Stocks Fall Sharply in Asia
April 17 2016 - 10:10PM
Dow Jones News
Stocks in Asia fell sharply early Monday after major oil
producers failed to reach an agreement to curtail production in
Doha over the weekend.
The Nikkei was down 3.2%, South Korea's Kospi was off 0.6% and
Australia's S&P/ASX 200 lost 0.7%. Energy stocks in Australia
were off 3.4%.
The losses came as oil prices opened sharply lower in early
Asian trading hours. Over the weekend, talks between oil producers
collapsed when Saudi Arabia reasserted a demand that Iran also
agree to cap its oil production. Brent crude oil was last down 5.1%
at $40.88 a barrel.
Commodity producers BHP Billiton Ltd., Rio Tinto Ltd., and
Liquefied Natural Gas Ltd. were off 3%, 1.3% and 2% respectively.
Japan-listed oil producer Inpex Corp. plunged 7.3%.
In currencies, the Australian dollar fell by more than 1%
against the U.S. dollar, as worries grew that the country would
take a hit to its commodity-heavy exports.
The Japanese yen, considered a safe haven, strengthened, and was
last up 0.6% against the U.S. dollar. Gold prices, also bought up
during market turmoil, rose 0.4%.
Write to Chao Deng at Chao.Deng@wsj.com
(END) Dow Jones Newswires
April 17, 2016 21:55 ET (01:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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