Socio-Economics History Blog

Socio-Economics History Blog

Asia Plunges, European & US Futures Collapse as Panicked Investors Seek Safe Haven from Perfect Storm Ravaging Markets

by mosesman

  • Asia Plunges, European & US Futures Collapse as Panicked Investors Seek Safe Haven from Perfect Storm Ravaging Markets
    by https://www.rt.com/
    Asian markets are trading deep in the red while European and American futures entered a free fall, and gold reached a new 7-year peak, amid a dramatic oil market crash and concerns over the coronavirus-hit global economy slowdown. Japan’s Nikkei 225 and Topix were down 6 percent in morning trade, while a relatively safe-haven currency Japanese yen soared to a 3-year-high against the US dollar.
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    South Korea’s Kopsi dropped nearly 3 percent, while Hong Kong’s Hang Seng was down 3.6. Meanwhile in mainland China both Shanghai and Shenzhen composite fell more than 1.5 percent. In Europe, the Euro Stoxx 50 Futures sank more than 6 per cent, while the British FTSE 100 futures were down nearly 7 per cent.
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    Meanwhile futures for all three major American stock market indices S&P, Dow and Nasdaq are trading nearly 5 per cent down, with S&P 500 E-mini even hitting a limit overnight. The yield on 30-year US Treasuries briefly fell below 1 per cent – for the first time in history – while 10-year Treasuries traded below 0.5% for a while, threatening a chaotic Monday in the US.
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    As the widening coronavirus outbreak and a dramatic crude oil plunge triggered a chain reaction, gold prices jumped past the $1,700 per ounce on Monday for the first time since late 2012, indicating that investors were desperate for a safe haven.
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