Crude oil tumbled and
commodity-linked currencies weakened after talks between OPEC members
and other producers ended in Doha without any agreement on limiting
supplies. Asian stocks retreated from a four-month high, while demand
for haven assets boosted the yen and Treasuries.
West Texas
Intermediate slid 5.4 percent to $38.17 a barrel after the first
significant attempt in 15 years at coordinating oil output between OPEC
and nations outside the group failed to reach an accord. The currencies
of Canada, Australia and Malaysia all dropped more than 1 percent versus
the greenback and Japan’s yen climbed to a one-week high. The MSCI Asia
Pacific Index fell for the first time in nine days.
Oil prices rebounded
from a 13-year low over the past two months, spurring a recovery in
global equities, on prospects major producers would agree to cap output.
Discussions stumbled after Saudi Arabia and other Gulf nations wouldn’t
agree to any deal unless all OPEC members joined including Iran, which
wasn’t present at the meeting, according to Russian Energy Minister
Alexander Novak.
Morgan Stanley,
International Business Machines Corp. and Netflix Inc. are among
companies reporting earnings on Monday. International Monetary Fund
Managing Director Christine Lagarde said over the weekend that declines
in commodity prices are likely to be long lasting.
The Aussie and
Malaysia’s ringgit lost 1.1 percent versus the greenback as of 9:18 a.m.
in Tokyo. The Canadian dollar fell 1.2 percent and South Africa’s rand
declined 0.9 percent.
Source: Bloomberg
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