On Monday (April 20), US crude oil futures fell to a negative value for the first time in history. As of the close of the day, the light crude oil futures delivered by the New York Mercantile Exchange in May closed at -37.63 US dollars / barrel, a decrease of 305.97%. The price of light crude oil futures delivered by the New York Mercantile Exchange in June also fell sharply by 18.37% to close at $ 20.43 per barrel. Not long ago, Brent crude oil futures also encountered the Black Swan, which fell more than 30% during the day and suffered one of the most intense sell-offs in history.

　　Affected by the sharp drop in crude oil futures prices, the three major US stock indexes fell on Monday, and A shares also fell to a certain extent on Tuesday, in which oil companies fell significantly.

Three major US stock indexes closed down, market pessimism may rise

　　With the sharp drop in crude oil futures prices, all three major US stock indexes fell. At the close on Monday, the Dow Jones index fell 2.44%, or nearly 600 points, to close at 23650.44 points; the S & P 500 index fell 1.79%, to 2823.16 points; the Nasdaq fell 1.31% to 8560.73 points.

　　Among them, the energy sector fell significantly, Exxon Mobil fell 4.72%, Shell A fell 5.64%, Total fell 4.38%, BP fell 4.61%, Chevron fell 4.13%, ConocoPhillips fell 1.96%.

　　Aviation stocks also fell, with Boeing down 6.75%, United Continental Airlines down 4.44%, American Airlines down 4.41%, and Delta Air Lines down 2.6%.

　　For Hong Kong stocks, the Hang Seng Index opened 0.34% lower on Tuesday, and the decline in midday expanded to 2.29%. Oil and gas stocks weakened, of which CNOOC fell more than 4%, Sinopec fell 3.08%, and PetroChina fell 3.24%. In addition, CNOOC and Anton Oil Services plunged more than 3%.

　　Northeast Securities Research Director Fu Lichun said that the price of US crude oil futures fell to a negative value for the first time. Occurred, "black swan" may be more frequent. This will cause certain disturbances to global capital markets, including US stocks.

　　At this time, preventive psychological emotions may play a more important role in the market. Crude oil futures are the most important commodities. The plunge in prices reflects that there are still serious differences in the future expectations of the energy market and the macro economy. There is indeed a sudden upward trend in pessimism about future capital markets.

The three major A-share indexes fell by more than 1%, the petroleum and petrochemical sector fell, and the crude oil storage and transportation index rose

　　For A shares, as of midday on Tuesday, the Shanghai Composite Index fell 1.35%, the Shenzhen Component Index fell 1.79%, and the GEM Index fell 1.93%. The net outflow of northbound funds exceeded 1.6 billion yuan. The share price of petroleum and petrochemical companies fell to a certain extent. PetroChina fell 0.66% in midday and Sinopec fell 1.74% in midday.

　　From the perspective of the industry sector, the petroleum and petrochemical sector fell 1.14% in midday, among which ST Zhongtian, Hi-tech Petrochemical, Haohua Technology, Hengyi Petrochemical, Guangzheng Group, Intercontinental Oil and Gas, and Offshore Oil Development led the decline.

　　In terms of the conceptual sector, the crude oil storage and transportation index rose, Henderson Group's daily limit, Hongchuan Smart rose more than 8%, Haiyue Energy rose more than 5%, and COSCO Marine Energy and International Industry rose more than 4%.

　　Everbright Bank's financial market analyst Zhou Maohua told the Beijing News reporter that the continued slump in crude oil prices is not conducive to market risk appetite, but the impact of crude oil prices on the stock market is structural. The impact on the overall market sentiment is mainly due to the fact that crude oil is the “blood” of the industry. The continued decline in crude oil prices itself reflects the gloomy global economic outlook, poor corporate earnings prospects, and lack of fundamental support in the stock market. The plunge in oil prices will be a drag on the performance of crude oil production and related industries, such as upstream crude oil exploration and mining, oilfield services, new energy and other industries; but it helps reduce the costs of energy-using industries and improve profitability, such as chemical, Energy transportation and other industries.

　　Zhou Maohua pointed out that investors still need to be alert to market volatility risks. The recent plunge in crude oil prices is a further plunge before crude oil fell to historical lows, reflecting market panic and selling sentiment, which reflects market concerns about the economic and financial crisis. If the impact of the epidemic continues, crude oil prices remain depressed for a long period of time, and the risk of high-debt oil companies' debt chains may increase, and a chain reaction may occur; in addition, uneasiness may also make market liquidity tight again.

　　Qian Delong, chief economist of Qianhai Open Source Fund, said that the A-share market ended today's previous continuous rebound trend, and there has been a large decline. This is because A-shares are still affected by external stock markets at this stage. However, there are still many bullish factors supporting the A-share market, and the rhythm of shock rebound will be maintained. The policy support of the A-share market is constantly increasing, including various measures to support capital market reform and boost economic growth. These are conducive to the long-term healthy development of the capital market. Policy support is an important support for the recovery of the A-share market. On the other hand, with the improvement in global liquidity, funds from various channels have returned to the A-share market, and the rate of foreign capital inflows to A-shares is accelerating. Last week, foreign capital inflows exceeded 30 billion yuan. At the same time, the valuation of A shares is currently low, and the earnings ratio of the A stock market is at the lowest position in history, which is also lower than that of major global capital markets. Therefore, investors need not be too pessimistic about the market outlook. The volatility of the external market may affect the performance of the short-term market, but the long-term market still has internal support.

　　Beijing News reporter Gu Zhijuan