Global Shares plunge in worst day since financial crisis
Global shares plunged on Monday and prices for crude oil tumbled as much as 33per cent after Saudi Arabia launched a price war with Russia, sending investors already worried by the coronavirus fleeing for the safety of bonds and the yen.
- The Nikkei 225 in Japan fell 5.07% to close at 19,698.76, while the Topix was down 5.61% to end its trading day at 1,388.97.
- Mainland Chinese stocks saw sharp declines on the day, with the Shanghai composite down 3.01% to about 2,943.29 while the Shenzhen component shed 4.09% to 11,108.55. The Shenzhen composite slipped 3.786% to around 1,842.66.
- Hong Kong’s Hang Seng index plunged 4.23% to close at 25,040.46.
- South Korea’s Kospi also dropped 4.19% to close at 1,954.77. Stocks in Australia tanked, with the S&P/ASX 200 down 7.33% to close at 5,760.60.
- Overall, the MSCI Asia ex-Japan index fell 4.97%.
- The dollar extended its slide to 101.58 yen , depths not seen since late 2016. It was last down nearly 3per cent at 102.42.
- The euro shot to the highest in over 13 months at US$1.1492 , to be last at US$1.1410.
- Brent crude and U.S. crude futures slid as much as US$14 to trade at US$31.02 and US$27.34 a barrel in chaotic trade before recovering some of their losses.
- Gold initially cleared US$1,700 per ounce to a fresh seven-year peak, only to fall back to US$1,677.4 amid talk some investors were having to sell to raise cash to cover margin calls in stocks.