The first quarter of 2020 has been nothing short of terrifying with the unfolding of Coronavirus pandemic. In recent weeks, countries have enforced lockdowns and imposed draconian restrictions on movement as part of necessary measures to curb the spread of the respiratory illness that has stubbornly defied containment.
To amplify the Coronavirus mayhem on the global economies, the oil and gas markets were ensnared by oversupply and collapse in oil price resulted from the unforeseen battle for oil domination between Russia and Saudi Arabia, two of the world’s oil superpowers.
The constriction of travels and broader economic activities due to the Covid-19 virus, together with the suicidal oil price war initiated by Saudi Arabia, have completed the perfect storm for global market selldown. In the short span of weeks, trillions in wealth were erased from the stock markets as investors pulled out of equities and forced to liquidate positions to cover margin calls.
The three most widely followed indexes in the U.S. have