Stock markets in Europe and the US are braced for their biggest falls since the 2008 financial crisis after the trading week began with panic selling amid the double threat of a coronavirus-driven global recession and an oil-price war.
The price of Brent crude oil fell nearly 30% to $31.14 on Monday March 9th, its biggest single fall since the start of the first Gulf war in 1991. Some experts predicted it could fall even further
The Australian share market closed down 7.33% as energy companies saw double-digit losses. The Nikkei in Japan was down 5% while shares in Hong Kong were off 3.5%.
London’s FTSE 100 fell more than 8 percent initially to its lowest in three years; Japan’s Nikkei index slumped more than 5 percent.
Global markets tanked after Saudi Arabia said it would increase oil production and cut prices. Oil prices dropped by more than 20 percent, while U.S. stock futures were down almost 5 percent.
European leaders called for emergency stimulus measures to limit the economic shock from coronavirus-related lockdowns and quarantines.
Governments around the world intensified their efforts to control the virus over the weekend, with Saudi Arabia and Italy enacting restrictions on travel, Iran suspending flights to Europe, and the United States formally warning against cruise ship travel.
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