This past week began with a double whammy of lower prices and lower stock prices. As the week continued, things just got worse. The coronavirus and it’s effects on daily life and the economy were the main focus, as many global indices fell into bear market territory. By the end of the week, the had become the “flight to safety” asset, as was down almost 9% and down nearly 37%. Travel bans, border closings, social event bans, central bank interventions, fiscal stimuli, and national emergency measures were put into place over the rest of the globe this past week, for those who hadn’t done so already. Next week will be key to see if these measures begin to work!
The week started with Saudi Arabi announcing that they will push back against Russia in the oil production game and pump as much as possible to counter Russia’s response to OPEC. Russia said they would not cut back their output, although OPEC had agreed to. No deal is better than a partial deal. With that…
