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Monday Meltdown
Overview: Equities plunged, and yields sank as the coronavirus threatens a global recession. The oil price war signaled by Saudi Arabia and Russia aggravates the desperate situation. Equities markets in the Asia Pacific region slumped 3-7%. The Shanghai Composite was fell 3%. The Nikkei was off by 5%, and Australia was hit among the hardest with a 7.3% loss. Europe's Dow Jones Stoxx 600 gapped lower and had not reached a bottom in the morning session, and is off nearly 5.7% as this is written. US indices are hitting their opening limits (5% for the S&P 500). Benchmark yields are collapsing. The US 10-year yield is ... (full story)
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