“Panic Selling” Saudi Stocks Crash Into Bear Market Following OPEC Decision | Zero Hedge.
It’s not just Shale oil stocks in the US that are hurting. Following the OPEC decision tonot cut production and squeeze US producers, Saudi Arabia’s major stock market index has tumbled into a bear market, giving up all the year’s gains. As one analyst noted, “investors are afraid if oil stays where it is, it will negatively impact the government revenues, thus creating potential headwinds on government spending.”Dubai stocks – our long-time favorite bubble index – has also been hammered, down over 7% intraday at its worst…
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