NO DEAL: Here's what happened in the markets the day after Doha


Oil worker energy fire desert iraq oilfield

AP Photo/Nabil al-Jourani

an Iraqi worker operates valves at the Nahran Omar oil refinery near the city of Basra 550 kilometers (340 miles) southeast of Baghdad, 2009.

Markets in Europe went on a wild ride on Monday as investors in assets across the board reacted to the failure of major oil producers to agree a deal on freezing production at their meeting in Doha, Qatar on Sunday.


Everything from oil, to stocks, to currencies tanked early in European morning trading, before recovering to the end of the day, and broadly closing in positive territory.

Brent crude, the international benchmark, dropped as much as 7% just after markets opened, but ended the day up by 0.3% as investors got used to an oil market that in fundamental terms, is unchanged from how it was before the Doha meeting.

Here's how Brent looked at the end of the European day:

oil europe close april 18

Europe's major stock indexes followed a similar pattern, initially plummeting on news of no deal. Stocks across the continent dropped more than 1% at the open, but slowly recovered to end with smalls gains. Here's the scoreboard for Europe's equity indexes:


  • Britain's FTSE 100 - up 0.13%
  • Germany's DAX - up 0.72%
  • France's CAC 40 - up 0.29%
  • Italy's FTSE MIB - up 0.56%
  • Spain's IBEX 35 - up 0.48%
  • Euro Stoxx 50 - up 0.40%

On a sector-by-sector basis, mining and commodity firms were the best performing, gaining on a slightly weaker dollar. This is how Anglo American, one of the biggest gainers on the FTSE 100, ended the day:

Screen Shot 2016 04 18 at 16.55.10

Elsewhere in the markets, things in FX were crazy early in the morning after the meeting of oil producers ended without a deal. Petro currencies like the Canadian dollar and Russian ruble both fell in the aftermath, while the yen, often considered a safe-haven, saw considerable strength. However, things calmed down a few hours later.

Here's the FX scoreboard:

  • The euro gained 0.3% against the dollar.
  • Sterling gained 0.43% against the greenback.
  • Brazil's real is down 1.28% after politicians voted to impeach president Dilma Rousseff.
  • The Japanese yen was virtually flat against the dollar.
  • The Chinese yuan closed off 0.1% after the National Bureau of Statistics showed that home prices in China gained in 62 of 70 cities tracked by the government.

While markets were crazy, but broadly positive, it was a particularly bad day for investors in Russia. Both of the country's major share indexes, the RTSI and the MICEX, saw big losses, while the rouble also lost big in early trading, losing more than 3% against the dollar.