Wall Street fell on Friday to their biggest one-day drop since August., with Dow Jones shedding 603.41 points or 2.1% settling at 28,256.0, while S&P 500 lost 58.14 points or 1.8% settling at 3,225.52.
China’s central bank signaled its support for the financial system with its biggest cash injection in 16 years, worth 1.2 trillion yuan or $173.81 billion through bond repurchase agreements. Additionally, it cut interest rates by 10 basis points on short-term funding facilities. The Yuan took a hit, dropping to a one-month low of 7.0117 per dollar, and the Aussie reached an almost 10-½ year low of $0.6670.
As the coronavirus outbreak in China affects demand for fuel, with airlines canceling flights, oil prices traded at $50,59 bpd, its lowest level in 5 months. According to S&P Global Platts Analytics, oil demand could drop by 200,000 bpd over the next two to three months, 15 percent of the expected oil demand growth this year.
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Sources: marketwatch.com, reuters.com, cnbc.com, oilprice.com
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