Asian Stocks Dive on Failed Doha Deal, Nikkei Down -3%
The stocks on the Asian bourses kicked-off the week on a bearish note,
as failed Doha meeting to reach an oil output freeze deal combined
weighed heavily on the market’s sentiment and curbed the appetite for
riskier assets, including equities.
Negotiations in Doha over the first global oil deal failed to reach an agreement on Sunday after tensions between Saudi Arabia and Iran flared up, sending the oil prices crashing and therefore, spurred a renewed bout of risk-aversion across the financial markets in Asia.
Nikkei dumped as Yen rises to 2016 highs
The Japanese stocks witnessed almost 300 points bearish gap opening and now dives deeper in the red as the yen continues to surge, benefiting from persistent risk-off market profile. While concerns over the disastrous earthquake also weighed on the investors’ sentiment. The Japanese benchmark index, the Nikkei 225 drops -3.03% to 16,342 points, while USD/JPY sinks -0.78% to 107.90, making headway towards 2016 lows reached at 107.61.
The Australian markets was largely indifferent to the oil news and traded with minor losses, as markets appear to have found some support from increased China home prices index and higher gold mining stocks. The benchmark S&P/ASX 200 index drops -0.25% to 5,144.
The Chinese equities also followed suit and kept losses, with the benchmark Shanghai Composite index drops -1.39%, the CSI300 index slides -1.15%, while Hong Kong’s Hang Seng loses -0.92% to trade around 21,140 levels.
(Market News Provided by FXstreet)