Asian and European markets plunged on Monday as investors were spooked by Italy’s coronavirus quarantine measure and Saudi Arabia launching an oil price war.
... [+]: Global stocks plunged after crude oil posted its biggest fall since the 1991 Gulf War after Saudi Arabia launched a price war with Russia.
Japan’s Nikkei index fell more than 5% on Monday, while stocks in Hong Kong and mainland China were also down as panicked investors in Asia flocked to safe-haven assets like government bonds and the Japanese Yen. European stocks followed suit, with London’s FTSE 100 index down almost 8% on Monday morning, while France’s CAC 40 dropped more than 7% and Germany’s DAX was down 6%.
The pan-European Euro Stoxx 50, measuring the continent's 50 largest companies, plunged more than 6% on Monday morning, its worst performance in more than a year.Oil prices plummeted with the benchmark Brent crude down to $33.20 a barrel, while West Texas Intermediate fell 31% to $28.32 a barrel on Sunday.
The steep drop was triggered after Saudi Arabia announced it would raise production after OPEC's deal with Russia to supply collapsed on Friday.: Some $90 billion was wiped off Australia’s markets on Monday, with the benchmark ASX falling more than 7%—its worst performance since the global financial crash.
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