Wall Street shares to fall as Doha agreement failure weighs
Last updated: 08:13 18 Apr 2016 EDT, First published: 03:13 18 Apr 2016 EDT
Wall Street shares could be on for another session of losses after major oil producers failed to come to an agreement on a potential production freeze in Doha.
Iran’s no-show at oil talks in Qatar was a big hit to negotiations, effectively ending chances of a deal to limit production and underpin oil prices.
Its move meant Saudi Arabia was even less likely to push ahead with a reported plan to freeze oil prices in tandem with Russia.
Craig Erlam, senior market analyst at Oanda said: “It is possible that we’ve seen the worst of the initial reaction to the failure to achieve a deal in Doha, but I do think further downside could follow in the coming weeks.”
Yesterday in New York, the S&P500 ended down 0.1%, or around six points, at 2,080. The benchmark Dow closed 28 down at 17,897, while the tech heavy Nasdaq closed down seven, at 4,938.
And spread-betters see the downward trend continuing, with the Dow Jones expected to open 59 points lower; the Nasdaq down 16 and the broader S&P500 is down eight points.
