This week we experienced the worst stock crash in history, U.S. stock index futures plunged lower early Monday morning, in the face of the rapidly spreading corona-virus & the Federal Reserve Bank announcement of an interest rate cut down to “0”, both events panicking some investors. Dow plunged over 1,000 points.
Bitcoin was at $5,868.00 last Friday evening, then moves lower again early Monday morning to 4,894.97, on 03/16/2020, for a weekend market loss of -19.87%. The gains for the year are gone, as investors now ponder the future value of the entire sector of crypto-currency assets.
As the number of coronavirus cases & deaths in Europe supposedly surpassing China on Wednesday, the European Central Bank (ECB) launched a €750B bond-buying program to stop a pandemic-induced financial rout, bringing ruin on the Eurozone’s economy. The new policy brings this year’s planned purchases to €1.1T ($1.19B), with the new round alone, worth 6% of the bloc’s GDP.
Japanese automakers Toyota, Honda & Nissan have all announced that their factories in the U.S. will halt production in a bid to help stop the spread of coronavirus. Toyota is halting all shifts at North American plants from 03/23 until 04/03. Nissan is suspending manufacturing at its U.S. facilities from Friday until 04/6. Honda is suspending production for 6 days beginning 03/23.
First statewide ordered lockdown in America; Argentina is now under lockdown by presidential order; Oil fell to its lowest level in 18 years on Wednesday; Gold extended losses after its worst week in near 4 decades; Coronavirus worsens Boeing’s situation.