Global stock markets had a tough day after oil hit $111 per barrel and French 10-year bond yields climbed to 4.94%, a level not seen since 2002. South Korea’s KOSPI index fell 3.73% while the IPO of AI cloud provider Elice lost 30% on its debut. In France, the government imposed curfews in major cities after nights of riots and looting on the streets of Paris, raising concerns about a potential global debt crisis according to Commerzbank. Saudi Arabia also canceled its annual Future Investment Initiative meeting, known as “Davos in the Desert,” following Houthi attacks on Riyadh’s airport.
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