped over 4% and the
world's biggest listed entity, Saudi Aramco, traded
below its IPO price for the first time
(Reporting by Thyagaraju Adinarayan and additional reporting by
Marc Jones in London; editing by Larry King)
BP (BP.)
