Topix Extends Six-Year High as Airlines, Shippers Gain on Oil

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Japanese stocks rose, with the Topix index extending a six-year high, as a weaker yen boosted exporters while airlines and shippers climbed on a slide in oil.

The Topix added 0.4 percent to 1,415.57 as of 9:05 a.m. in Tokyo after closing last week at its highest level since June 2008. The measure gained 5.8 percent in November, the biggest monthly advance since September 2013. All but seven of the 33 industry groups increased today. The Nikkei 225 Stock Average rose 0.1 percent to 17,481.47. The yen slid 0.2 percent to 118.84 per dollar after losing 0.8 percent on Nov. 28.

Crude extended its slide today, with West Texas Intermediate contracts for January delivery on the New York Mercantile Exchange sinking as much as 3.1 percent to $64.10 per barrel after OPEC refrained from cutting supply last week.

Japanâs capital spending rose 5.5 percent in the three months ended September from the previous year, the finance ministry said today in Tokyo. Economists surveyed by Bloomberg had expected a 1.8 percent advance.

Futures on the Standard & Poorâs 500 Index lost 0.3 percent today. The underlying equity measure declined 0.3 percent on Nov. 28 as small-cap companies and energy producers slumped on a slump in oil.

Source: Bloomberg

Asian Stocks Decline as Oil Rout Drags Commodity Producers Lower

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Asian stocks fell for a third day and U.S. equity-index futures declined as oil extended its slump.

The MSCI Asia Pacific Index slid 0.3 percent to 140.25 as of 9:01 a.m. in Tokyo, before markets opened in China and Hong Kong. Energy producers posted the largest declines last week as Brent oil extended its 2014 rout to 37 percent amid a glut in supply. West Texas Intermediate crude today dropped below $65 a barrel for the first time since May 2010. Gauges of manufacturing for China and the euro area are due today.

Manufacturing in Asias biggest economy expanded at the slowest pace since April, according to economists surveyed ahead of todays scheduled government release. The Shanghai Composite Index jumped 7.9 percent last week amid optimism lower crude prices will benefit transport companies and the central bank will continue to ease policy.

Australias S&P/ASX 200 Index declined 0.8 percent, with BHP Billiton Ltd. and Woodside Petroleum Ltd. the biggest drags on the gauge. South Koreas Kospi index dropped 0.6 percent. Japans Topix index rose 0.4 percent as the yen weakened 0.2 percent to 118.85 per dollar. New Zealands NZX 50 Index added 0.1 percent.

Futures on the Standard & Poors 500 Index retreated 0.4 percent. The underlying gauge fell 0.3 percent on Nov. 28 as exchanges closed early following the Thanksgiving holiday.

Source: Bloomberg

Gold Futures Drop Most in Three Weeks on Dollar Gain, Lower Oil

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Gold futures capped the biggest decline in three weeks as a stronger dollar and plunging energy prices curbed demand for the metal. Silver plunged the most in 17 months.

Benchmark Brent crude yesterday fell the most in more than three years after the 12-nation Organization of Petroleum Exporting Countries kept its output target unchanged, cutting golds appeal as an inflation hedge. The dollar rose to a five-year high against a basket of 10 currencies on speculation that lower energy prices will boost the U.S. economy, paring demand for bullion as an alternative investment.

Gold is heading for a second straight annual loss, the longest slump since 1998, after the dollar strengthened and inflation failed to accelerate this year. Societe Generale SA trimmed its price forecast for bullion this week, saying the Federal Reserve will boost interest rates by mid-2015 as U.S. economic growth improves.

Gold futures for February delivery fell 1.8 percent to settle at $1,175.50 an ounce at 12:51 p.m. on the Comex in New York, the biggest decline since Nov. 5. Floor trading was shut yesterday for Thanksgiving.

Source: Bloomberg

Dollar Set for Weekly Gain on U.S. Outperformance; Aussie Falls

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The dollar headed for a sixth weekly gain as traders bet the U.S. economic recovery will outpace the performance of Europe and Japan.

The euro held its first decline in four days before data today forecast to show the regions inflation matched the slowest pace since 2009, adding pressure on the European Central Bank to increase stimulus. The yen weakened after a report showed Japans household spending declined for a seventh month. The Aussie fell, while the Norwegian krone and Canadian dollar extended losses after OPEC members left their output target unchanged.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major counterparts, rose 0.2 percent to 1,101.96 as of 9:19 a.m. in Tokyo, on track for its highest close since March 2009. It has gained 0.2 percent this week.

