Asian shares slammed in panicked trade, oil prices crash

SYDNEY Asian shares were set for a pounding on Monday as investors fled to bonds to hedge the economic shock of COVID-19, and oil plunged more than 20 per cent after Saudi Arabia slashed its official selling price.

"Today's price action puts at risk the fiscal health of the vast majority of sovereign producers and budget cuts and increased debt loads are now looming in the event of a prolonged period of low prices," warned Helima Croft, head of global commodity strategy at RBC Capital Markets.AdvertisementThere were also worries that US oil producers that had issued a lot of debt would be made uneconomic by the price drop.

The number of people infected with coronavirus topped 107,000 across the world as the outbreak reached more countries and caused more economic damage. "Dollar bloc central banks cut policy rates by 125 basis points, not as a way to stop a viral pandemic, but to stem a fear pandemic," he added, while noting many had little scope to ease further.Markets are fully priced for another half-point rate cut from the Federal Reserve at its scheduled policy meeting on March 18, following last week's emergency easing, and a move toward zero in coming months.

Analysts at BofA Global Research estimated the latest sell-off had seen US$9 trillion in global equity value vaporised in nine days, while the average 10-year yield in the developed world hit 16 basis points, the lowest in 120 years.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian shares slammed in panicked trade, oil prices crashSYDNEY — Asian shares were set for a pounding on Monday (March 9) as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20 per cent after Saudi Arabia slashed its official selling price.
Source: TODAYonline - 🏆 1. / 99 Read more »

Third coronavirus-related death in Australia after Sydney man diesSYDNEY (REUTERS) - A man in his 80s died in a Sydney hospital after testing positive for Covid-19, becoming the third coronavirus-related casualty in Australia, state health authorities said on Sunday (March 8).. Read more at straitstimes.com. OMG!!!!
Source: The Straits Times - 🏆 8. / 63 Read more »

Australian police charge two Sydney women over toilet paper feud
Source: TODAYonline - 🏆 1. / 99 Read more »

Asian shares slammed in panicked trade, oil prices crashSYDNEY — Asian shares were set for a pounding on Monday (March 9) as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20 per cent after Saudi Arabia slashed its official selling price.
Source: TODAYonline - 🏆 1. / 99 Read more »

Aramco trades below IPO price for first time, after OPEC pact unravelsShares of Saudi state oil company Aramco slumped below their initial public offering (IPO) price on Sunday for the first time since they began ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Oil down about 20% after Saudi price cuts[SINGAPORE] Oil plunged about 20 per cent on Monday after top exporter Saudi Arabia made deep price cuts following a failure by Opec and its allies to strike a deal to support energy markets. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »