Stocks plunged Wednesday as Powell described the Federal Reserve’s rate cut as a “mid-cycle adjustment,” which traders interpreted as signaling fewer reductions.
After bouncing back in the morning, Stocks plunged Thursday as Trump said he would impose a 10% tariff on $300 billion in Chinese imports that aren’t yet subject to levies.
Oil markets tumbled more than 30% after the disintegration of the OPEC+ alliance triggered an all-out price-war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences.
Brent futures suffered the second-largest drop on record in the opening seconds of trading in Asia, behind only the plunge during the Gulf War in 1991. As the global oil benchmark plummeted to as low as $31.02 a barrel, Goldman Sachs Group Inc. warned prices could drop to near $20 a barrel.
Saudi Oil Price Cut Is a Market Shock With Wide Tremors Oil producers in the United States and other nations brace for lower revenue, reduced investment and job losses as a global glut is compounded.
Saudi Arabian authorities detained a brother and a nephew of Saudi King Salman in a move that extends a crackdown on royal relatives by his son Crown Prince Mohammed bin Salman.
Prince Mohammed bin Nayef and Prince Ahmed bin Abdulaziz al Saud were arrested on Friday and accused of treason, a person familiar with the matter said. Prince Mohammed’s brother, Nawaf, was also detained with him at a desert camp, the person said.
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