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For good morning to you thanks for joining us here on r. T. International. Wall street has suffered its 1st automatic halt in trading in more than 2 decades after stocks fell nearly 8 percent shares were spooked by the biggest collapse in the old price since the ninetys before rebounding slightly saudi arabia stepped up its price war. Google or more market share crazy right here in your money pretty much a chart of the Oil Price Crash exacerbating some of the fears so then a real rout on the stock markets not seen since the height of the financial crash more than 10 years ago the markets slumping heavily. Or prices plunged to 30 percent on what has been dubbed black monday in the biggest single day full since the 1st iraq war it was sparked by a spat between top crude suppliers rhythm moscow who couldnt agree a deal on production. So the arabia says that it will slash prices to grab market share from russia after opec proposed output cuts in response to fall in demand due to coronaviru
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Again today. Right now it is a positive day for the dow. Up 400, following the biggest decline for stocks since the great crash of 1987. The russell has gone negative. Josh brown, its been one heck of a week. What are you thinking about today after weve given, you know we gave up almost all of the 1,000 point bump were still hanging on to a few hundred. So couple things. One of the points ive been trying to make on the show recently is that security selection is not going to be the answer to how much pain you are going take in a moment like this and that was proven this week. The xlu, which is the utility sector, which normally in any Market Correction is not going to be disastrous, was absolutely disastrous im not even giving you the draw down from the peek im just going tell you this week the xlu is down 19 there really has been nothing save and yesterday of course, historic day at 3 30 there was ant single green s p 500 stock. Security and selection has not mattered i come back to o
On in the session. And italy. Greece you can see that at the bottom of the screen. 54 basis points for the ecb. Significantly as well today, we have seen the fed extending the swap lines. I think this is really important because this dollar squeeze is right at the center of the market turmoil we are seeing at the moment, so we see had extended to countries like norway. Maybe not much of a movement today, but that is still up or down by 1. 7 versus the u. S. Dollar. Fall, buttinue to 0. 5 given the scale of some of the moves we have seen recently, i think we will call that well within the margin of error. Alix lets stay focused on Central Banks. They are taking dramatic action to stem the fallout from the coronavirus. The fed launched a program to support money market funds, and in europe, the ecb launched an emergency buying program with 820 billion. This morning we have new swap facilities for Central Banks in australia, brazil, south korea, mexico, etc. Paul donovan, ubs global chief