Global stocks plunge as oil crashes and COVID-19 fear spreads

Global stocks plunge as oil crashes and COVID-19 fear spreads

Global markets are plunging after the implosion of an alliance between OPEC and Russia caused the worst one-day crash in crude prices in nearly 30 years, fueling panic triggered by the escalation of the Coronavirus epidemic.

According to CNN the the New York Stock Exchange halted trading for 15 minutes after stocks plunged more than 7%. They retraced some of their losses after the market reopened.
European stocks plummeted in the opening minutes of trade. The FTSE 100 (UKX) has plunged 8.5%, putting the index on track for its worst day since the global financial crisis in October 2008.

Meanwhile home in Trinidad and Tobago, Energy and Energy Industries Minister Franklin Khan says that the Government is monitoring the situation.

He says that while this is not good news, there are two things that must be considered.

He was speaking on the Power Breakfast Show on Power 102.1fm this morning.

He said that the Government cannot be overly concerned with short term issues like these, however he maintained that the Government would continue to watch and monitor the situation.

 

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