Asia plunges, European & US futures collapse as panicked investors seek safe haven from perfect storm ravaging markets
by RT
Asia plunges, European & US futures collapse as panicked investors seek safe haven from perfect storm ravaging markets
Asian markets are trading deep in the red, while gold reached a fresh 7-year peak, as S&P, Dow and Nasdaq futures entered a free fall amid a dramatic oil market crash and concerns over the coronavirus-hit global economy slowdown.
Japan’s Nikkei 225 and Topix were down nearly 5 percent in morning trade, while a relatively ‘safe-haven’ currency Japanese yen soared more than 3 per cent against the US dollar.
South Korea’s Kopsi dropped nearly 3 percent, while Hong Kong’s Hang Seng was down 3.6. Meanwhile in mainland China both Shanghai and Shenzhen composite fell more than 1.5 percent.
Meanwhile futures for all three major US stock market indices S&P, Dow and Nasdaq are trading nearly 5 per cent down, with S&P 500 E-mini even hitting a limit overnight. The yield on 30-year US Treasuries briefly fell below 1 per cent – for the first time in history – while 10-year Treasuries traded below 0.5% for a while, threatening a chaotic Monday in the US.
The good news is that S&P 500 futures haven’t fallen by more than 5%.
The bad news is that exchange rules limit it to a 5% loss.