The dollar advanced 0.3 percent to 118.10 yen. It added 0.1 percent to $1.2455 per euro. The yen slipped 0.2 percent to 147.09 per euro.

Australias dollar slid 0.4 percent to 85.12 U.S. cents. The krone weakened 0.4 percent to 6.9550 per dollar, after tumbling 1.4 percent yesterday. Canadas loonie fell 0.2 percent to C$1.1348 per U.S. dollar, adding to yesterdays 0.7 percent drop.

Source: Bloomberg

WTI Heads for Biggest Weekly Drop in Three Years on OPEC Action

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West Texas Intermediate headed for the biggest weekly decline in three years after OPEC took no action to ease a global supply glut and stem a slide in prices that has driven oil into a bear market.

Futures dropped as much as 8.1 percent in New York. The Organization of Petroleum Exporting Countries maintained its collective target of 30 million barrels a day, Ali Al-Naimi, Saudi Arabias oil minister, said yesterday after the 12-member group met in Vienna. WTI may fall as low as $60 a barrel during the next month, according to Energy Analytics Group.

Crude has collapsed about 36 percent since its June peak as the U.S. pumped at the fastest rate in more than three decades amid signs of weakening demand. OPEC is not sending œany signals to anybody and just wants a fair price, Secretary-General Abdalla El-Badri said at a press conference. Brent in London slumped 6.7 percent to a four-year low yesterday.

WTI for January delivery lost as much as $5.94 to $67.75 in electronic trading on the New York Mercantile Exchange and was at $68.76 at 10:13 a.m. Sydney time. Floor trading was closed yesterday because of the U.S. Thanksgiving holiday and transactions will be booked with todays for settlement purposes. Prices are down 10 percent this week, the most since May 2011.

Source : Bloomberg

Inflation of Japan Slows for Third Month in Challenge for Kuroda

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Japans consumer price gains slowed for a third straight month, challenging Bank of Japan Governor Haruhiko Kurodas effort to stoke faster inflation.

Consumer prices excluding fresh food increased 2.9 percent in October from a year earlier, the statistics bureau said today in Tokyo, matching the median projection in a Bloomberg News survey of economists. Stripped of the effect of Aprils sales-tax increase, core inflation -- the BOJs key measure -- was 0.9 percent.

Tumbling oil prices are complicating the task of stoking inflation in an economy that slid into recession last quarter. The inflation number is the last key data point on consumer price changes before an election next month, with Prime Minister Shinzo Abe seeking a renewed mandate for his economic growth strategy.

Kuroda said there was no limit to steps the BOJ could take to reach its 2 percent inflation goal after he led a divided board last month to increase stimulus.
The yen fell 0.2 percent against the dollar to 117.93 as of 8:34 a.m. in Tokyo.

Source: Bloomberg

Japan Stocks Rise as Investors Weigh Economic Data, Oil Prices

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Japanese stocks rose as investors weighed economic data and as oil prices slid after OPEC took no action to ease a global supply glut.

The Topix gained 0.5 percent to 1,398.10 as of 9:01 a.m. in Tokyo, with all but three of its 33 industry groups rising. The measure is headed for 0.2 percent loss this week and a 4.8 percent gain in November. The Nikkei 225 Stock Average added 0.5 percent to 17,330.84 today. The yen fell 0.1 percent to 117.88 per dollar, weakening for the first day in four.

Reports in Tokyo today showed Japans consumer prices rose 2.9 percent from a year earlier in October, slowing for a third straight month, while household spending dropped 4 percent. The jobless rate dropped to 3.5 percent from 3.6 percent, while retail sales unexpectedly declined 1.4 percent from September and industrial production rose 0.2 percent on the month, beating estimates for a 0.6 percent contraction.

West Texas Intermediate crude tumbled 6.3 percent to $69.05 a barrel in electronic trading, and Brent fell to the lowest since 2010. The Organization of Petroleum Exporting Countries maintained its production ceiling of 30 million barrels a day at a meeting in Vienna, resisting calls from Venezuela that a supply cut was needed to stem the rout that has sent oil prices into a bear market this year.

Through yesterday, the Topix is up 18 percent from an Oct. 17 low after the central bank added to quantitative easing and the $1.1 trillion pension fund pledged to buy more shares.

