Monday, 18 April 2016

Dow near record, emerging markets rebound, but oil talks failure threaten

The Dow Jones Industrial Average is flirting with its all-time high while emerging-markets have roared back to life.

However, the failure of the oil talks in Doha over the weekend threatens to derail the rallies in markets. From Bloomberg:

Oil tumbled by the most in two months after output talks Sunday between the world’s biggest producers ended without any agreement on limiting supplies, a diplomatic failure that threatens to renew the rout in prices.

Futures fell as much as 6.8 percent in New York, the biggest intraday drop since Feb. 1. The summit in the Qatari capital, which dragged on for more than ten hours beyond its initially scheduled conclusion, finished with no final accord. 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, Russian Energy Minister Alexander Novak told reporters.

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