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Cramm for 3/9/20
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THE HIGHLIGHTS

Oil is having a bad day. 

 

THE BACKGROUND. 

It’s no secret that the coronavirus outbreak is impacting the global economy. Think: tourism, production and manufacturing, event cancellations - plus more and more bizes are having their employees work from home. None of which has been all that great for the stock market. 

 

THE HAPPENINGS. 

The other day, oil bizes said ‘why not make things worse?’ and went solo. We’ll explain. There’s this thing called OPEC (aka the Organization of the Petroleum Exporting Countries) that’s pretty much an alliance between 14 of the major oil players in the world. Includes Russia, Saudi Arabia, Iran, and Venezuela. Problem, since over the weekend, OPEC decided to cut oil output to help support prices. Because, coronavirus. That’s where it got tricky. 

 

THE REACTION. 

Russia wasn’t into it. At all. So in response, Saudi Arabia said ‘you wanna go solo? Fine by us’ and slashed crude oil prices. Big deal, since experts say this could lead to a “price war” that could leave oil prices at “$20.” You’re not the only one freaking out The stock market did the natural thing and...crashed. Oil prices fell as much as 30% - the worst one-day crash in nearly 30 years. Global markets weren’t much better. In London, stocks fell around 8%, with the Dow dropping nearly 2,000 points.

 

SO…?

The coronavirus is beginning to have a bigger and bigger impact on the world economy. TBD, TBD, TBD. 


THE ACTION

WORLD: Recently, two separate avalanches in the Austrian Alps killed six people. Seven helicopters were used to transport about one hundred rescuers to the area to help search for any survivors. Stay tuned. In other news, North Korea’s feeling trigger-happy. Quick refresher: over the past few years, the country’s gone through phases of launching lots and lots of missiles...then chatting it up with the US and holding denuclearization talks. Right now, it’s the former. As in last week, North Korea fired two unidentified projectiles. Then kept it going this week by launching another few projectiles. Reassuring. 

 

USA: Prez Trump is shaking things up. The other day, he suddenly announced that Mick Mulvaney was out as chief of staff - but still working for the Trump team as Special Envoy for Northern Ireland. His replacement: North Carolina congressman Mark Meadows. Not yet clear why the sudden shake-up. In other news, human rights organizations are filing suit against Sec of State Mike Pompeo. The why: his Commission on Unalienable Rights, which takes a magnifying glass to the role of human rights in foreign policy and decides which rights should be “honored.” Raising concerns that women, LGBTQ+ groups, and minorities could lose some protections. Meanwhile, Sen Kamala Harris (D-CA) just endorsed Joe Biden for prez. 

 

POLITICS: All eyes are on Turkey and Greece. Reminder: back in 2016, Turkey pinky promised to halt the flow of migrants into Europe in exchange for things like economic incentives and support. But lately, increased violence in Syria has left 1 million people displaced - many of whom have begun migrating to Turkey. Fast forward to last week, and Turkey suddenly began letting refugees cross its borders into Europe. Now, it looks like these refugees are attempting to make their way into Greece - who’s reportedly responding by taking their docs, money, phones, and clothes before sending them back to Turkey. Meanwhile, the Saudi Crown Prince is detaining three members of the royal family after speculation of a coup. 


WHAT TO KNOW

National Napping Day:” what’s today. Zzzzz. 


SAY WHAT?

“A malfunction causes red wine to flow from faucets in an Italian town” - an actual headline. How horrible. 

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