Luckin had been one of China’s few successful initial public offerings last year, with a number of prominent U.S. investors, including hedge funds, investing in the company’s shares.
“The oil price jump is adding some ‘risk on’ to stocks as well, which is probably reducing demand for gold a little bit.”
The massive shift into cash came as worries over the economic fallout from the coronavirus pandemic mounted, pushing some investors to liquidate their stocks and eventually even some haven assets like Treasuries.
The dollar also marched higher against major currencies, gaining more than 0.5%.
The federal budget deficit is likely to increase to $2.4 trillion for fiscal year 2020, or 11.2% of gross domestic product, which would be the largest deficit as a share of the economy since World War II when it reached 25%-30% of GDP, Wells Fargo said.
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