Oil price battle will add to volatility
Monday 9th March 2020 The rush to bonds continued on Friday, hitting new lows for Treasury yields, even as equities in the US saw a last-minute push and actually finished the week up a little. Phil Dobbie asks NAB’s Ray Attrill whether we’ll see a correction early today, particularly as a battle is emerging over oil supplies. Russia is refusing to cut supplies, leading to a likely price war with Saudi Arabia, pushing oil to multi-year lows. Meanwhile, COVID-19 continues to spread, with a large part of Northern Italy now in lock-down. So, will the markets be heartened by contingency plans from governments this week?