It’s been just over week since we last wrote a market update about COVID-19 aka Coronavirus. They do say when it rains it pours and the bad news has certainly started to pour in. Over the weekend it was the oil price plunge that now has given markets more to worry about. The oil price had fallen by almost 30% in trade on Monday as Russia’s decision not to follow the OPEC recommendation of cutting output to stabilise oil prices was quickly followed by Saudi Arabia’s plans to increase its output as a way of teaching Russia a lesson via a price war.
COVID-19, better known as Coronavirus has recently given us a look into just how fragile the world we live in actually is. What is a coronavirus? According to the World Health Organisation, coronaviruses are a large family of viruses which may cause illness in animals or humans. In humans, several coronaviruses are known to cause respiratory infections ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS). The most recent discovered coronavirus causes coronavirus disease COVID-19.