A collapse in oil prices to levels last seen more than two decades ago has markets on edge on Monday, serving as a potent reminder that there is still a lot of pain to come from the economic fallout of the coronavirus pandemic and raising questions over just how sustainable recent stock market gains might be. A 3d printed oil pump jack is seen in front of displayed stock graph and “Oil Stocks” words in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration And U.S. crude futures tumbling more than 20% in early Monday trade wasn’t the only dark cloud. Japanese data showed exports slumped by 11.7% in March, falling at their fastest pace since July 2016, as shipments to destinations from the United States to China all suffered sharp declines. Safe-haven bids are sought this morning with yields on U.S. Treasuries easing while the dollar resumed its gains after Friday’s dip. Stock markets around the world paint a mixed picture. MSCI’s broadest equity index slipped into the red after two days of gains. Japan’s Nikkei index weakened 1.2% and many Asian markets suffered losses, though China’s central bank cutting its benchmark lending rate to reduce borrowing costs for companies lifted… Read full this story
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