NSTbusiness: Equity markets collapsed on Monday as the rapidly spreading Covid19 coronavirus fans fears over the global economy, while a crash in oilprices added to the panic with energy firms taking a hammering.
As the deadly disease claims more lives around the world, dealers are fleeing out of riskier assets and into safe havens, sending gold and the yen surging and pushing US Treasury yields to new record lows.
Singapore, Seoul and Wellington were more than three per cent down, while Shanghai, Taipei and Jakarta shed at least two per cent. The losses tracked sharp sell-offs in Europe and Wall Street on Friday. Saudi Arabia launched an all-out oil war on Sunday with the biggest cut in its prices in the past 20 years, Bloomberg News reported, after OPEC and its allies failed to clinch a deal to cut output.
Russia’s decision not to comply had already wiped 10 per cent off prices on Friday and there are warnings that prices could continue to drive lower if the two sides do not reach an agreement. Foreign exchange markets were also extremely volatile, with traders snapping up the yen – seen as a hedge against global instability – and selling off the dollar owing to uncertainty over the coronavirus in the United States.
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