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WORLDVIEW: Oil price war + coronavirus = market meltdown
The smoke is clearing after one of the worst days ever on global markets as the coronavirus and the oil price war send volatility soaring.
The smoke is clearing after one of the worst days ever on global markets and many investors are walking around in shock. Even as the sell-off moderates, we're skirting the edges of a global bear market and the confidence of 2019 has completely evaporated.
What we're experiencing right now is an unusual combination of headwinds β a potential global pandemic in the coronavirus, plus an unprecedented global oil price war. Taken together, these shocks are causing major market pain.
Now, it's important to remember that the stock market is not the economy. The economy is people making things and selling them, buying things and using them, getting their wages and spending them.
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