The much touted meeting ended without agreement. Crude tumbling. This is the view now. 38. 18 per barrel, and brent crude at 40 a barrel. For more thanon 10 hours longer than planned, but broke up without a deal. What does monday hold . A big drop. To 30. Go back based on people familiar with the talks, which ended a few point they at one said it seemed as if all the Oil Ministers were gathered around a computer trying to agree on the text of the draft. How much of a gap between what a lot of these members wanted to come out of the deal. It was supposed to end early afternoon. There was a press conference scheduled. It dragged on much later than that. A lot of people are pointing to the saudis as the main stumbling block. Saudisrstand that the insisted that the Draft Agreement include text which pointed out that iran must be included in any future commitment, and we all know that even before the meeting started that iran called it ridiculous. In fact, listen into the Russian Energy minister. I think it is clear to them who is to blame. Think we have not reached those expectations we had when we prepared this meeting. How could a country that did not participate in the meeting be the reason for not reaching agreement . This is the position of the producer of saudi arabia. They think that all opec producers should participate in this deal. We understand that iran pulled out last minute after the onlycame out and said countries were members that were planning on signing the agreement should be attending. As a sign oft withdrawal of the invitation, so they pulled out. It didnt help that during the meetings some countries changed their minds, according to the Russian Energy minister. It all points to a deeper problem, that any deal at the moment is contingent on what some analysts call this fixation from the saudis on iran, a problem that runs deeper. Angie is it a fixation or convenient excuse . Could be a convenient excuse. They knew iran was not going to attend. From these heard Saudi Crown Prince that they could jack up supply if they wanted to. At the moment, it seems that the saudis did not want the deal to happen to begin with, and this is where we are at the moment. Very clear that they want to get back to presanction levels, 4 Million Barrels a day, so that is very concerning there. What is next . Speedwas supposed to of the rebalancing of the market by six months. Now it might take until mid2017. June 2 is when opec is scheduled to meet again, but the next freeze meeting, if you can call it that, might take place in russia on october 20, although the russians declined to comment when asked about that date and place. He moment, we are seeing angie what is the date again . Maybe october 20 in russia. Angie well, the failed talks have sent crude futures plunging while the yen is rising. What are we saying . Good morning. We arent seeing this flight to save haven. Another week of talking about the japanese yen once again. In the trade, it hit a 17 month high, at levels we have not seen since october 2014, so seeing the yen strengthened against the dollar. It is up 11 so far against the dollar this year, and we are continuing to see these movements coming through. Foreign exchange seeking safe havens after these talks collapsed. That sent the japanese yen higher against the dollar. If we have a look at what happen with other currencies, this is the interesting part, because we saw Commodity Currencies start to come under pressure, z considers white line here. This is the japanese yen, that strong spike it had when the talks collapsed. It is still continuing to strengthen in early trade today. The aussie dollar, look at that, purpleue line, and the line is the canadian currency, which fell 1 against the dollar. The aussie dollar falling quite significantly, and it is a little weaker in the early session at the moment and the Canadian Dollar also coming under significant pressure so another weekend it seems once again that we will be continuing to talk about the japanese yen. Lets get a read on how it is trading this morning. We were seeing it up for tense of 1 against the dollar, and as i said these october 2014 highs, yes, he we are seeing that japanese yen up by. 4 of 1 against the dollar am a so that save haven play back into play in terms of currency movements and the commoditybased currencies. They really coming under significant pressure. Angie thank you for that. Thats playing out across markets in the asiapacific. New zealand, Commodity Currencies following falling. The new Zealand Dollar climbing . 69 to the u. S. Dollar, also new zealand premuch flat right now. Look right there, this is the aussie dollar that we were talking about. Futures in sydney pointing to slightly lower open, and over to japan, checking futures trading in chicago, dropping about 400 points. That is what nikkei futures are predicting right now from fridays close. The japanese yen, safety play. It is a Public Holiday in vietnam, so no trading in hanoi. Lets check other headlines for you this morning. The campaign to unseat the brazilian president is going stormy the wire amidst scenes in parliament. Lawmakers voting on impeachment, accusing her of bypassing congress to hide a budget deficit. Thatresident made lastditch appeal ahead of the vote. Brazil is in its worst recession in decades and has seen a wave of corruption scandals. Malaysians Outgoing Central Bank governor is confident the nation will meet its growth target of 4. 