This was a really awful black Monday by any historical yardstick. On March 9, global equities plunged, triggering circuit breakers even in the most liquid markets. At market close, the S&P 500 index had lost 19% from its recent peak (19 February). This steep decline was set off by a collapse of crude oil markets, as the news of Saudi Arabia and Russia launching a war for global market share reached trading desks.
On February 24, a squadron of Russian and Syrian fighters hit a position occupied by the Turkish army in the Idlib region, killing 33 Turkish soldiers. The Russians later explained that the Turks, who had come as reinforcements to resist the Assad regime’s offensive targeting the last rebel-held enclave, had not reported their presence. Their location would have also been indistinguishable from positions held by jihadist groups.
The secret vote for the Director post at the World Intellectual Property Organization (WIPO), has handed China a crushing defeat, with an official from Singapore winning by 55-28 against China’s candidate, a long-time UN civil servant in the agency.