Oil fell after Iraq said it’s producing a record amount of crude. Swiss stocks rebounded from a one-year low and the franc weakened, while Chinese shares tumbled the most in six years as regulators cracked down on margin lending. West Texas Intermediate oil slid 1.1 percent to $48.15 a barrel at 7:17 a.m. in New York. The Swiss Market Index jumped 3.5 percent as the Stoxx Europe 600 Index added 0.2 percent. The Shanghai Composite Index slumped 7.7 percent and China’s credit risk rose to a 10-month high. Russian stocks advanced for a fifth day in the longest rally since November. Japan’s 10-year bond yield fell to a record low. The franc weakened against the euro for a second day. U.S. markets are closed for Martin Luther King Day. Iraq is pumping at a record pace of 4 million barrels a day, Oil Minister Adel Abdul Mahdi said. Crude slumped almost 50 percent last year as the U.S. pumped oil at the fastest rate in more than three decades while OPEC resisted calls to cut supply. Chinese regulators are tightening control of investing after outstanding margin loans almost trebled to $174 billion since June. VIDEO: Why Davos Just Got a Whole Lot Pricier “With supply exceeding demand it still seems highly likely that the market will fall further,� Christopher Bellew, senior broker at Jefferies International Ltd. in London, said by e-mail. “Rallies above $50 have proved very short-lived, and my expectation is for the price to move in a sideways range until the next move to the downside, which I expect to take the price to $40 or lower.� Non-OPEC Output Brent crude, the benchmark grade for more than half the world’s oil, slid 0.8 percent to $49.76. Non-OPEC nations will boost output this year at a weaker rate than previously forecast, according to the International Energy Agency. Copper in London fell for the first time in three days, losing 0.9 percent. Gold slipped 0.2 percent, near a four-month high, before European Central Bank policy makers meet this week to discuss introducing new stimulus. VIDEO: China Is Still Slowing Down a Bit: Calverley Two stocks advanced for every one that declined in the Stoxx 600, with trading volumes 25 percent greater than the 30-day average, according to data compiled by Bloomberg. Novartis AG, Nestle SA and Roche Holding AG, the largest stocks on the Stoxx 600, added at least 3 percent. Schindler Holding AG jumped 3 percent after the maker of elevators increased its profit estimate for 2014. Julius Baer Group Ltd. (BAER) rose 5.8 percent, following a 24 percent slump last week, after saying currency moves following the Swiss National Bank’s unexpected decision to give up the cap on the franc didn’t damage its capital ratios. Franc Weakens Switzerland’s currency is weakening against the euro after posting an unprecedented advance on Jan. 15, when the central bank stopped selling francs to prevent gains beyond 1.20 per euro. It depreciated 0.9 percent to 86.61 centimes per dollar today. Standard & Poor’s 500 Index futures lost 0.5 after the index completed its third weekly decline. Morgan Stanley, Johnson & Johnson and McDonald’s Corp. are among companies reporting financial results this week. Profit at S&P 500 companies climbed 0.8 percent in the fourth quarter, according to the average analyst estimate compiled by Bloomberg. More than nine companies fell for each that rose as Shanghai’s benchmark gauge dropped the most since June 2008. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong slid 5 percent, the most since November 2011. China Regulators China’s securities regulator halted some brokerages from adding margin-finance and securities lending accounts for three months following rule violations. The firms were suspended after letting customers delay repaying financing for longer than they were supposed to, the China Securities Regulatory Commission said on its microblog on Jan. 16, without giving more details Credit-default swaps on China rose one basis point to 103 basis points, the highest since March 20, according to data compiled by Bloomberg. Russia’s Micex Index (INDEXCF) advanced 1.2 percent and the ruble strengthened 1 percent. Moody’s Investors Service lowered Russia’s debt last week to Baa3, one step above junk, matching the credit rankings of Standard & Poor’s and Fitch Ratings. S&P said Jan. 16 that it plans to decide whether to lower Russia to junk by the end of the month. U.K. government bonds rose, pushing the 10-year yield two basis points lower to 1.51 percent. Germany’s rate slipped one basis point to 0.44 percent. Japan’s 10-year notes yield dropped four basis points to a record 0.2 percent. To contact the reporters on this story: Nick Gentle in Hong Kong at ngentle2@bloomberg.net; Stephen Kirkland in London at skirkland@bloomberg.net To contact the editors responsible for this story: Stephen Kirkland at skirkland@bloomberg.net; Stuart Wallace at swallace6@bloomberg.net Justin Carrigan

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