U.S. Oil Prices Plunge Into Negative Territory: Live Updates

Taiwan and Hong Kong fell more than 2 percent, leading a broad regional sell-off, which came a day after the SP 500 index on Wall Street fell 1.8 percent. Futures markets predicted declines in the United States and Europe later in the day.

Monday’s stock moves were exacerbated by turmoil in the oil markets, as the price of oil briefly dipped below zero, meaning some holders were ready to pay people to take a barrel of crude off their hands. While quirks in how oil is traded accounted for a lot of the move, it still reflects low global demand for fuel, signaling predictions that much of the world’s economy will remain frozen for some time to come.

Oil prices in the United States rose 4 percent in futures markets, as many investors shifted from trading in one kind of contract to another. But Brent, the European benchmark price, was down 1.1 percent, and overall price levels still signaled that the world has too much oil that it can’t use.

Further signaling unease, prices for U.S. Treasury bonds were higher, as investors sought safety in places considered stable.

In Tokyo, the Nikkei 225 index was down 1.6 percent. Hong Kong’s Hang Seng index was down 2.3 percent. In mainland China, the Shanghai Composite index was down 1.4 percent.

Taiwan’s Taiex index fell 2.3 percent as of midday, and South Korea’s Kospi index was down 1.9 percent.

Article source: https://www.nytimes.com/2020/04/21/business/stock-market-today-coronavirus.html