Infected markets - update

Infected markets - update

Wall Street fell on Friday to their biggest one-day drop since August., with Dow Jones shedding 603.41 points or 2.1% settling at 28,256.0, while S&P 500 lost 58.14 points or 1.8% settling at 3,225.52.

China’s central bank signaled its support for the financial system with its biggest cash injection in 16 years, worth 1.2 trillion yuan or $173.81 billion through bond repurchase agreements. Additionally, it cut interest rates by 10 basis points on short-term funding facilities. The Yuan took a hit, dropping to a one-month low of 7.0117 per dollar, and the Aussie reached an almost 10-½ year low of $0.6670.

As the coronavirus outbreak in China affects demand for fuel, with airlines canceling flights, oil prices traded at $50,59 bpd, its lowest level in 5 months. According to S&P Global Platts Analytics, oil demand could drop by 200,000 bpd over the next two to three months, 15 percent of the expected oil demand growth this year.

The slowdown in China’s fuel consumption is also aggravated by an extended period of public holidays for office workers and multinational corporations — including Google, Apple or McDonalds.

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Sources: marketwatch.com, reuters.com, cnbc.com, oilprice.com

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