Gold Rebounds as Crude, Equities Tumble After Oil Talks Fail

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Gold rallied as crude plunged, spurring a selloff in riskier assets from commodities to equities and boosting demand for a haven.

Bullion for immediate delivery climbed as much as 0.5 percent to $1,239.56 an ounce and traded at $1,237.16 at 9:20 a.m. in Singapore, according to Bloomberg generic pricing. Prices rose 0.5 percent on Friday, paring a weekly drop, after U.S. reports showed manufacturing output unexpectedly declined and consumer confidence fell, reviving demand for gold.

The metal has risen 17 percent this year amid financial-market tumult and concerns over the outlook for global economic growth at the start of the year. Crude tumbled by the most in two months, while Asian equities slumped from a four-month high, after talks on Sunday between the world’s oil biggest producers ended without any agreement on limiting supplies.

Source: Bloomberg

Crude Tumbles as Doha Talks Fail; Asian Stocks Slide With Aussie

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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

Chinese Stocks Fall Most in Three Weeks as Oil Producers Slump

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Chinese stocks headed for the biggest loss in three weeks as energy producers retreated after oil tumbled.

The Shanghai Composite Index declined 1.4 percent. China Petroleum & Chemical Corp. and Yanzhou Coal Mining Co. lost more than 2 percent. Crude slumped the most in two months in New York after talks between major oil producers ended in Doha without any agreement on limiting output. Property developers declined even after data showed home prices accelerated last month.

Falling oil would undercut one of the biggest drivers in Chinese stocks this year. A gauge of energy shares jumped 11 percent in the three months through Friday, the most among industry groups, as crude rebounded. Housing demand helped boost growth in the first quarter, with output of real-estate services adding 9.1 percent from a year earlier, the statistics bureau said over the weekend. China’s economy grew 1.1 percent from the previous quarter, the lowest print since the series became available in 2011.

The Shanghai Composite traded at 3,036.28 at 9:44 a.m. local time. The Hang Seng China Enterprises Index retreated 1.6 percent, with China Oilfield Services Ltd. leading declines. The Hang Seng Index fell 1 percent.

A gauge of energy producers on the CSI 300 Index slumped 1.8 percent, the most among the 10 industries on the measure. China Petroleum, better known as Sinopec, was poised for its lowest close since March 24. Yanzhou Coal slid 2.9 percent, paring its gain this year to 17 percent.

Source: Bloomberg

Japanese Stocks Tumble After Oil Talks Deadlock as Yen Advances

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Japanese stocks tumbled after talks between OPEC members and other producers ended without any agreement on limiting supplies, while the yen gained after the Group of 20 finance ministers signaled opposition to curbing the currency’s strength.

Energy stocks led losses as crude futures sank. Insurers posted the second-largest decline in the wake of Thursday’s earthquake and strong aftershocks Saturday that pushed the death toll higher. Companies that halted some production after the quake also dropped, including Sony Corp., which lost 5.8 percent.

The Topix index slumped 2.9 percent to 1,321.70 as of 9:56 a.m. in Tokyo, with all of its 33 industry groups falling, after rising last week by the most in two months. The Nikkei 225 Stock Average dropped 2.9 percent to 16,366. The yen rose 0.7 percent to 108.03 per dollar, strengthening for a second day after Japan’s G-20 counterparts signaled opposition to shielding the country’s fragile economy via intervention to curb the currency’s strength.

Source: Bloomberg

Asian Stocks Drop as Japan Topix Tumbles With Commodity Shares

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Asian stocks fell, with the regional benchmark index retreating from a four-month high, as crude plunged and Japanese shares tumbled on a stronger yen after oil talks ended without an agreement on limiting supplies.

The MSCI Asia Pacific Index fell 1.1 percent to 130.75 as of 9:07 a.m. in Tokyo. The gauge surged 17 percent from its Feb. 12 low through last week, recouping all of its losses for 2016, as the Federal Reserve reassured investors that it won’t rush to increase borrowing costs and a rebound in commodity prices boosted mining and oil producers. West Texas Intermediate lost as much as 6.8 percent to $37.61 a barrel in early trading.

Japan’s Topix index fell 3.1 percent as the yen rose to 108.11 per U.S. dollar. The nation’s policy makers won little sympathy from its Group of 20 counterparts for possible intervention to reverse the currency strength. Prime Minister Shinzo Abe increased the number of rescue workers to 25,000 in the earthquake-stricken south of the country where 41 people have died since Thursday in the nation’s most devastating natural disaster since March 2011.

Source: Bloomber