Equity, energy, bond and currency markets have been in turmoil as the global oil price collapses. Hit by both a demand and a supply shock, oil has fallen nearly 50% this year.

Oil prices took a nosedive as Saudi Arabia moved to boost output capacity in an escalation of a price war with Russia, triggering a string of stock market declines that left S&P 500 and FTSE 100 down by almost 8 per cent.

Crude markets have been in turmoil after Riyadh slashed prices to cope with the severe economic impact of the coronavirus which has sharply reduced world demand for crude.

This began a clash with Moscow over output cuts, leading to the biggest one-day drop for almost 30 years. Oil prices and stock markets around the world plummeted after the collapse of an oil production reduction agreement between OPEC and non-OPEC producers, including Russia.

In a meeting with investors, president Vladimir Putin insisted that “Russia will get through this turbulent period with dignity, calmly.”

Trump had promised to introduce measures to combat the virus epidemic such as assistance to airlines and cruise companies, two especially hard-hit industries – but investors are growing worried about the lack of concrete action.