Archives of “March 2020” month

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US Indicies plunge to end the week but not as bad as some recent days

  
Analysis, US Market
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When you have -10% days, a fall of -4.35% doesn’t sound that bad

The US stocks plunged once again today with the declines led by the Dow.  Although sharply lower, a fall of over 4% does not sound so bad when we’ve endured -10% moves of late.  What we know is the numbers are not pretty today/this week/YTD and over the last year.
A look at the final number for the day are showing:
  • S&P index fell -104.47 points or -4.34% to 2304.92
  • Nasdaq index fell -271.05 points or -3.79% to 6879.52
  • Dow fell -913.21 points or -4.55% to 9173.98
For the week, the numbers were horrible as well:
  • S&P index fell -14.98%
  • NASDAQ index fell -12.64%
  • Dow fell -17.3%
Year to date numbers for the major indices are showing:
  • S&P index, -28.66%
  • Nasdaq index, -23.33%
  • Dow -32.81%

Finally, going back 1 year:

  • S&P index, -18.39%
  • NASDAQ index, -10.99%
  • Dow, -25.53%
No matter how you slice it, the final numbers for the day, the week, the year to date and the year are not pretty….not pretty at all.

OPEC, US shale producers open talks amid oil rout: WSJ

  
  Analysis

Proposed US oil output cuts seen as way to help OPEC broker Saudi-Russia war truce

The Wall Street Journal is reporting, that OPEC US shale producers have opened up talks amid the sharp decline in oil prices. The proposed US oil output cuts are seen as a way to help OPEC broker a Saudi – Russia price war truce.
CLICK HERE to read the full report.
The current price of crude oil is trading at $23.18. That’s down $2.04 or -7.8%. The high price reached $27.89. The low extended to $22.39.

European shares close session higher

  
Analysis, Global Indices

German DAX, +3.0% France’s CAC, +4.3%, UK FTSE +0.1%

The European shares are closing the session higher, with the UK FTSE lagging:

  • German DAX, +3.0%
  • France’s CAC, +4.3%
  • UK’s FTSE 100, +0.1%
  • Spain’s Ibex, +0.9%
  • Italy’s FTSE MIB, +1.4%
After a few days of rising yields, the trajectory of rates push back to the downside across the board. German 10 year yields fell -12.8 basis points. UK yields fell by -17.2 basis points.
European 10 yields are down sharply

Russia says that oil prices are very unpleasant, but not a catastrophe for the country

  
Analysis, Crude
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Comments by the Kremlin

  • There is no price war between Russia and Saudi Arabia
  • Our relations are good and doesn’t think anyone should intervene
  • Says Russia has safety buffer against unfavourable oil prices
I would argue that you have to read between the lines with this one. The fact that the OPEC+ joint technical committee meeting was cancelled goes to show that both sides aren’t exactly on speaking terms right now, so believe what you will.
In any case, their official stance still shows no backing down just yet.
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