Asian Markets Down, Energy Firms Hit By Oil Deal Woes

HONG KONG, (UrduPoint / Pakistan Point News - 28th Sep, 2016 ) - Tokyo stocks led a broad retreat in Asian markets Wednesday as the Yen recovered, while regional energy firms struggled with crude prices on concern about the chances of success at an upcoming producers' meeting.

The OPEC oil cartel and Russia are due to meet later Wednesday in Algeria to discuss a global oil glut and overproduction that has strangled prices for more than two years. The news sent both main contracts plunging almost three percent.

And on Wednesday they only managed meek recoveries, with West Texas Intermediate up seven cents at $44.74 and Brent 13 cents higher at $46.10. "OPEC members are peddling their self-interests, and while that's the case, there can't be a cooperative effort," Michael McCarthy, chief market strategist in Sydney at CMC Markets, told Bloomberg News.

"There is little possibility of that coming together. Oil is trapped between $40 and $50 a barrel, and at this stage there doesn't appear to be anything on the horizon to break prices out of that range.

" Energy firms from Sydney to Hong Kong were in the red, in line with losses on broader stock markets.

- Dollar struggles - ==================== In Tokyo the Nikkei index closed down 1.3 percent, with a stronger yen dampening buying appetite. The dollar bought 100.62 yen in Asian trade, slightly up from 100.36 yen in New York but it was still struggling after falling from the 100.88 yen seen earlier Tuesday in Asia.

Shanghai lost 0.3 percent by the close, Seoul shed 0.5 percent and Singapore dipped 0.1 percent in the afternoon, while there were also losses in Bangkok and Jakarta. But Hong Kong staged a late burst to end 0.2 percent up and Sydney also closed slightly higher. In early European trade London and Paris each rose 0.3 percent and Frankfurt put on 0.6 percent.