SYDNEYStock markets were heavily sold off and trading in futures tied to the S&P 500 fell by the maximum permitted, as investors responded to Saudi Arabias decision to cut most of its oil prices and boost output despite existing threats to demand from the coronavirus epidemic.
Australias benchmark S&P/ASX 200 index dropped by 5.6% within the first two hours of trading on Monday, led by large-cap energy stocks that declined by as much as 30% on fears that an escalating clash between Saudi Arabia and Russia over share…