5 this year. Inflation is under control because of lower fuel and commodity costs, but says the ringgit should strengthen. She has said the central bank warned the government in 2014 that the debt, written Investment Firm posted a threat to the pose a threat to the financial system. Expanding in the United States as it looks to grab a bigger , rivals are scaling down off rations. Sumitomo mitsui has hired a barclays veteran to lead the team and will hire up to 10 more senior bankers over the coming months. Chinas Consultancy Services will appeal a verdict in an infringement case. A jury found the Software Maker should pay 1 billion. Said it did not derive any benefits derived in the documents downloaded. The worlds finance chiefs ended their meeting on an up the note, yet cautioned that the current market call may only be temporary. We have the main takeaways. What did they say . The g20 struck a positive note. Risks andwledged the the rocky start to the year for the financial markets. This time around during the Spring Meetings, they said the risk to the Global Recovery had stabilized. Remember, we are seeing global stocks rising since the start of the year, since february, that will also shanghai see volatility index is recovering. Christine lagarde sang the talks were a bit of collective there be to move from the negative situation to a more positive approach, but as expected, there s about whatution lies ahead. There was not exactly the anxiety,l level of but there was an equal level of concern, a collective endeavor to identify the solution and the responses to the Global Economic situation. Shanghai, they did in finance ministers and central bankers pledged to use all policy tools necessary, monetary, fiscal, and Structural Reforms, in order to stimulate growth. Angie what were some of the concerns . Policymakers have to deal with a host of risks to the Global Economy, one of them the possible exited the u. K. From the European Union. George osborne telling reporters that the risk of a british eggs it has definitely risen exi y has definitely risen up the agenda. We also had the reserve bank of washington,ng in talking about the Global Situation being a little bit mixed. Take a listen. The model of growth precrisis did not seem to work. Is industrial countries are still trying to take off, emerging markets trying to figure out how they work without industrial countries going strongly, and of course, developing countries depend on the entire scheme working, so it is a difficult time. Not surprising that policymakers are being cautious. Last week, the imf cut its global outlook, warning that a long stretch of slow growth had made the Global Economy more susceptible and more probable to shocks. Angie thank you for that. Coming up, we take the latest lamborghini for a spin in hong kong, and more on oil, which is plummeting on the failed talks in doha. What is next for crude . Welcome back. Kong,7 15 a. M. In hong and these of the stories making headlines around the world. Japan has sent 25,000 rescue of recent the area earthquakes. Saturday, the 7. 3 tremor was the most powerful to hit japan since the fukushima quake five years ago. Several companies have suspended production at local plants, but Nuclear Reactors are said to be undamaged. 238 people were known to be killed and a powerful quake in ecuador. 1707. 8 tremor struck kilometers northwest of the capital. It was one of the strongest in decades. Officials say there is considerable damage, and the area was hit by dozens of oil shocks. The state oil company said there has been no damage to its refineries. Of myanmarsident will release more Political Prisoners amid Sweeping Democratic changes under the new government. He heads the first freely moreed administration in than 60 years. Opponents were commonly arrested and jailed. It is not clear how many Political Prisoners there are. Powered by over 2400 journalists and 150 bureaus around the world, this is bloomberg news. Angie back to our top story, crude prices tumble after talks between opec producers and others failed to reach agreement. Oilext guest sees a rise in prices by the fourth quarter, with economic pickup spurring demand. That by the end of the year, we will get there. The second half of the year being the case. We still have this oversupply. Good morning. It seems to be the case, and certainly not getting anything concrete out of delhi is an issue. Doha is an issue. Economicsod strong the price of oil will have that shock and falloff. Angie a lot of people expect a five dollar drop her barrel. What is your forecast for today . Aroundok at the range, the bottom end of the range. Is 36. 80, so a little bit more of a shock, but not too much followthrough. 6 has been quite a large fall. This is the way we have been playing it for some time. When he gets close to 35 per barrel, thats where we like it. Fore what does this mean shale producers and the u. S. And other projects sitting on the sideline . It is more of the same. Just sit and wait. There is not much you can do when you have so many players. Some are producing at record levels tear, so there is an issue. Guysyou see the oil shale and exactly what they are doing, remember they are trying to be more of a lowcost producer. Takes, the leaner they become, some more of a responsive process when prices go higher. When we thought that they were producing very expensively, as time passes, that will be cheaper and increase the flow. It is important for us to see the economics pickup. Angie what should smart investors do today . , or dosell on the dip anticipate as you do that fourthquarter pickup and then buy into the dip . Look, its like usual when you see a runup to a large event, you see a lot of panic, and i think that is what we are seeing. To my mind, it is sit back and see how the dust settles. We might continue to see the selloff, lets wait and get some clarity. We still have arranged to contend with, and not until week take out of that range do is start to make other decisions. Downside, and 42. 50 is the top side. Its only when we break that range do we need to come up with other trading ideas. Angie what is a highlight for you after First Quarter gpd figures out of china at 6. 