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Coronavirus: How the longest bull run in history ended in pandemic panic

The shock had turned worry about the coronavirus to full-blown panic, wiped trillions of dollars from Asian stocks and sent futures for European and US markets plunging.

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By day’s end, the bonds of heavily indebted energy firms were trading many times beneath their face value, and fears of a credit crunch were growing.

Tom Westbrook & Scott Murdoch | Reuters
As a collapse in the oil price unleashed chaos in financial markets, Madrid money manager Diego Parrilla phoned a colleague who agreed: they had better head to work early in the morning.

By daybreak in Europe, the price of crude oil had fallen by a third. The shock had turned worry about the coronavirus to full-blown panic, wiped trillions of dollars from Asian stocks and sent futures for European and US markets plunging.

“We assessed the book,” said Parrilla, 46, who runs a 300 million euro ($332 million) fund that is long gold and bonds and uses options to bet on just
Topics : Coronavirus