Source: Bloomberg

Most Asian Stocks Rise as Japan Climbs After Data; Energy Drops

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Most Asian stocks rose as Japanese equities advanced as investors weighed economic data including inflation. Energy shares led losses after oil prices plunged.

Almost two shares rose for each that fell on the MSCI Asia Pacific Index, which rose less than 0.1 percent to 140.84 as of 9:05 a.m. in Tokyo. The measure is heading for a 0.6 percent weekly advance, paring its monthly decline to 0.7 percent. Japans Topix index climbed 0.8 percent as the yen fell for the first time in four days. U.S. markets were closed yesterday for the Thanksgiving holiday.

The Asia-Pacific measure rebounded 5.3 percent from an Oct. 17 low through yesterday as the Bank of Japan expanded bond purchases, China cut interest rates and speculation grew the European Central Bank will take more stimulus measures. ECB President Mario Draghi said yesterday the bank is open to buying a wide variety of assets for further easing.

Japans consumer price index slowed a third straight month amid tumbling oil prices, challenging the BOJs efforts to stoke inflation. CPI growth excluding food fell in October to 2.9 percent from a year earlier from 3 percent the month before. Retail sales rose 1.4 percent from a year earlier after gaining 2.3 percent in September. The economy slid into recession last quarter after an April sales-tax increase damped consumer spending. Industrial production unexpectedly rose.

Source : Bloomberg

Gold Futures Slip as U.S. Equities Trade Near All-Time High

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Gold futures slipped in New York as U.S. equities traded near record highs, paring demand for the metal as an alternative asset.

The Standard & Poors 500 Index of equities advanced to a record yesterday. U.S. stocks fluctuated today, as reports showed the number of Americans filing claims for unemployment benefits rose last week to the highest since early September and orders for U.S. business equipment unexpectedly fell in October.

Gold, which has fallen 9.4 percent since the end of June amid a surging stock market and stronger dollar, traded little changed most of the day. The economic reports may help ease concern that the Federal Reserve will soon raise interest rates, said David Meger, the director of metals trading at Vision Financial Markets.

Gold futures for February delivery declined less than 0.1 percent to settle at $1,197.50 an ounce at 1:48 p.m. on the Comex in New York, the second decline in three days.

Source: Bloomberg

Gold Trades Near 3-Week High Before Data on U.S. Durable Goods

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Gold was little changed near a three-week high as investors waited for data on the health of the U.S. economy.

U.S. data on initial jobless claims, durable goods, consumer confidence, home sales and personal spending are due today before the Thanksgiving holiday. The metal slid yesterday, before recovering to close higher, after data showed the U.S. economy expanded in the third quarter more than forecast.

Gold for February delivery fell less than 0.1 percent to $1,196.90 an ounce on the Comex by 7:50 a.m. in New York. The metal for immediate delivery slipped 0.3 percent to $1,197.13 an ounce. Futures trading volume was 46 percent above the 100-day average at this time of day.

Platinum for January delivery on the New York Mercantile Exchange was little changed at $1,225.20 an ounce. Palladium for March delivery climbed 0.7 percent to $802.30 an ounce.

Holdings in gold-backed exchange-traded products fell 1.1 metric tons to 1,616.7 tons as of yesterday, declining for the first time in three days, according to data compiled by Bloomberg.

Source : Bloomberg

European Stocks at Two-Month High as DAX Rallies for 10th Day

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European stocks closed unchanged at a two-month high, with German equities posting their longest winning streak since May 2013.

The Stoxx Europe 600 Index stood at 346.28 at the close of trading, after earlier rising as much as 0.4 percent. Utility companies were among the biggest gainers, with RWE AG and EON SE helping push Germanys DAX Index up 0.6 percent. The European gauge has rebounded 12 percent from this years low in October amid additional stimulus measures from central banks in China, Japan and Europe.

German equities have climbed 16 percent since their low last month amid optimism that exporters will benefit from a weaker euro as the European Central Bank looks into broadening its asset-buying program. The DAX closed at its highest level since July.

Utility companies in the Stoxx 600 climbed 0.6 percent as a group. RWE, Germanys largest power producer, gained 3 percent, and EON, the countrys second biggest, added 1.7 percent.

A measure of commodity producers advanced 0.7 percent after a two-day drop. Anglo American Plc rose 1.4 percent and BHP Billiton Ltd. climbed 0.8 percent.

