ASB economist Mike Jones says it is "hard to know where to start" describing the situation on financial markets as the spread of the coronavirus worsened and markets worried policy-makers, particularly in the United States, were behind the curve. The price of West Texas Intermediate oil was down an "eye-watering 23 per cent" overnight to US$20 (NZ$35) a barrel, he noted. READ MORE* More negativity expected to dog the NZX* Yoga instructor eyes online classes as customers shy away from groupsWestpac said in a market update that "fear and panic returned to markets overnight" with a continuing rout of bond markets. The New Zealand dollar sank 2 cents overnight to a fresh 11-year low of US57.5 cents, but was a fraction away from "dollar parity" with the harder-hit Australian dollar at 99.2 Australian cents. AP Fear and panic have returned to financial markets, says Westpac.

Source: Stuff March 18, 2020 20:48 UTC