It has been a week to remember for investors for the kind of news flow, which has been mostly negatively and marked unusual levels of volatility across the global markets. For the first time in 23 years, circuit breakers at the NYSE were tripped twice during the week, Monday and Thursday.
Central Banks injected additional liquidity into the financial system, while governments around the world rushed to school closures and ‘work-from-home’ arrangements in an attempt to contain the virus. Brent crude recorded a steep drop of 25.23%, its worst weekly fall since the 2008 financial crisis, following Saudi Arabia’s decision to increase exports post the fallout to reach an agreement with Russia.
For the region, equity markets performed negatively with all the 8 indexes closing in red during the week. Dubai was the worst performing index regionally with a loss of 17.41%, followed by 15.53% in Abu Dhabi, 14.87% in Saudi Arabia and 11.21% in Bahrain.
Going forward, investors will access all the news surrounding the developments of coronavirus and government measures to gauge the impact on global economies, which will accordingly dominate the trading activity during the week. Moreover, investors will closely follow the US Fed’s meeting this week and remain hopeful about additional policy easing measures by the Central Banks to support global economies from the negative effects. For the regional markets, investors will closely monitor the developments in the global markets, especially the movement in oil prices.
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