Stocks crash amid China-US tensions

MUMBAI: Indian Indian fell sharply on Monday after the government extended a nationwide coronavirus lockdown by two weeks and as tensions between the United States and China dashed hopes of a pick up in global economic activity.

Benchmark equity Sensex fell 5.94% to 31,715.35 and Nifty ended 5.74% lower at 9,293.50.

Claims by the US on the source of Covid-19 sparked fears of a renewed trade war and fresh tussle with China over Beijing’s role in the spread of the disease.

LONDON: Oil prices fell on Monday on worries that a global oil glut may persist even as coronavirus pandemic lockdowns start to ease and amid a fresh spat between the United States and China over the origin of the virus. Brent crude was down 7 cents, or 0.3%, at $26.37 at 1339 GMT, while U.S. West Texas Intermediate (WTI) crude fell 39 cents, or 2%, to $19.39. While global oil demand is expected to recover modestly from April lows as countries ease some lockdown measures, the glut created over months in storage facilities will loom over the markets. “As oil inventories are likely still increasing over the coming weeks, oil prices remain vulnerable to setbacks,” said UBS analyst Giovanni Staunovo.