tyb
Crude Crashes As Asia Trading Opens; Stocks Slump, Gold Jumps, Yuan Dumps
While gold is spiking higher and stocks are getting hammered lower after a weekend of ugly headlines surrounding the lethality and spread of the novel coronovirus, the Saudis are desperately talking down the crash in crude oil prices…Brent is back below $60 and WTI has crashed to almost a $51 handle. Saudi Arabia is “closely monitoring” the impact of the coronavirus outbreak on oil markets, but so far sees the crisis having a “very limited impact” on global demand, Energy Minister Prince Abdulaziz bin Salman says in a statement.
Current market impact on oil, “primarily driven by psychological factors and extremely negative expectations adopted by some market participants, despite its very limited impact on global oil demand.”
It seems that "psychological" impact is sending gold higher…And stocks lower… Dow futures down over 250 points, back below 29,000. And S&P futures back below the key 3,300 level. And while cash Treasury markets remain closed, long bond futures are spiking higher (implying around a 7-9bps plunge in yields). And Yuan is plunging too. We assume futures will all be green by tomorrow's cash open as soothing words and excess liquidity are spread liberally across the so-called markets all night.
https://www.zerohedge.com/markets/crude-crashes-asia-trading-opens-stocks-slump-gold-jumps-yuan-dumps
https://www.kitco.com/charts/livegold.html
https://www.bloomberg.com/markets/stocks/futures
https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart
https://www.cnbc.com/asia-markets/
kek