Source : Bloomberg

U.S. Stocks Fluctuate Near Record Levels Amid Economic Reports

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U.S. stocks fluctuated, with benchmark indexes near all-time highs, as investors assessed data on labor, manufacturing and housing to gauge the strength of the American economy.

Phone companies climbed 1 percent, while technology stocks gained as Hewlett-Packard Co. rose to the highest level since May 2011 even after missing analyst estimates in an earnings report yesterday. Energy producers decreased as Seadrill Ltd. suspended dividends amid the lowest oil prices in more than four years.

The Standard & Poors 500 Index rose less than 0.1 percent to 2,068.5 at 12:01 p.m. in New York. The Dow Jones Industrial Average fell 16.5 points, or less than 0.1 percent, to 17,798.44. The Nasdaq 100 Index climbed 0.4 percent. Trading in S&P 500 companies was 30 percent below the 30-day average for this time of the day. U.S. markets will be closed tomorrow for the Thanksgiving holiday.

Source: Bloomberg

Oil Extends Slump Before OPEC as Japan Stocks Drop With Dollar

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Crude oil dropped a third day, extending losses from a four-year low amid concern OPEC members may fail to agree on output cuts when they meet in Austria this week. Japanese stocks retreated as Asian currencies, including the yen, strengthened against the dollar.

West Texas Intermediate crude slipped 0.3 percent to $73.87 a barrel by 9:28 a.m. in Tokyo, after sinking 2.2 percent last session to the lowest price since September 2010. Japans Topix index dropped 0.1 percent from a six-year high, as the MSCI Asia Pacific Index rose 0.1 percent amid a rebound in Australian equities. The yen climbed a second day, while the Korean won and Malaysian ringgit added at least 0.2 percent. Standard & Poors 500 Index futures were little changed after the gauge fell from a record following three days of gains.

The Organization of Petroleum Exporting Countries meets in Vienna tomorrow, after talks between Venezuela, Saudi Arabia, Mexico and Russia failed to produce an agreement on cutting supplies amid sliding oil prices. Japan reports on small-business confidence today, and the U.K. updates on gross domestic product. The U.S. posts durable goods after an unexpected drop in consumer confidence offset data showing the economy capped its strongest six months in a decade last quarter.

Source: Bloomberg

Gold Futures Climb as U.S. Dollar Falls From Five-Year High

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Gold futures gained for the second time in three sessions as the dollar fell from a five-year high, boosting demand for the metal as an alternative investment.

The dollar lost as much as 0.2 against a basket of 10 currencies after touching the highest since March 2009. Bullion slid earlier after a government report showed the U.S. economy expanded more than expected, damping demand for the metal as a store of value.

Gold has fallen 14 percent from a 2014 high, and global holdings in exchange-traded products backed by the metal last week slumped to the lowest since May 2009, amid gains in the dollar on an improving U.S. economy. Faster growth supports the Federal Reserves decision last month to stop buying debt as policy makers monitor economic progress while deciding when to raise interest rates for the first time in eight years.

Gold futures for February delivery rose 0.1 percent to settle at $1,197.80 an ounce on the Comex at 1:40 p.m. in New York. The metal slid as much as 0.6 percent earlier. Bullion posted two straight weekly gains through Nov. 21 amid central bank action from China to Japan to Europe to boost growth.

U.S. gross domestic product grew at a 3.9 percent annualized rate in the third quarter, capping the strongest six months in a decade and topping the 3.3 percent estimate in a Bloomberg survey of economists, a government report showed today.

Source: Bloomberg

Asian Stocks Rise for Fourth Day as Materials Shares Lead Gains

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Asian stocks rose, with the regional benchmark index heading for a fourth day of gains, as materials and health-care shares advanced, countering a decline in Japans Topix index amid a stronger yen.

The MSCI Asia Pacific Index added 0.1 percent to 140.90 as of 9:03 a.m. in Tokyo after rising 1.1 percent the past three trading days. Japans Topix slid 0.3 percent as the yen gained 0.1 percent to 117.81 per dollar after advancing 0.3 percent yesterday. U.S. stocks slipped from a record as a drop in consumer confidence offset faster economic expansion.

South Koreas Kospi index climbed 0.1 percent. Australias S&P/ASX 200 Index gained 0.9 percent, while New Zealands NZX 50 Index increased 0.3 percent.

