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Global market declines sending Iron Ore, Oil, & Crypto prices lower - here's why

Yahoo Finance's Ines Ferre breaks down Monday morning's market declines ahead of the opening bell.

Video transcript

- I want to bring in Yahoo Finance's Ines Ferre who has been tracking these early volatile moves in the markets. And as we were joking a little bit before we came on air. When you see the term buy hashtag, buy the dip trending on Twitter, you know, it's going to be an interesting day for markets. If not, the whole week.

INES FERRE: That's right. A down day for sure today. And perhaps, you could see about 90% of the members of the S&P 500 in the red today. Take a look at where the NASDAQ.

100 right now is in premarket. Almost everything is down. All the faang names are down. You've got technology down. You've got energy stocks that are down.

I also want to show you what's happening with the world markets because we've got the Hong Kong's Hang Seng down about 3% today. European stocks are off. The DAX. The FTSE 100 is off right now. The STOXX Europe 600 index down more than 2%.

In fact, it's on track for the biggest decline since July. About 90% of those stocks are down right now. Let's also show Evergrande group's stock. Because you were just mentioning Evergrande the property developer plunging. About 15% today.

But this stock has actually been on a downward trend for weeks now because it's been struggling under debt. You've got four weeks now. Suppliers that have been saying that they have not been getting paid.

There's more reports of companies in the property industry. That could be suffering and that's causing panic in the Asian markets.

I also want to touch on when you talked about iron ore. Because we saw those prices last week plunged below $100 a ton. Let's show you a chart of some miners. Those are under pressure right now.

A couple of things happening with iron ore. You've got China with restrictions on industrial activity in some provinces to control power usage. You also have a downturn in the property industry. I was just talking about, which is putting pressure on iron so.

You can see that miner shares today. The BHP Group, Rio Tinto. Those are all under pressure.

- You know, speaking of everything being down, we're also seeing the sell off extend to other risk assets, including oil and Bitcoin. What are you seeing in terms of the price action there?

INES FERRE: OK. Let's take a look at the Bitcoin chart right now. You're looking at cryptocurrencies on our Yahoo Finance board. We've got Bitcoin down about 8%. Ether almost in correction territory down about 9%.

So everything right now is under pressure in the crypto asset market. Of course, risky assets, those are some of the first to go when you see this downturn in the markets.

We're also checking out oil as you just mentioned. We're seeing that WTI crude is down almost 2%. Brent crude below $75 a barrel.

You've got the US dollar index that's rallying. It's having an effect on crude oil as well. But you've got more oil output also in the Gulf back online because of those recent hurricanes. So that's also putting pressure on oil. And of course, we're also seeing energy stocks today under pressure as well.

- Yeah, interesting move in Bitcoin. And as you know in the past during periods of high market volatility. You would see I think Bitcoin and other cryptos like a-- like Ether really be viewed as a safe haven type of asset. Not seeing that today. Really seeing a complete risk off tone in these markets really globally.

All right. As we'll check back with you a little later.