As markets flutter to life following the Doha disappointment, it is clear some turmoiling is to come. Canadian Dollar is down over 1% against the US Dollar - the biggest drop in 4 weeks - erasing all of last week's gains. Ahead of this evening's crude futures open, CAD implies a sub-$39 open for WTI...
Still, some participants are spinning away...
Has there ever been a more ill-timed example of the curse of the Barron's cover than this?
After months of "strong" sales, rising prices, and Phil-LeBeau-gasms, Barron's decides that - following the biggest used-car price plunge since 2008, amid a drastic drop in sales, and near-record high inventories - now is the time to print this...
The most anticlimiatic culmination to the most farcical "agreement" of 2016, one which could have been seen a mile away by any carbon-based trader not housed in a collocated, supercooled facility in Secaucus, has taken place and here is the "shocking" result:
In the first market glimpse of the fallout from a disappointing Doha conclusion, Saudi stocks have fallen by the most in three weeks retracing most of last week's exuberantly hopeful gains.
As Reuters reports,
Early on Sunday it appeared that producers were close to agreeing an oil output freeze, but negotiations were later delayed into the afternoon as a new proposal called for all OPEC members to agree even though Iran has said it will not take part.
Earlier today Toyota was one of many Japanese companies to announce that it will suspend most car production across Japan as a result of critical supply chain disruptions caused by the recent destructive earthquake and numerous aftershocks. All of the major assembly lines will be shut down across its four directly-run plants, and Toyota will be halting production in stages at other group companies as well.