International markets have seen better days. Since WHO declared Coronavirus a global pandemic, most if not all markets have suffered.
The U.S. has been hit profoundly - officially ending the longest bull market in history - all U.S. indices lost 20 or more percent points during the past few days. All flights coming from 26 European countries are banned for one month as a safety measure to prevent the virus from spreading even more. The U.S. Federal Reserve decided to inject half a trillion Dollars in liquidity to support the economy.
Measures to protect the economy have been taken by major financial institutions across the globe, as well: Bank of England cut the interest rate to 0.25%. German budget committee pledged $1.1 Billion to tackle the outbreak.
Australia decided to come up with a health package worth $2.4 Billion to protect its citizens.
Since WHO made the announcement, Italy is on national lockdown, and the number of victims is increasing daily.
Things don’t look good on the European side of the world also, Christine Lagarde’s decision to not cut the interest rates made Germany30 to drop 8% in just one day.
Cryptocurrencies, lost, as a market, more than $93.5 Billion in value. Bitcoin dropped 50%, trading at a level of $3,850. It hasn’t been at this level since May 2019.
Oil has been the biggest victim. The disagreement between Saudi Arabia and Russia at the last OPEC meeting, pushed the Crude Oil at its lowest level since the Gulf War of 1991. Current Oil price swings around $33/ barrel.
Not even the safe-haven of all safe-havens, Gold, had any immunity against the wave of bad news - it lost 4%, dropping to $1, 563/ounce.
Sources: investing.com, forbes.com, cnbc.com, nasdaq.com
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