Under the dual impact of the new crown pneumonia epidemic and the plunge in international oil prices, the decline in global capital markets has intensified.

In the international market, the US Nasdaq 100 futures and the S & P 500 index futures plummeted, triggering trading restrictions and causing fuses. On March 9, the Nikkei 225 Index closed down 5.07%. The FTSE China A50 Index, the Hong Kong Stock Hang Seng Index, the Korea Composite Index, the German DAX Index, and the French CAC40 Index generally fell sharply. As of 16:00 Beijing time on the 9th, the reporter issued a statement, the Saudi benchmark stock index fell 9.5% at the opening, Saudi Aramco opened the daily limit.

On the same day, the Shanghai Composite Index fell more than 3%, the Shenzhen Stock Exchange Index fell 4.09%, and the GEM Index fell 4.5%. Northbound funds had a unilateral net outflow of 14.319 billion yuan throughout the day, and the net outflow in a single day hit a record high.

Jingchuan, chief economist at CUHK Futures, said that crude oil, as a basic raw material for economic operations, is usually closely related to economic operations. At the same time, as the oil-producing countries continue to adjust their production due to international political influences, crude oil has been disturbed by both supply and demand. Last week ’s highly anticipated OPEC + conference ended up unexpectedly “talking about collapse”. Saudi Arabia implemented a price war and said it would increase production if necessary, which is a blow to the current nervous oil market.

Obviously, the current drop in oil prices was mainly due to insufficient demand, but because OPEC and non-OPEC oil producing countries failed to reach an agreement on reducing crude oil production, the imbalance in supply and demand will further suppress oil prices.

In addition, relevant experts said that judging from the relationship between the recent Wall Street Panic Index (VIX) and new cases of new coronary pneumonia worldwide, the evolution of the epidemic next week is also one of the key factors determining the Wall Street stock market. The epidemic in Europe is also closely watched by Wall Street traders.

Yang Delong, chief economist of Qianhai Open Source Fund, believes that the impact of international market volatility on A shares is short-lived. The A-share market has been active, and incremental capital has continued to enter the market, which has promoted the rebound of the various centers of the A-share market. In order to cope with the impact of the epidemic, the Chinese government has taken decisive measures to increase the market liquidity and reduce the MLF reverse repurchase rate. At the same time, the traditional infrastructure and new infrastructure have increased in both directions. It will also stimulate the rapid recovery of economic demand after the epidemic and create a good return for corporate profits condition. The ultra-low interest rate environment brought by the epidemic has also created certain conditions for the rise of the A-share market. "While we have to face up to market volatility in the short term, we still cannot lose our confidence. In the context of the global capital market, although the A-share market cannot stand alone, it is still expected to get out of the market." Yang Delong said.

Zhu Huichun