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Stocks and oil fell and gold rose on Monday as traders sought safe havens amid the rapid spread of Wuhan coronavirus. Chinese authorities locked down at least a dozen cities.
Weaker crude prices lower energy and transport costs for feed production, while broad risk-off sentiment adds volatility across commodity markets.
markets.businessinsider.comTheron MohamedJan 27, 2020After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Risk-off on Jan 27 with oil falling as Chinese cities were locked down, a sentiment and demand shock.
Risk-off selling on Jan 27 as China locked down a dozen cities hit oil and equities, adding to the sentiment-driven decline.
