Date: Tues, 10 March 2020
Author: Matthew J. Belvedere
Source: cnbc.com
Last Monday, CNBC’s Jim Cramer reported that a catastrophe in oil prices and bond yields brought the stock market in “uncharted waters” as Dow futures pin pointed at a 1,300-point fall at Wall Street.
After the OPEC’s production cut deal failed, all crude futures took a plunge since Sunday night. The 10-year Treasury yield generated appalling new lows in a global flight to the perceived safety of bonds. Cramer posted on Twitter quoting that such patterns are “signalling an imminent recession.”
Adding on, early on Monday, the 10-year Treasury yield that usually moves inversely to price, dropped to a new record low of 0.318% before it recovered some losses. Oil prices were off about 20%, though they had been 30% lower overnight.
“before it could recover some losses” indicates that it did not manage to recover
Cramer took a step further tweeting in the wee hours of Monday morning that the moves in oil and yields along with the existing widespread market concerning the spread of the coronavirus, “are both unprecedented and exceed the chaos of 2007-2009 today.”
While he emphasised on the “speed” of computerized stock futures trading in thin early morning volume, CNBC’s “Mad Money” host was startled. “That you could have such a monumental move in six hours is truly astounding,” he tweeted. “The average oil stock could be down 25% at the opening. The average S&P stock could be down 10%. Gold remains the only bull market besides utilities, drugs,” he added.
These mighty fluctuations ended off on last Friday with the Dow Jones industrial average speedily cutting back weightier losses in the final 10 minutes of the session concluding at 256 points. Surprisingly, the Dow managed a marginal weekly gain.
Nonetheless, that fragment of optimism was not evident on Monday morning, in a global stock market rout with about 5% drops observed in Asia, Europe and U.S. futures. The Dow, S&P and Nasdaq futures hit “limit down” 5% on Monday, implying they will not be able to trade lower than 1,255 points on Dow futures, lower than 145 points on S&P futures and lower than 410 points on Nasdaq futures.
Shortly after Monday’s open on Wall Street, the shares went down over 7%. The dive triggered the first of Trading and caused a pause for approximately 15 minutes. When trading recommenced, the S&P 500 experienced a decline for about 6%.
Keyword : sterlinghousetrust.com, Sterling House Trust, SHT
Sterling House Trust is a private trust with a difference. It offers its members an exclusive and reliable platform to access unique opportunities and lifestyle services reserved for the select few. With its team of professional managers Sterling House Trust constantly scans the markets and collaborate with reliable global partners to create a portfolio of carefully curated programmes for its members. Members can access these programmes according to their individual needs, interest and financial capacity. Sterling House Trust is headquartered in Auckland, New Zealand, and has operations based in London, UK.
The Sterling House Trust platform was established with the objective of providing its members, secure access to opportunities across a range of global locations, sectors and services.
Our unique Platform was established within the framework of a trust so that the trust would have oversight and governance over the range of services and its quality. Member protection is a core principle and drive in all that we do. Our trustees ensures that the interests and quality of service provided by the Platform are always maintained at the highest standards.
The trust and its trustees provide robust oversight and is constantly on the move to identify and shortlist select opportunities in the international markets. Likewise, we apply the same stringent standards in identifying and selecting providers and professional partners to join our Platform.
The Sterling House Trust Platform utilises our international footfall and relationships to provide our members with access to a range of international opportunities via our global network which covers a broad range of sectors including:
Asset protection, international property ownership and management, alternative and direct ownership, estate planning, banking services, foreign exchange, card services, alternative investment and lifestyle services.
New Zealand Head Office
31/335 Lincoln Road,
Addington
Christchurch
New Zealand
London Office
14-16 Dowgate Hill,
London,
England EC4R 2SU
