‘Black Monday’ panic as global markets crash

Oil price experiences biggest decline since 1991 Gulf War slump before closing 20% down

A trader reacts on the New York Stock Exchange on Black Monday 9 March. Photo by TIMOTHY A. CLARY/AFP via Getty Images
(Image credit: A trader reacts on the New York Stock Exchange on Black Monday 9 March. Photo by TIMOTHY A. CLARY/AFP via Getty Images)

Markets around the world dropped precipitously yesterday on fears of a global recession prompted by the coronavirus outbreak and on an oil price war between Opec and Russia. Losses were the worst since the 2008 financial crisis and yesterday was dubbed “Black Monday”.

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