STOCKS SELL-OFF worldwide   

Oct 26 (Lagos) - US stock markets increased the sell off that started in Asia this morning with Dow jones Industrial Average and S&P500 both down more than 2% at the time of writing this article. 

German Software giant SAP announced that there is a slowdown in cloud business and its stock declined more than 20% on open. 

Crude oil prices are selling off as well with US crude oil futures down almost 4% to $38.58 per barrel in New York. Brent crude is still above the $40 mark at $40.52 per barrel down 3% so far today.

Auto stocks took a hit in India as the expectations from the festive season sales are expected to be lower than expected due to the covid-19 pandemic. 

The US election is adding to the risk in the stock market. There is still no update on the next stimulus package with the democrats holding off any deal proposed by the President. 

In Nigeria the stock market surprisingly rose today on the back of widespread destruction of property over the last week in Lagos and in other parts of the country as well. Private businesses, shops, restaurants and even public transport was looted and destroyed beyond any logic by thugs. Its a situation that will keep investors away from Nigeria for a long time. Lagos state is estimating it will cost N 1 trillion for reconstruction. 

We will see further inflation in the country as goods and services become scarce due to this destruction. Online shopping on websites like Jumia and Jiji is going to be the best source for people to buy things now with shops burnt and destroyed. Transport is about to become more expensive even with falling oil prices because they burnt the BRT busses. 

Now the focus has to be on how we can go back to 2020 September rather than how to move forward. 

reporting for on Monday, Oct 26 2020 from Lagos, Nigeria
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