【up down up down left right left right ba start】Asian Stocks Plummet Amid Oil Price War
By Alex Ho
Investing.com - Asian stock markets traded sharply lower on Monday morning as oil prices slumped following reports that OPEC failed to reach a deal with its allies on production cuts.
Japan’s Nikkei 225 slid 5.5% on 10:15 PM ET (02:15 GMT) after data showed the country’s
GDP
shrank at an annualized pace of 7.1%,up down up down left right left right ba start which was faster than expected. Prime Minister Shinzo Abe is due to detail new emergency measures on Tuesday.
China’s Shanghai Composite and the Shenzhen Component fell 2.5% and 2.4% respectively.
Hong Kong’s Hang Seng Index slumped 3.4%.
South Korea’s KOSPI lost 3.8%.
Down under, Australia’s ASX 200 plunged 5.6%.
Oil prices plunged about 25% after Saudi Arabia announced massive discounts on Saturday to its official selling prices for April. The kingdom will reportedly up its production level above the 10 million barrel per day.
It was reported that talks between OPEC and its allies broke down on Friday in Vienna. The cartel had recommended additional production cuts on Thursday, but that was rejected by Russia.
Existing production cut is set to expire at the end of the month.
“As from 1 April we are starting to work without minding the quotas or reductions which were in place earlier,” Russian Energy Minister Alexander Novak told reporters at the OPEC+ meeting in Vienna, adding, “but this does not mean that each country would not monitor and analyze market developments.”
In other news, the new coronavirus continued to spread as the number of people infected topped 107,000 globally. Over the weekend, Italy’s government ordered a lockdown in parts of the country, including Milan.
“You just don’t know which way things are going to go, it makes it very hard to price anything right now,” said Sarah Hunter, chief economist for BIS Oxford Economics, in an interview with Bloomberg. “We’re seeing that in the market with the wild oscillations that are coming through.”
Related Articles
U.S. stock futures tumble 4% on coronavirus fears in pre-market trade
World shares trampled in coronavirus panic, oil prices plunge
Boeing proposal to avoid MAX wiring shift does not win U.S. support
View comments
(责任编辑:Hotspot)
- Maybe the Coronavirus Didn’t End the Bull Market
- Is Antipa Minerals Limited's (ASX:AZY) CEO Being Overpaid?
- Crude Oil Price Update – Strengthens Over $45.27, Weakens Under $44.68
- Manhattan real estate prices hit record
- Square Inc (SQ) President, CEO & Chairman Jack Dorsey Sold $20.9 million of Shares
- Hilton Clearwater Beach Resort & Spa Celebrates Multi-Million Dollar Renovation With Spectacular Party
- BRIEF-Beijing Properties Says Unit To Acquire 40 Pct Interest In Beijing BHL Logistics
- Asian stocks rise sharply in January on hopes over U.S.-China talks
- Can Guess (GES) Keep the Earnings Surprise Streak Alive?
- Maynard James Keenan on “Arrogant” Pandemic Behavior: “There’s Logic Attached to Just Looking Out for Each Other”
- Emmy Awards 2012 live blog!
- China December factory activity shrinks for first time in 19 months: Caixin PMI
- 5 Stocks With Decent Growth Potential to Watch Ahead
- Rating Action on Genworth's Subsidiary
- Skyworks Solutions (SWKS) Matches Q2 Earnings Estimates
- HIGHLIGHTS-India unveils budget aimed at tackling rural distress
- Do You Know What Trio Industrial Electronics Group Limited’s (HKG:1710) P/E Ratio Means?
- One Thing To Remember About The Sadbhav Infrastructure Project Limited (NSE:SADBHIN) Share Price
- Suzan Craig and Tahi Restore Nature and Make 100 Percent Natural, Genuine Honey
- Wednesday Apple Rumors: AirPower Misses 2018 Release Window