LONDON (AP) — The Latest news on global financial markets (all times local):
12 p.m.
European stock markets have recouped most of their earlier losses as oil prices clambered off lows.
Europe’s main stock indexes had opened sharply lower after crude prices tanked following the failure of oil-producing nations to agree to a production freeze during a meeting in Doha, Qatar.
But the oil price recovery saw Germany’s DAX push into positive territory, albeit by a small 0.1 percent to 10,059. Britain’s FTSE 100 index was down only 0.1 percent at 6,335 while the CAC-40 in France was also down 0.1 percent at 4,490.
As well as tracking oil prices, Mike van Dulken, Head of Research at Accendo Markets, said investors are also “reviving some of last week’s risk appetite” that came about from solid China data, solid U.S. bank earnings and expectations that the Federal Reserve won’t be in any hurry to raise interest rates again.
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10:20 a.m.
Oil prices are trading sharply lower but have recovered a chunk of the losses they recorded in the immediate aftermath of the failure by oil-producing countries to agree Sunday on freezing production.
A barrel of benchmark New York crude was down $ 1.31, or 3.3 percent, at $ 39.05 while the international standard, Brent, fell $ 1.13, or 2.6 percent, to $ 41.97. Earlier, both had been even lower, with New York crude down 7 percent at one stage.
The failure to reach a consensus on freezing production to support prices came after Iran opted against attending the meeting of 18 oil-producing nations in Qatar. Saudi Arabia said it wouldn’t be party to a deal that didn’t involve Iran.
One of the reasons why oil prices have rallied by more than 60 percent from their January lows was a growing expectation that an agreement to freeze production would emerge.
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9:50 a.m.
The Russian currency has plunged by more than 3 percent after a weekend meeting of oil-producing nations failed to agree on a production freeze.
The ruble enjoyed a significant rise in its value since February, including in the past week amid anticipation over the meeting of oil ministers in Qatar.
Russia is a major energy producer and exporter, and its currency depends heavily on the price of oil.
The ruble traded 3 percent lower at 68.4 rubles to the dollars in early trading on Monday on the news that the 18 oil-producing countries meeting in Qatar over the weekend did not reach a deal on freezing production.
Russia is running a 3 percent budget deficit and its economy is expected to contract by over 1.5 percent this year.
