Asian markets are trading down while European and American futures go into free fall, and gold reached a new seven-year peak, amid a dramatic oil market crash and concerns over the coronavirus-hit global economy.

Japan’s Nikkei 225 and Topix were down six percent in morning trading, while the relatively safe-haven Japanese yen soared to a three-year-high against the US dollar.

South Korea’s Kopsi dropped nearly three percent, while Hong Kong’s Hang Seng was down 3.6. In mainland China, both the Shanghai and Shenzhen Composite indices fell more than 1.5 percent.

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In Europe, the Euro Stoxx 50 Futures sank more than six percent, while the British FTSE 100 futures were down nearly seven percent.

Meanwhile, futures for all three major American stock market indices, the S&P, Dow, and Nasdaq, are trading nearly five percent down, with the S&P 500 E-mini even hitting a limit overnight. The yield on 30-year US Treasuries briefly fell below one percent for the first time in history, while 10-year Treasuries traded below 0.5 percent for a while, threatening a chaotic Monday in the US.

The good news is that S&P 500 futures haven't fallen by more than 5%.The bad news is that exchange rules limit it to a 5% loss. — Eddy Elfenbein (@EddyElfenbein) March 9, 2020

As the widening coronavirus outbreak and the dramatic crude oil plunge triggered a chain reaction, gold surged past $1,700 per ounce on Monday for the first time since late 2012, indicating that investors are desperate for a safe haven.

#Gold breaks $1700 on: • Coronavirus fears• Oil price plunges as China demand crashes & Saudi snubs OPEC production cut demand - likely to break US shale oil companies• Ongoing Not QE ... So many Black Swans it feels like an eclipse! pic.twitter.com/KATGfCIZ9V — Silver Gold News (@SilverGold_News) March 9, 2020

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