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Global share markets tumbled on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.

Asian shares sank in a sea of red on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.

Financial markets have been thrown into turmoil following Saudi Arabia's response to the collapse of OPEC+ talks and concerns about the global spread of the coronavirus.

Gold prices jumped past the $1,700 per ounce level for the first time since late 2012 on Monday, as a widening coronavirus outbreak and a plunge in crude oil hammered equities and sent investors scurrying for safe havens.

Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.

Boeing Co's proposal to leave wiring bundles in place on the grounded 737 MAX has not won the backing of U.S. aviation regulators, a person briefed on the matter told Reuters.

NEW YORK - Citigroup Inc is splitting its staff in Buffalo, New York, to ensure it can keep its operations humming as the coronavirus spreads across the state, according to a source familiar with the plans. 

The price of futures contracts for the S&P 500 index, a Wall Street benchmark, fell more than 4% on Sunday as off-hours trading for U.S. equity markets resumed, a sign that investors fear the toll from the fast-spreading coronavirus will deepen.

Oil futures suffered their biggest daily loss since 1991 on Sunday after Saudi Arabia slashed its official selling price (OSP) and announced plans to raise crude production significantly, signaling the start of a price war.

Asian share markets were set for a beating on Monday as investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price.

The price of futures contracts for the S&P 500 index fell more than 4% on Sunday as trading for U.S. equity markets resumed, a sign that investors fear the toll from the fast-spreading coronavirus will deepen.

Pacific Investment Management Co (PIMCO), one of the world's largest investment firms, told clients on Sunday the coronavirus outbreak is likely to cause a relatively mild and short recession though tight credit markets could worsen the downturn.

As the coronavirus spreads in the financial hub of New York, financial firms – led by the Securities Industry and Financial Markets Association (SIFMA)– have triggered their contingency plans and are taking other precautions. As of Sunday, here is the state of play:

Brazilian and U.S. governments signed on Sunday an agreement for development of defense projects that may give the South American country access to financing.

IKEA, the world's biggest furniture brand, is reopening nine of its stores in China this weekend, a company spokeswoman said.

Shares of Saudi state oil company Aramco slumped below their initial public offering (IPO) price on Sunday for the first time since they began trading in December, after OPEC's pact with Russia to restrict oil supplies fell apart on Friday.

Shares of Saudi Aramco fell below their initial public offering (IPO) price on Sunday for the first time since they began trading in December after the OPEC oil supply cut pact with Russia fell apart on Friday.

The Maldives has curbed movement on several resort islands, authorities said on Sunday, after the country reported its first two cases of coronavirus.

President Donald Trump praised the United States' relationship with Brazil under Brazilian President Jair Bolsonaro on Saturday, but declined to say whether he would impose steel and aluminum tariffs on the South American country.

Italy is set to impose a virtual lockdown on its wealthiest and most populous region, which includes the financial capital Milan, as part of tough new measures to try to contain the coronavirus outbreak.