Oil massacre chases investors to bonds on world markets

A pedestrian walks past an electronic board displaying Asian stock market indices in Tokyo, Japan. Picture: BLOOMBERG/TOMOHIRO OHSUMI

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.8% while Japan’s Nikkei slumped 1.3%. International benchmark Brent futures dropped below $20 per barrel on Tuesday and last traded at $18.62, down 3.7%. So far this week, it has lost 33.7%. US June crude futures traded at $12.78 per barrel.

The risk-averse mood offset news that the US Senate on Tuesday unanimously approved $484bn in fresh relief for the US economy and hospitals hammered by the pandemic. Governors of about half a dozen US states pushed ahead on Tuesday with plans to partially reopen for business but some health officials warned doing so could trigger a new surge in coronavirus cases — fears shared by some investors.

Source: Financial Digest (financialdigest.net)

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