- The Doha meetings failed to unite oil exporting countries as to freeze outputs, which resulted in oil prices tumbling overnight. With no scheduled news for today, we expect the Doha meetings to dominate oil and commodity moves today.
- Oil and GOLD: Crude oil tumbled by more than $2.8 to $39 per barrel, as Doha meetings failed to yield agreement on output freeze. Apparently Saudi Arabia demands that Iran should also join the deal. Meanwhile, oil minister of Qatar, Mohammed bin Saleh al-Sada said that the group of nations “needs more time” to reach an agreement but there is no schedule for the next negotiation. GOLD benefited from the OIL slide, as regional stock markets dropped on the lack of consensus between OIL exporting nations, which highlighted GOLD as an alternative investment. GOLD rose from $1233 to as high as $1239 before hovering around $1236
- Stocks: Asian markets tumbled along with oil prices after the highly anticipated Doha meetings. Nikkei is losing -470 pts or -2.8% while Hong Kong HSI is trading down -200 pts or -0.9%. In China, the CSI 300 index has been down more than -1% despite better-than-expected industrial production data.
Currencies: Commodity currencies such as AUD and CAD have tumbled together with OIL. On the other hand, risk aversion in stock markets which always benefits the JPY has created further downwards momentum for USDJPY which is once again approaching 2014 lows at 107.55.
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