Coronavirus shock, oil price plunge pummel world stocks

Coronavirus shock, oil price plunge pummel world stocks

NEW YORK/LONDON (Reuters) - Global stock markets plunged on Monday and crude oil prices tumbled by as much as a third after Saudi Arabia launched a price war with Russia, sending investors already spooked by the coronavirus outbreak fleeing for the safety of bonds and the Japanese yen.. European stocks suffered hefty losses and a 7% slide in the S&P 500 at the open on Wall Street triggered a circuit-breaker put in place after the financial crisis a decade ago, halting U.S. stock trading for 15 minutes.. "The oil price plunge adds a huge disruptive dynamic to markets that are already very fragile," said Paul O'Connor, head of multi-asset at Janus Henderson.. Saudi Arabia's grab for market share was reminiscent of a drive in 2014 that sent prices down by about two-thirds, while the renewed plunge on Wall Street came exactly 11 years after U.S. stocks touched bottom during the financial crisis.. Treasury yield US30YT=RR below 1% on bets that the Federal Reserve will cut interest rates by at least 75 basis points when policy-makers meet next week.. The European Central Bank meets on Thursday and will be under intense pressure to act, but rates are already deeply negative.. The