'A global recession is inevitable': Analysts warn of 'utter carnage' as oil crashes and global stocks tumble

Associated Press

• The sell-off across stocks, bonds and oil prices on Monday morning has been referred to as "carnage" by a number of analysts.
• Oil prices slumped more than 25% after OPEC and its allies failed to agree to cut output. 
• "There have been plenty of bad days since the coronavirus infected investors. Yet Monday's session felt like a different kettle of fish entirely," said one analyst. 
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Analysts warned of a global recession on Monday as a coronavirus-fueled sell-off dragged stocks, bond yields and oil prices lower.

Oil futures plummeted 26% on Monday, following their sharpest decline since the Gulf War in 1991 after OPEC+ failed to agree to cut output last week. Global stocks followed the sentiment tumbling across the board, with European stocks down more than 6% and Dow futures pointing to an opening drop of 5%.

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