Investam-HK: Stock Market crashing together with Oil price this Wednesday

This season's bear market keeps reigning as days past by and it seems it will continue not until the pandemic of the Novel Coronavirus is solved.
By: Investam HK Limited
CENTRAL DISTRICT, Hong Kong - April 29, 2020 - PRLog -- he market felt another epic crashed as stocks fell rapidly throwing away all the gain they saved in the last weeks.

The Dow Industrial Average closed down by 1.9% to 445 points, while, S&P 500 fell 2.2%. It is one of the worst's days for the two mentioned indexes since April 1. It is De javu for the Dow which is once again 20% below from its February's peak. Nasdaq Composite is declined by 1.4% which broke its four-day winning streak.

For commodities, Oil prices plummet severely after a few days of rallying even though President Donald Trump and the OPEC+ group of companies assured a production cut cost which means that the move only gave few days ease to the market. One more reason of the dip is due to oversupply; since most people are staying at home there are low demands on supply.

U.S. base crude, West Texas Intermediate (WTI) declined by -1.19% to $19.87 per barrel, while, Brent crude drop by -6.45% to $27.69 per barrel.

According to analysts there will be a possible force shutdown to most high-cost US shale companies and definitely some will not survive the crash.

As for Bonds, the yield on 10-year Treasuries decreased 12 basis points to 0.63% while the yield on the two-year Treasuries is down by 2.2 basis points to 0.203%, its lowest since Sept. 2011. The yield on the 30-year bond slumped by 13.9 basis points to 1.271%.

Currencies dips are to note too. Euro is down by 0.6% to $1.0912, while, Japanese yen weakened 0.3% to 107.56 per dollar. But U.S. Dollar Index (DXY) is up by .32% to 99.92 per dollar.

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