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Investam-HK: Market is still on Coronavirus bear condition; Oil price fell

Written by Customer Service on . Posted in Public Companies.

It seems stock market is yet again trampled by the negativity coronavirus has spread all throughout the weekend for most major U.S. stocks skid on Monday, even Equities are fluctuating, treasuries and dollars are rebounding, while oil price is sinking deeper as days goes by.

Since global economy is still in the coronavirus bear market condition, government all around the world is pushing every way to ease a bit of the pain this pandemic has cause everyone. Sample, Senate in the U.S has now approved the $ 2 trillion stimulus package and it is the Congress turn to vote.

The Dow Jones Industrial Average is up by 12.8% last week, even last Friday trading. The S&P 500 index gained an average 10.3% while Nasdaq composite just over 9%. The Stoxx Europe 600 Index is down by 0.9%, MSCI Asia Pacific Index has declined by 0.7%. Some ETF’s are up and notably seen are Innovator IBD 50 ETF (FFTY) who leaped 11.1% last week, iShares Expanded Tech-Software Sector ETF (IGV) rose up to 8.7% and VanEck Vectors Semiconductor ETF (SMH) who gained at least 13.8%.

On commodities sector, Gold is also down by 0.3% to $1,622.93 per ounce. Oil price has collapse to its lowest level from the past 18years, making you reminisce its low price from year 2002. WTI crude (West Texas Intermediate) has yet again decreased by 5.1% to $20.41 per barrel, while Brent Crude fell at $22.58 per barrel.

The drop on demand of oil is because most people are now quarantined due to the coronavirus scare is the main reason why oil price keeps diving, even companies that cut back expenses and close down operation contributed on the fall.

Aside from the above mentioned reason, a price war broke out earlier this month between Saudi Arabia and Russia which starter when Saudi Arabia failed to convince Russia to back production cuts that had been agreed with the other members of the Opec oil producers’ group.

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