European stocks were lower this morning after talks between major oil producers ended in Doha without any agreement on limiting output. The ESTX 50 (-0.91%), CAC 40 (-0.93%), Dax (-0.61%) and the UK Markets (-0.63%) all posted losses in early trading. Shares in Royal Dutch Shell, Total and Eni were all down by more than -3% as the price of crude dropped as the meeting of major oil exporters in Doha collapsed without a deal to freeze output. Miners also retreated as commodity prices dropped. Glencore Plc and Anglo American plc declined at least -4.2%. AMS AG, ARM Holdings Plc and Dialog Semiconductor fell at least -2.6% on speculation Apple will cut iPhone production amid slower than expected sales of 6S and 6S Plus models. Reckitt Benckiser rose around +1% after it reported slightly better than expected quarterly sales and affirmed its full year forecast.
US stocks dropped as oil price declines weighed on energy shares. The Dow Jones Industrial Average (-0.16%), S&P 500 (-0.10%) and the Nasdaq Composite (-0.16%) all declined. Oil prices fell as traders and analysts anticipated a weekend meeting of major oil exporters will do little to clear global oversupply quickly. Apple shares dropped -2%, the biggest drag on the S&P 500 and Nasdaq, after the Nikkei business daily reported that the company will continue its reduced production of iPhones in light of sluggish sales. Citigroup closed down -0.1% after the company reported a sharp drop in quarterly profit. BATS Global Markets jumped +21.1% after the exchange operator went public.
Asian stocks fell as crude plunged and Japanese shares tumbled on a stronger yen after oil talks ended without an agreement on limiting supplies. The S&P/ASX 200 (-0.40%), Hang Seng (-1.12%) and the Nikkei 225 (-3.40%) all dropped. Japanese exporters plunged on the yen’s strength, with Fuji Heavy Industries Ltd and Mazda Motor Corp both falling more than -4%. Toyota Motor Corp dropped -4.8% as a report said its operating profit may be reduced by about 30 billion yen for the quarter ending in June after the earthquakes disrupted parts supplies. Dai-Ichi Life Insurance Co tumbled -5.6%, while Tokio Marine Holdings Inc lost -5.9% in the wake of Thursday’s earthquake and strong aftershocks on Saturday that pushed the death toll higher.
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