Futures on the Standard & Poors 500 Index were little changed today. The measure declined 0.1 percent yesterday. Consumer confidence in the U.S. declined to a five-month low in November, to a level that was weaker than the most pessimistic estimate in a Bloomberg survey of economists. Gross domestic product rose at a 3.9 percent annualized rate in the third quarter, up from an initial estimate of 3.5 percent.

West Texas Intermediate crude reached the lowest level in more than four years after nations supplying a third of the worlds oil failed to pledge output cuts before tomorrows OPEC meeting.

Futures on Hong Kongs Hang Seng Index and the Hang Seng China Enterprises Index each lost 0.1 percent in their most recent trading session.

Japan’s Topix Index Retreats From 6-Year High as Yen Strengthens

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Japanese stocks fell, with the Topix index retreating from a six-year high, as the yen maintained gains against the dollar. Paper manufacturers led declines and drug companies rose.

The Topix lost 0.2 percent to 1,406.23 as of 9:02 a.m. in Tokyo, with eight stocks falling for every six that rose, after closing yesterday the highest level since June 2008. The Nikkei 225 Stock Average slipped 0.3 percent to 17,360.21 today. The yen traded at 117.81 per dollar, after strengthening as much as 0.5 percent yesterday.

The Topix gained the past five trading days as Prime Minister Shinzo Abe called a December election, scuppering plans for a second increase in Japans sales tax after data showed Asias second-largest economy is in recession. The Bank of Japan last week kept a pledge to expand the monetary base at an annual pace of 80 trillion yen ($676 billion).

Source: Bloomberg

S&P 500 Little Changed Near Record on GDP, Consumer Confidence

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The Standard & Poors 500 Index was little changed after closing yesterday at a record, as data showing the economy expanded more than previously forecast in the third quarter was offset by a drop in consumer confidence.

The S&P 500 slipped 0.1 percent to 2,067.48 at 4 p.m. in New York, following three days of gains. The Dow Jones Industrial Average added 6.13 points, or less than 0.1 percent, to an all-time high of 17,848.21. The Russell 2000 Index of smaller companies dropped 0.1 percent, while the Nasdaq 100 Index extended a 14-year high.

Gross domestic product, the value of all goods and services produced, rose at a 3.9 percent annualized rate, up from an initial estimate of 3.5 percent, Commerce Department figures showed today in Washington. The median forecast of 81 economists surveyed by Bloomberg called for a 3.3 percent gain. After the 4.6 percent increase in the second quarter, it marked the biggest back-to-back advance since late 2003.

The Conference Boards consumer confidence index fell to 88.7 in November from 94.1 a month earlier, the New York-based private research group said today. The median forecast in a Bloomberg survey called for a gain to 96.

Source : Bloomberg

WTI Drops a Second Day as OPEC Considers Sparing Three From Cut

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West Texas Intermediate crude fell for a second day as OPEC considered sparing three nations from potential output cuts when the group meets in Vienna this week.

Futures slid as much as 0.4 percent in New York. Iraq, Iran and Libya wouldnt have to trim supplies should the Organization of Petroleum Exporting Countries agree to a reduction, according to two people with knowledge of the proposal. This is not the first time the market is oversupplied, Saudi Arabias Oil Minister Ali Al-Naimi said in the Austrian capital.

Oil has collapsed into a bear market as the U.S. pumps crude at the fastest rate in more than three decades amid signs of a supply glut. Some OPEC producers are resisting calls to reduce production while Venezuela and Ecuador seek action to support prices ahead of discussions on Nov. 27.

WTI for January delivery dropped as much as 31 cents to $75.47 a barrel in electronic trading on the New York Mercantile Exchange and was at $75.68 at 10:06 a.m. Sydney time. The contract lost 73 cents to $75.78 yesterday. The volume of all futures traded was about 43 percent below the 100-day average. Prices have decreased 23 percent this year.

Brent for January settlement dropped 68 cents, or 0.9 percent, to $79.68 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $3.90 to WTI.

Source: Bloomberg

Yen Approaches Seven-Year Low Before Kuroda Speaks Amid Stimulus

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The yen approached a seven-year low versus the dollar before Bank of Japan Governor Haruhiko Kuroda speaks today, as policy diverges from the Federal Reserve.

