“Global stocks are set to decline as Asia and Europe catch up with the sharp declines in the US seen yesterday as the Dow Jones slipped 880 points (-3.2%)…..
By Mihir Kapadia, the CEO of Sun Global Investments
All major market indices are now in negative territory for 2020 as a whole.
Global stocks tumbled for a fourth day after the CDC said that the spread of novel coronavirus (COVID-19) in the U.S. has become a question of “when” rather than “if.” With health and economic concerns mounting, the latest downtick in the S&P 500 has brought the 4-day decline to more than -7.6%.
In terms of the S&P 500 sectors, all the sectors were sharply lower with the Energy and Material sectors down 4.3% and even the defensive Utilities were down over 2.0%.
Oil prices fell further reflecting serious global growth concerns as WTI crude yesterday fell below $50 and is now at USD 49.76, a 52-week low. US Treasuries and other safe haven assets remain in high demand with benchmark yields across the curve making new multi-year lows, with the 10 year yield down to 1.35%.
In overnight trading in Asia, all indices are lower led by Thailand which was down 3.3%. European Indices are between 0.6% and 1.0% lower. US Stock Index Futures are currently trading 0.4% higher but that is a small gain compared with yesterday’s gain.”
Source : ETFWorld.co.uk