FT News Briefing Friday, February 28
Feb 28, 2020
US stock markets are feeling the pressure from coronavirus fears, entering correction territory. Saudi Arabia is pushing for major oil production cuts to combat dwindling demand. Meanwhile, China is working to reboot its factories amid ongoing challenges. Experts delve into the potential long-term impacts on global supply chains and trade. The discussion also highlights the anxiety surrounding financial markets and the concept of a Minsky moment, raising questions about governmental coordination during these unstable times.
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US Stocks Enter Correction Territory
- The S&P 500 experienced its worst trading day since 2011, entering correction territory.
- This decline was triggered by aggressive government measures to contain the virus outbreak.
Saudi Arabia Pushes for Oil Production Cuts
- Saudi Arabia is urging OPEC allies to cut oil production by 1 million barrels/day.
- This comes as Brent crude prices have fallen to below $52 a barrel due to virus fears.
China's Push to Return to Work
- China's President Xi Jinping is focusing on getting the country back to work.
- Businesses are using various methods to bring migrant workers back to factories.