The euro maintained gains from yesterday versus its major peers after European Central Bank Governing Council member Jens Weidmann said expanding bond purchases to government debt would face œlegal hurdles. New Zealands dollar held its first decline in three days before a quarterly Reserve Bank survey of inflation expectations. The BOJ today releases minutes of its Oct. 31 meeting, when it surprised markets by expanding stimulus two days after the Fed ended its bond-buying program.

The yen slipped 0.1 percent to 118.43 per dollar at 8:47 a.m. in Tokyo from yesterday, when it fell 0.4 percent. It reached 118.98 on Nov. 20, the weakest since August 2007. The yen was little changed at 147.26 per euro, after yesterdays 0.8 percent slide. The euro traded at $1.2434 from $1.2442.

The BOJ last month lifted the annual target for enlarging the monetary base to 80 trillion yen ($675 billion), from 60 trillion yen to 70 trillion yen. The policy board voted to retain the plan at the end of a two-day meeting on Nov. 19. Kuroda is scheduled to speak at 10 a.m. in Nagoya today.

The Fed is moving to raise interest rates for the first time since 2006 after curtailing its quantitative-easing program. Futures traders predict theres a 50 percent chance rates will rise in September for the first time since 2006.

The New Zealand dollar was little changed at 78.60 U.S. cents, after weakening 0.3 percent yesterday.

Source : Bloomberg

Japan Stocks Gain With Dollar After U.S. Records as Oil Retreats

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The dollar gained against most peers, while Japanese stocks increased after records in New York amid global central-bank efforts to prop up economic growth. Oil retreated with Norways krone.

Japans Topix index climbed 0.7 percent by 9:11 a.m. in Tokyo, as the yen slipped 0.1 percent to 118.37. The MSCI Asia Pacific Index climbed 0.2 percent while a 1.9 percent drop by BHP Billiton Ltd. dragged Australias S&P/ASX 200 Index lower. Futures on the Standard & Poors 500 Index were little changed after the U.S. gauge and the Dow Jones Industrial Average closed at records. Norways currency weakened 0.3 percent while oil in New York slipped 0.2 percent.

Japanese markets resume after a holiday during which Chinas central bank cut interest rates. While gross domestic product growth in the three months through Sept. 30 is likely to be revised lower. A final reading on German third-quarter economic expansion is due after an unexpected increase in business confidence amid European Central Bank President Mario Draghis efforts to win support for more measures.

The S&P 500 has rebounded 11 percent from a six-month low last month. The gauge had plunged as much as 7.4 percent as concern grew Europe was leading a global growth slowdown. It has closed above its five-day moving average for 27 consecutive trading sessions, the longest such streak in history, according to Jonathan Krinsky, chief market technician at MKM Holdings LLC.

Source: Bloomberg

U.S. Stocks Extend Records, Europe Bonds Rise on Stimulus Bets

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U.S. stocks extended all-time highs and European bonds gained amid speculation the European Central Bank will buy government debt to support growth. Natural gas led commodities lower and oil retreated.

The Standard & Poors 500 Index rose 0.3 percent to an all-time high at 4 p.m. in New York. The Dow Jones Industrial Average climbed less than 0.1 percent to extend a record, while the Russell 2000 Index of small companies rallied 1.2 percent to a July high. The Stoxx Europe 600 Index closed little changed as gains by banks offset a slump in resource producers. The yield on Spains 10-year bond fell four basis points to a record 1.97 percent. Natural gas slid the most since February, and crude oil fell before an OPEC meeting.

The S&P 500 advanced 1.2 percent last week as data signaled the U.S. economy is improving, ECB President Mario Draghi pledged to raise inflation as fast as possible and China unexpectedly cut interest rates. A gauge of German business confidence unexpectedly rose for the first time in seven months, a report showed today. Preliminary data from Markit Economics showed the U.S. services industries expanded at a slower pace than estimated this month. OPEC meets this week to determine production levels.

Source: Bloomberg

Europe Stocks End Little Changed as Miners Drop While Banks Rise

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European lenders pushed stocks to a two-month high, even as they pared gains in the final hour of trading amid a decline in miners and oil and gas companies.

The Stoxx Europe 600 Index added 0.1 percent to 345.72 at the close of trading in London, after earlier jumping as much as 0.5 percent. The benchmark index gained 2.9 percent last week as Mario Draghi said the ECB needs to accelerate inflation and may broaden its asset-purchase program, while China cut key interest rates for the first time since 2012. Futures on the Euro Stoxx 50 Index rose 0.5 percent at 5:04 p.m. in London.

