Global stock markets plunge

25 February 2020

Global financial markets saw some of the sharpest falls in years on Monday after a rise in coronavirus cases renewed fears about an economic slowdown.

The Dow Jones and the S&P500 showed a decline that hasn't been seen since 2018 and this includes the Dow falling by more than a thousand points.

In the UK, the FTSE 100 closed at 3.3% lower, the lowest drop since 4 years (January 2016).

The Milan stock index, on the other hand, lowered by nearly 6%.

 

Gold Prices Slump today

After its impressive rally, Gold witnessed a sharp drop when the markets opened today, as traders looked to book the profit made during the past few weeks' performance.

Globally Gold dropped by 1% earlier in the session, and at the time of writing, spot Gold rate is down by 0.2% to $1657.40 per ounce.

This happened after Gold managed to reach a 7-year high. 

 

Apple stocks crumble

Apple stocks crumbled by nearly 7% on Monday and this move again, was fueled by fears of the Coronavirus and it's impact on the global economy during the weekend. Apple investors are worried about the global supply chain and the demand of Apple's products in China.

Executives at Apple mentioned that  "its business remains fundamentally strong" and that it believes "this disruption to our business is only temporary."

Last week Apple admitted that it does not expect to hit the fiscal second quarter's revenue guidance due to the current financial situation.

Financial Events to watch for today

07.00 GMT - German GDP (Q4)