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Markets in meltdown globally amid oil and coronavirus confusion

by LLB Editor
9th Mar 20 3:35 pm

Global markets were roiled today amid panic over oil prices and the coronavirus outbreak.

The S&P 500 is currently trading down 7.34% at 2,762.94.

The tech focused Nasdaq is down 5.53% to 104.38 and the Dow Jones Industrial Average Index has slipped 7.40% to 23,950.99.

Sectors which have suffered lowest falls are energies companies – down 37% and financials down 24%.

Dr. Kerstin Braun, President of Stenn Group, an international provider of trade finance, commented: “Markets have been shaken by the threat of a price war between Opec and its main ally, Russia. With markets fluctuating like crazy as the coronavirus takes its financial toll on global economies, and oil prices at unpredictable lows, for us this marks the beginning of a recession. Our research showed that at the beginning of the year, half of UK and US businesses predicted a recession and a third predicted an international global crisis. Just three months into 2020 and we’re starting to see this play out.

“Chinese companies are operating at a one-month cash flow only, and if not supported by their stronger buyers in the western world, then it’s likely these Chinese firms will default and we’ll see an even harsher global collapse. Our purpose is to support manufacturers in China to avoid this outcome.”

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