Stocks in Asia Pacific lost their earlier upward momentum in Thursday afternoon trade as fears over the economic impact of the coronavirus pandemic continued to weigh on investor sentiment.
Goldman Sachs slashed its price forecast for second-quarter Brent crude oil by a third to $20 a barrel, predicting global demand would drop a record of 1.1 million barrels per day (bpd) this year as the coronavirus epidemic slams economic growth.
New York (CNN Business)The nightmare in the oil industry keeps getting worse. It's now facing the weakest oil price since the first term of President George W. Bush. Intensifying recession fears drove US oil prices down a staggering 24% Wednesday to $20.37 a barrel. That's the lowest level since February 2002.
NEW YORK (Reuters) - U.S. stocks deepened their selloff on Wednesday and the Dow erased virtually the last of its gains since President Donald Trump’s 2017 inauguration, as the widening repercussions of the coronavirus pandemic threatened to cripple economic activity.
TOKYO (Reuters) - Oil prices surged as much as nearly 20% on Thursday, bouncing back from days of heavy losses in a relief rally that may yet be short-lived, analysts warned, but which was stoked by economic stimulus efforts to ward off a global coronavirus recession.
SINGAPORE (Reuters) - Asian stocks struggled to find their footing in volatile trade on Thursday, as the latest promise of stimulus from the European Central Bank propped up sentiment while the world struggles to contain the coronavirus pandemic.