Banks in the Stoxx 600 advanced 1.3 percent as a group, contributing the most to the gain. Banco Santander SA added 2.5 percent and Societe Generale SA rose 2.1 percent. Spains IBEX 35 Index climbed 1.2 percent for the second-biggest increase among 18 western-European markets.

Source: Bloomberg

Gold retains gains, firm above $1,200 on China rate cut

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Gold traded firmly above $1,200 an ounce on Monday, retaining gains from the previous session on hopes that a surprise rate cut in China would boost demand for bullion in the top consumer.

Spot gold was steady at $1,202.20 an ounce by 0028 GMT, after gaining 0.6 percent on Friday.

Gold got a boost from short-covering after China cut interest rates unexpectedly on Friday, stepping up efforts to support the world's second-biggest economy as it heads towards its slowest expansion in nearly a quarter of a century, saddled under a mountain of debt.

China's leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures and job losses, said sources involved in policy-making.

Bullion also got support from comments from European Central Bank President Mario Draghi that opened the door for more drastic measures to prevent the euro zone from sliding into deflation.

Gold is seen as a hedge against inflation and slowing economy.

Reuters : Reuters

Asian Stocks Rise Second Day as China Rate Cut Boosts Optimism

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Asian stocks rose for a second day after U.S. indexes reached another record as Chinas unexpected interest-rate cut stoked optimism in the global economy.

The MSCI Asia Pacific excluding Japan Index climbed 0.5 percent to 475.75 as of 9:02 a.m. in Seoul. China reduced interest rates last week, joining the European Central Bank and the Bank of Japan in deploying fresh stimulus. That contrasts with the Federal Reserve, which has ended its bond-buying program as the U.S. economy strengthens. ECB President Mario Draghi said Nov. 21 he will do what is necessary to spur inflation.

South Koreas Kospi index surged 1 percent. Australias S&P/ASX 200 Index jumped 1.4 percent. New Zealands NZX 50 Index was little changed. Japanese markets are closed for a holiday. Futures on Hong Kongs Hang Seng Index soared 2.1 percent in their most recent trading session, with the cash market yet to open today. Contracts on the Hang Seng China Enterprises Index surged 3.2 percent.

China cut benchmark interest rates for the first time since July 2012 as leaders step up support for the worlds second-largest economy. The one-year lending rate was reduced by 0.4 percentage point to 5.6 percent, while the one-year deposit rate was lowered by 0.25 percentage point to 2.75 percent, the Peoples Bank of China said on its website on Nov. 21.

Source: Bloomberg

Gold Falls for Second Day Amid Bets Fed to Raise Interest Rates

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Gold futures fell for the second straight day amid speculation that the Federal Reserve will raise interest rates as the U.S. economy gains momentum, crimping demand for the metal as an alternate investment.

Global holdings in exchange-traded products backed by gold have extended a slump to the lowest in five years, according to data compiled by Bloomberg. Yesterday, a poll showed Swiss voters will reject an initiative that would require the nations central bank to hold at least 20 percent of assets in the metal.

Gold futures for December delivery declined 0.3 percent to settle at $1,190.90 an ounce at 1:37 p.m. on the Comex in New York. Aggregate trading was 49 percent above the 100-day average for this time, according to Bloomberg data. Yesterday, the metal dropped 0.3 percent.

The cost of living in the U.S. was little changed in October, and jobless claims fell by 2,000 in the week ended Nov. 15, government reports showed today.

Source: Bloomberg

Gold Futures Trade Below Two-Week High as Fed to Buying Weighed

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Gold futures traded little changed below a two-week high as investors weighed expectations for higher U.S. interest rates against signs of more physical buying.

The Bloomberg Dollar Spot Index traded near a five-year high on the outlook for Japan to extend a stimulus program and after minutes of the Federal Reserves Oct. 28-29 meeting showed the U.S. moving toward higher interest rates. Higher borrowing costs cut the allure of the metal which generally offers investors returns through rising prices and which is sometimes bought as an inflation hedge.

Gold for December delivery was little changed at $1,192.20 an ounce by 7:14 a.m. on the Comex in New York. Prices, which reached a three-day low yesterday, touched a two-week high of $1,204.10 on Nov. 18. Bullion for immediate delivery rose 0.8 percent to $1,192.44 in London, according to Bloomberg generic pricing.

