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The metal posted a sharp drop that completely erased last week’s gains, while the exchange rate closed approaching the $ 860 line.
Although investors have found some supports from which to assert themselves after the shock that the advance of the Covid-19 meant for the world’s stock markets, there are certain days when the sensitivity with which the market was left jumps before anything that resembles volatility. And yesterday was one of those days.
After the collapse of oil on Monday, which left the WTI futures to May in negative territory for the first time in history, the day in the stock markets developed yesterday with sharp falls and Wall Street threw away the little accumulated in the last two weeks.
The Dow Jones closed down 2.67% and the S&P 500 was down 3.07%. Even the Nasdaq tech – which had excelled in recent days – lost 3.48%.
Although this was caused by a peculiarity of the contracts as of May, the accumulation of inventories of so-called black gold, added to a string of weak corporate results, has the world’s largest stocks in the red.
The black day for the WTI was extended yesterday to Brent, the benchmark oil rate for Europe and which fell at times from US $ 20 a barrel, being its lowest level since the beginning of the century.
Given this, the losses in the Old Continent were led by Germany with the DAX that lost 3.99%, followed by the CAC of France that lost 3.77% and the FTSE 100 of the United Kingdom that fell 2.96%.
All in all, the pan-European benchmark EuroStoxx 50 fell 4.06%.
Something similar was experienced in Asia, which ended with cross falls in its largest markets: the Hong Kong Hang Seng lost 2.20%, the Japanese Nikkei fell 1.97% and the CSI 300 of mainland China fell 1.18%.
The Chilean case
In the Santiago Stock Exchange the situation was not different from that of the rest of the world. Risk aversion had investors exiting large stocks such as SalfaCorp, Ripley, Entel, Latam Airlines, Bci, CAP and ILC, all with losses greater than 4%.
All in all, the S&P IPSA ended the day with a loss of 2.55%, which left it at 3,652.87 points.
La Polar was one of the most depreciated national stocks, with a drop of 10.08% in Hites, accompanied by declines of 7.11% in La Polar and 5.39% in Tricot.
Copper was also spared the surge in risk aversion. The metal posted a sharp drop that completely erased last week’s gains. Cochilco data shows that the commodity fell 3.39% on the London Metal Exchange, reaching US $ 2.2655 per pound.
Added to the risk aversion is that the mining giant Glencore could increase its production. The firm said it could reopen its mining operations, potentially increasing supply of the industrial metal in an environment where demand is in check, Reuters reported.
For its part, the exchange rate ended the day, again approaching the line of $ 860.
Despite starting the day with a profit close to $ 10, remaining steps from the same $ 868 with which it peaked in the midst of the volatility in March, the passing of the hours moderated the exchange rate rage and ended the session at $ 858.96, a rise of $ 4.16 from yesterday’s close.
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