Markets may well get worse before they get better

Arabnewsksa10 Mar, 2020News

Carnage is the only word springing to mind when looking at the sea of red on Monday’s Asian and European market open. Equities are down — the yield of the 30-year treasury dropped below 1 percent for the first time in history. The worst affected commodity was oil: DTI temporarily undershot the $30 per barrel mark and Brent dropped a whopping 30 percent from $45.27 on Friday’s close to $31.60 in early Asian trading. This is the biggest drop in price in history for Brent. WTI has not seen a decline of this magnitude since the Gulf War. By mid-morning in Europe, Brent had recovered to $36.2 per barrel and WTI was again above $30 at $32.4 per barrel.