Oil continues to slide, Brent drops 5% on coronavirus fears
Oil prices plunged on Monday, on the growing fears over the coronavirus spread in a number of countries.
The Chinese government announced that the number of injuries rose to about eighty thousand, and dozens of injuries appeared in South Korea and Italy.
China revealed today that coronavirus has infected about 80,000 cases, and tens of infected cases and deaths occurred in Italy and South Korea.
Iran also revealed that the virus has claimed almost 50 people, which is the second largest coronavirus death toll after China.
The dollar index fell 0.1% to trade at 99.1 points as of 18:36 GMT, after it hit an intraday high of 99.6 a low of 99.1.
As of 18:33 GMT, WTI crude fell by 4.8% to $50.8 a barrel, with a high of $52.6 and a low of $50.4.
Brent lost 5% to $55.6 a barrel, a high of $57.8 and a low of $55.1.
Loonie falls as coronavirus spreads to several countries
The Canadian dollar fell against most currencies, as worries over coronavirus escalated in a number of countries due to the coronavirus outbreak.
China revealed today that coronavirus has infected about 80,000 cases, and President Xi Jinping urged citizens to return to their jobs and take the necessary measures.
Iran also revealed that the virus has claimed almost 50 people, Italy and South Korea revealed multiple infected cases and deaths.
While the World Health Organization urged countries and governments to take measures before the coronavirus spread get out of hand and turn into a global pandemic.
Several news reports said that the Donald Trump administration will ask for emergency funding from the US Congress during this week to combat the coronavirus.
CAD/USD fell 0.4% to trade at 0.753 as of 18:12 GMT, after the pair hit a high of 0.7562 and a low of 0.751.
Palladium falls as coronavirus anxiety lingers
Palladium futures fell on Monday, amid the growing fears over the coronavirus spread in China and other European and Asian countries.
Italy revealed multiple deaths of the coronavirus, and South Korea confirmed that the virus is spreading, while the French government quarantined several buses after discovering infected cases from other European countries.
Iran also revealed that the virus has claimed almost 50 people, which forced the country to lockdown its borders with some countries.
Dozens of coronavirus cases were discovered after news of a slowdown in the virus spread.
The virus will spread will undoubtedly impact many industries, most notably automaker, bearing in mind that palladium is heavily used in the manufacturing of car components to reduce pollutant emissions.
Palladium March futures fell 1.8% to trade at $2557.8 an ounce as of 14:27 GMT, after hitting a high of $2,632.5 and a low of $2,553.3.
US stocks suffer sharp losses amid coronavirus fears
The major US stocks indices slumped at opening sessions on Monday, amid the escalating global fears over the coronavirus spread in China and other countries.
Italy and South Korea revealed tens of coronavirus infected cases, and the virus death toll also rose in both countries.
Several news agencies quoted sources that the White House will ask for emergency funding from the US Congress during this week due to the coronavirus impact.
The Federation of German Industries (BDI) also revealed that the coronavirus will sharply impact many sectors such as the auto and mining sectors.
While the World Health Organization warned that the coronavirus spread may get out of hand and turn into a global pandemic.
Consequently, Dow Jones lost 3.2% or 920 points to trade at 28,071 as of 14:35 GMT, Nasdaq dropped 3.7% or 350 points to 9,226, and S&P 500 dipped 1% or 35 points to 3,337.