Source : Bloomberg

U.S. Stocks Rises as Energy, Economy Outweigh Overseas Concerns

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U.S. stocks rose, led by energy companies and small-cap shares, as data showing improvements in the American economy overshadowed concern over weaker growth overseas.

The Standard & Poors 500 Index rose 0.2 percent to 2,052.68 at 4 p.m. in New York, erasing an earlier loss. The Russell 2000 Index of smaller companies climbed 1.1 percent.

Purchases of previously owned U.S. homes unexpectedly rose in October to a one-year high as low borrowing costs helped sustain the recovery in residential real estate. Other data showed fewer Americans filed for unemployment benefits last week as the need to retain staff keeps firings at the lowest levels in more than a decade.

Copy Source: Bloomberg

S&P 500 Rises on Economy Strength; Europe Stocks Fall on Data

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The Standard & Poors 500 Index rose, as data showing strength in the U.S. economy overshadowed reports of slowing manufacturing in Europe and China that sent industrial metals and European equities lower.

The S&P 500 added 0.2 percent at 12:27 p.m. in New York, erasing earlier losses of 0.4 percent as retailers and energy shares rallied. The gauge is poised for a record close. The Russell 2000 Index of small companies jumped 0.7 percent. The Stoxx Europe 600 Index closed lower by 0.3 percent, trimming a drop of 0.9 percent. The yield on 10-year Treasury notes lost two basis points to 2.34 percent. The Bloomberg Dollar Spot Index erased declines to trade little changed. Natural gas futures increased 1.4 percent, while copper slumped 0.6 percent.

Purchases of previously owned U.S. homes unexpectedly rose in October, while the Philadelphia Feds manufacturing index surged past estimates and an index of leading economic indicators climbed more than forecast. U.S. inflation was little changed in last month. Manufacturing and services in the euro area unexpectedly fell and a flash purchasing managers index for Chinese slid to 50, the borderline between expansion and contraction and below economists estimates.

Source: Bloomberg

European Stocks Decline With Miners as Manufacturing Slows

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European stocks declined as miners fell after manufacturing data missed economists estimates for the region and China.

The Stoxx Europe 600 Index dropped 0.3 percent to 338.28 at the close of trading. A gauge of mining stocks fell to its lowest level this year, with iron-ore producers BHP Billiton Ltd. and Rio Tinto Group losing more than 2.5 percent. National equity indexes of Spain and Italy dropped the most among 18 western-European markets.

A manufacturing gauge for the euro area fell to 50.4 in November, according to preliminary figures by London-based Markit Economics. Economists had forecast 50.8. A reading of 50 is the dividing line between expansion and contraction. In China, a factory measure dropped to a six-month low.

The Stoxx 600 pared losses of as much as 0.9 percent after U.S. data pointed to an improving economy. The Federal Reserve Bank of Philadelphias factory index climbed more than forecast, and sales of previously owned homes increased at a faster pace than projected.

A gauge of mining stocks slipped 1.6 percent for the worst performance among 19 industry groups on the Stoxx 600. It has lost 4 percent in the past three days.

Source: Bloomberg

Dollar Extends Yen Gains as Asian Stocks Retreat With Oil

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The dollar climbed, rising to its strongest level in more than seven years versus the yen on divergence in U.S. and Japanese monetary policy. Mining and energy stocks led Asian shares lower amid a rout in iron ore prices and as crude oil extended declines into a fourth day.

The greenback added 0.1 percent to 118.05 yen by 9:27 a.m. in Tokyo, touching its highest level since Aug. 14, 2007 in a sixth day of gains. The Korean won slid, while Japans Topix index added 0.3 percent. The MSCI Asia Pacific Index (MXAP) lost 0.2 percent as BHP Billiton Ltd., the worlds largest mining company, dropped to the lowest since July last year amid a 0.4 percent decline in Australias S&P/ASX 200 Index. U.S. oil fell 0.2 percent as data showed an increase in American supplies. Standard & Poors 500 Index futures were little changed.

Iron ore, Australias biggest export, has slumped to a five-year low on concern demand from China is waning as its economy slows. The HSBC Holdings Plc and Markit Economics China manufacturing index is due today, along with data on factory output in Europe and Japan. While the Bank of Japan is maintaining record stimulus amid a recession there, Federal Reserve meeting minutes issued yesterday showed U.S. policy makers debated their commitment to near-zero interest rates.

Source : Bloomberg

WTI Oil Declines a Fourth Day as U.S. