European equity indices were red across the board at the open on Monday as the coronavirus outbreak coupled with crashing oil prices rattled markets. Adding to the turmoil was plunging Treasury yields with the 10-year US Treasury note dropping below 0.4% for the first time ever.
Brent futures for May settlement were down 25.98% to $33.51 per barrel at 8:48 am CET, while West Texas Intermediate for April tumbled 27.91% to $29.76 a barrel at the same time. The drop in prices comes after last week’s failed OPEC+ meeting, which led Saudi Arabia to slash crude prices for April.
The DAX sank 7.47% at the open, as the FTSE 100 lost 1.82% in the first minute of trade, only to fall nearly 9% minutes later. The euro gained 1.13% against the dollar at 9:05 am CET, buying 1.14335. At the same time, the pound advanced 1.10% versus the greenback to go for 1.31762.
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