7 . I have enjoyed watching the data come out of china, because it has been encouraging. When i look at the encouraging nature of that data, i see that iron ore is leading the way. We have had a lot of volatility in the market, but it has been an interesting time because were seeing record amounts of production, and the same and consumption, so it goes to show that when you do have an oversupplied market, when you start to get the gravity of economics in your favor, prices will gravitate to the top side, and that is the model we are following. When i look at the iron ore market, i see that sector is one that is still well priced, and we have been moving into that sector for the last quarter, so iron ore in my mind remains a good opportunity. Much of that First Quarter number was propped up by property prices, and of course that has been a boon for commodities. Angie how sustainable is it . One housings, prices, to reducing capacity with the chinese economy, cleaner alternatives in terms of their production, so when you start to look at it, the fact that were seeing this, more stimulus, i think you will see that growth, so i think it is sustainable. We dont want to see rapid growth, but we want to see steady growth, and i think that is what they will be getting. Angie very good talking to you this monday morning in asia. Coming up next, australia faces overrly election controversial legislation. First up back in two. Angie tuesday should draw a ase under the power struggle the Parent Company of 7eleven in japan holds a Board Meeting to promote a president. His rise is seen as a vindication of activist investor daniel loeb. Of latest trade dana at japan will give us an indication of the economys condition. Weighed onyen wa exports. We will get a glimpse of how the commodity sector is faring on bhp billitonn gige killingto reports. On friday, the latest check on we will see if chinas crack down on excess is deterring gamblers. With has been struggling 22 months of slumping revenue as casinos turn to the mass market. Senators have returned to duty they couldwo bills give the government a trigger for an early election. Pass either will result in both houses being dissolved and elections in early july. How likely is this early election scenario . This will be an interesting exercise in selfpreservation, because it is up to the senate to pass this bill. If it does not get passed, the government has a trigger for dissolving both houses of parliament. Election, only half would be elected. The failure of these bills lies in the hands of 68 senators from small parties or independencts. An election is held, it is likely they would be wiped out in a double to solution. Whether or not these bills gets that smalls on handful of people whose futures are at stake. Those futures, but a lot of smiling faces, still an early election becoming an increasingly risky strategy for the government, isnt it . Senators, while at risk, it is the government as well. The coalition enjoyed in a normas bump in the polls, but the last two polls have fallen behind. Thee look at the primary, Coalition Still has a healthy lead, 41 to 36 percent, but nehring over the labour party. Labor has nudged out into the in terms of 49 which party is preferred. The preferred Prime Minister, Malcolm Turnbull stillwell out in front, 47 to 28 for the opposition. His lead has half, and he came to the job promising reform, but has proven to be reform adverse. Angie thank you. Paul allen for us in sydney. Ating up, china hits out major Credit Rating agencies and major Credit Rating agencies and accuse them of thank you. Ordering chinese food is a very predictable experience. I order b14. I get b14. No surprises. Buying business internet, on the other hand, can be a roller coaster White Knuckle thrill ride. Youre promised one speed. But do you consistently get it . You do with comcast business. Its reliable. Just like kung pao fish. Thank you, ping. Reliably fast internet starts at 59. 95 a month. Comcast business. Built for business. Angie we are that the end very closely. Were 30 minutes away from the opening as well as in south korea and australia. Top stories this hour. Oil is tumbling after talk about an output freeze. They met crucially without iran. They would not accept a deal unless all opec members joined. A freeze not agree to until they have significantly lifted their output level. The Talk Straight on 10 hours longer than planned. Brazilian lawmakers are voting on the impeachment of the president. Shes accused of Misleading Congress to hide a budget deficit. The president made a lastditch appeal for support. Two thirds of the lower house must support impeachment for it to proceed. Brazil is in its worst recession in decades. The worlds finance chiefs have finished talks at the meeting in washington on an upbeat note. To 2016. Tart concerns have eased since the g20 meeting in shanghai. The failed talks in delhi have sent crude futures plunging. Juliet is watching the latest for us. What are we expecting to see the opening . Juliet not looking like a very positive start. We can see that the s p 500 is pointing to a loss of about one half of 1 . We are seeing those weaknesses come through in this region. At least according to the futures the nikkei all suggesting top gains of about 1 . Opens now in japan the fall could be quite a bit more significant than that. We still have a half an hour before trading begins. A pretty flat movement in australia. That did close about an hour and a half ago. We also said base metals off in london. Very likely to affect the resource heavy australian markets. Could all come under significant pressure. The oil price in correlation to what we are seeing in terms of around leak on the gold front. This yellow line is the gold futures price. It is rising. With that safe haven japanese y en. This line is the debbie ti crude futur