Monday in review: 09.03.2020

Monday in review: 09.03.2020

Oil prices went down on Monday as Saudi Arabia and Russia parted ways, triggering an equity rout that made the Dow Jones Industrial Average drop more than 2,000 points at its lowest.

Yesterday, Oil had its biggest drop since 1991, more than 30%. Oil futures - April West Texas Intermediate crude closing at $31.13 a barrel. Brent dropped 24.1% to settle at $34.36 a barrel. Both traded at their lowest levels since early 2016. But they recovered on Tuesday morning, with Crude Oil WTI Futures gaining 6.2% to $33.05 per barrel, and International Brent Oil Futures rising 6.8% to $36.70 a barrel.

When dealing with companies from industrial and energy sector, we are talking about S&P 500. The index dropped 7.6%. On the other side, S&P 500 e-minis were up 3.43% at 2,842.



Source: refinitiv.com


On the European market things were different with DAX Futures up 2.41% at 10,943, and FTSE Futures up 3.14% at 6,178, and CAC 40 Futures went up 2.5%.

Major indexes ended the day near the threshold that would mark the start of a bear market, but European equities endured a torrid session yesterday with most major indices falling. For now, the mood is pointing towards gains.

The U.S. Dollar didn’t do well also, with the ICE U.S. Dollar Index down 0.9% at 95.09. The Japanese Yen asserted its role as a traditional safe haven currency. The U.S. currency dropped 2.8% against the Yen to trade at ¥102.37, the strongest level for the Japanese unit since September 2016.

All eyes are on Oil since the last OPEC meeting didn’t go as expected.


Sources: marketwatch.com, investing.com, forexlive.com

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