World shares are dipping into the red again, as investors continue to use oil prices as a health gauge of the global economy. At an event in Houston on Tuesday, Saudi oil minister Ali al-Naimi ruled out production cuts anytime soon, sending crude sharply lower despite talk of a mid-March oil producer meeting. “His comments are hardly a surprise. Yet, the latest development seems to suggest that for oil producers to get more united they will have to feel more pain,” said Ayako Sera, senior market economist at Sumitomo Mitsui. New API figures showing a further build in U.S. stockpiles are also weighing on the commodity. Crude futures -3% to $30.91/bbl.
In Asia, Japan -0.9% to 15916. Hong Kong -1.2% to 19192. China +0.9% to 2929. India-1.4% to 23089.
In Europe, at midday, London -1.4%. Paris -2.2%. Frankfurt -2.4%.
Futures at 6:20, Dow -0.8%. S&P -0.7%. Nasdaq -0.9%. Crude -3% to $30.91. Gold+1.1% to $1236.40.
Ten-year Treasury Yield -5 bps to 1.69%
Today’s Economic Calendar
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