In European Equity Markets the pan-European Stoxx 600 ended the day over 7% lower, more than 20 percent from its year high of 433.90 meaning it’s in bear market territory. Oil and gas stocks fell over 16% to lead losses as all sectors and major bourses declined sharply. Italy’s FTSE MIB closed over 11% lower, while Germany’s DAX ended the day down almost 8%. France’s CAC 40 slipped 8.4%. Energy giant BP plunged over 19% and Royal Dutch Shell was 17% lower at the close, as oil stocks took a hammering.

In Currency Markets the safe-haven yen and Swiss franc jumped on Monday, as risk appetite plummeted after a 30% crash in oil prices and tumbling stock markets panicked investors and sent currency prices swinging wildly. In hectic trade, the dollar fell as low as 101.20, its lowest in more than three years. It was last down 3.2% at 102.82 yen. The yen was headed for its largest three-day gain since the 2008 financial crisis. It is up around 9% in a dozen trading days.

In Commodities Markets oil prices crashed on Monday, suffering their biggest daily rout since the 1991 Gulf War, after the collapse of an OPEC+ supply agreement that now threatens to overwhelm the world with oil, inciting panic throughout the energy sector. Brent crude futures were down $8.84, or 19.5%, to $36.43 a barrel. They earlier fell by as much as 31% to $31.02, their lowest since Feb. 12, 2016. U.S. West Texas Intermediate fell $7.81, or 18.9%, to $33.47 a barrel. WTI earlier dropped 33% to $27.34, also the lowest since Feb. 12, 2016.

In US Equity Markets indexes fell and the Dow crashed 2,000 points on Monday as a 20% decline in oil prices and the rapid spread of the coronavirus amplified fears of a global recession. Trading was halted immediately after the opening, as the benchmark S&P 500 fell 7% to its lowest since June 2019, triggering an automatic 15-minute cutout. The S&P 500 was down 5.49%, at 2,809.26. The Nasdaq Composite fell 5.09%, at 8,139.34. The energy index declined 17.3% to its lowest level since August 2004

In Bond Markets Italian bond yields jumped on Monday while safe-haven German debt yields hit record lows and euro zone inflation expectations dived below 1% for the first time ever as a crash in oil prices amplified recession fears spurred by the coronavirus. In another session of unprecedented market moves, safe-haven German bond yields sank at one point to more than -1% on all maturities out to seven years. Italy’s two-year bond yield jumped as much as 56 basis points to the highest since June 2019.