World stocks, oil sink as Trump’s travel ban fans recession fears – Gulf Today

World stocks, oil sink as Trump’s travel ban fans recession fears – Gulf Today

Stock markets tumbled across the globe and oil prices slumped Thursday after President Donald Trump banned all travel from mainland Europe to the United States for a month to fight the coronavirus pandemic, ramping up fears of worldwide recession.. Following an overnight slump, Sydney tumbled 7.4 percent Thursday to suffer its worst session since the 2008 global financial crisis.. Elsewhere Thursday, oil prices were hammered, with benchmark Brent North Sea crude losing more than seven percent, as the travel restrictions will further dampen energy demand.. Investors the week have said that it has been unusually difficult to trade Treasuries and that the spread between the cost of buying and selling bonds has widened dramatically, making them more expensive to trade.. On Wednesday, Treasury yields on long-dated bonds rose even as stock markets plunged, which Bank of America sees as an additional warning signal, as safe-haven assets should typically rally during such a large equity decline..