Markets are in pure hysteria mode, says an analyst. FMTNews Oil BlackMonday
NEW YORK: World oil prices crashed Monday, fuelling a vicious selloff on stock markets which were already buckling from the spreading coronavirus outbreak.
In Paris, the CAC-40 index lost over 8%, also its worst daily drop since the 2008 financial crisis, while the Dax blue-chip index in Frankfurt saw its sharpest single fall since 2001.“The markets have passed from panic mode into pure hysteria,” said Ayush Ansal, chief investment officer at trading firm Crimson Black Capital.
The dizzying oil drop – the steepest since the 1991 Gulf War – sent investors fleeing for safety alongside mounting fears over the worsening coronavirus, which has seen Italy lock down a swathe of its north. At the end of an exceptionally volatile trading day, Milan’s FTSE MIB index stood more than 11% lower.
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