Mr Lerner said a modest sell-off was unlikely because of the highs at which stocks were trading. “We are making no changes to our investment guidance at this point,” he wrote, adding that consumers and companies are much more adept at dealing with virus restrictions now.
Futures of West Texas Intermediate Oil, US It. Gross benchmark, plummeted more than 13 percent to $ 68.04 per barrel, the lowest since early September. The price of oil has been particularly vulnerable to virus restrictions that keep people at home. The drop comes just three days after the United States and five other countries announced a coordinated effort to use their national oil stocks, to try to reduce the rising gas price.
Brent futures, the European benchmark, fell 11 percent to about $ 73 per barrel. But Mr Ganesh said UBS forecasts that the price will rise to $ 90 per barrel until March, partly in the expectation that the fears about new virus restrictions will be temporary.
Demand for the relative safety of government bonds jumped, pushing their prices and their yields down. The yields on the 10-year US. Percent.
In an echo of last year’s market fluctuations, stocks that flourished under lockdowns and quarantines rose, including zoom and peloton. Companies that are vulnerable to travel restrictions, like Carnival, the travel company and Boeing, the plane manufacturer, have fallen.
In Asia, the Nikkei 225 in Japan closed 2.5 percent lower and the Hang Seng index in Hong Kong declined 2.7 percent.
In Europe, energy stocks led the markets lower. The Stoxx Europe 600 index closed 3.7 percent. The FTSE 100 in Britain fell 3.6 percent, while major stock indexes in France and Spain fell about 5 percent.