Saudi Aramco shares fell by as much as 10% on Monday, dropping below their December listing price after Saudi Arabia and Russia said they would raise oil production in a battle for market share, sending crude prices down by a third.
Trading on U.S. stock exchanges was halted immediately after opening on Monday, as the S&P 500 fell 7%, triggering an automatic 15 minute cutout put in place after the 2008-9 financial crisis.
"This is just the need for fiscal policy," CNBC's Jim Cramer said.
Are you financially prepared if you can't go to work? As fears about the coronavirus mount, so do concerns about possible quarantines, office closures and school shutdowns.
"This is going to be treacherous for a while. I would advise most retail investors to stay on the sidelines, not panic. There will be opportunities but they're not now," the chief economic advisor at Allianz said.
Older Americans, especially those with chronic medical concerns, should probably avoid big social gatherings and airline flights, given the rapid spread of coronavirus, a top U.S. health official said on Sunday, as investors braced for another volatile week in financial markets.
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Amazon.com Inc on Monday is set to announce a new business line selling the technology behind its cashier-less convenience stores to other retailers, the company told Reuters.
Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signaled they would hike output in a market already awash with crude after their three-year supply pact collapsed.
U.S. stock index futures plunged 5% on Monday to hit a daily trading limit, as global recession fears were amplified by a 25% slump in oil prices and the relentless march of the coronavirus across the United States and Europe.
Tesco plans to return $6.6 billion to shareholders after it agreed to sell its supermarket businesses in Thailand and Malaysia to Charoen Pokphand Group as part of a plan to refocus on Britain.
Japan will boost its special financing for small and mid-size firms hit by the coronavirus to 1.6 trillion yen ($15.6 billion), according to a government document seen by Reuters on Monday.
Global stocks plunged on Monday and prices for crude oil tumbled as much as 33% after Saudi Arabia launched a price war with Russia, sending investors already worried by the coronavirus fleeing for the safety of bonds and the yen.
Saudi Aramco shares fell by as much as 10% on Monday, extending a dive below the initial public offering price, after Saudi Arabia cut its official selling prices for crude and global oil markets plunged in response to news of a big output increase.
Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War after Saudi Arabia signalled it would hike output to win market share when the coronavirus has already left the market oversupplied.