Covid-19 unleashes major market shock
Oil prices tumble, dragging down stock markets worldwide; sovereign bonds rally
Lower expected economic activity worldwide due to the Covid-19 virus combined with a breakdown in oil production quotas among major oil exporters contributed to a major financial market shock today (March 9).
Oil prices plummeted on a double supply/demand hit. Forecasts of a sharply lower need for oil due to cancelled leisure and business travel were compounded over the weekend by announcements of greater supply from major producers Russia and Saudi Arabia.
The break-up of the alliance that
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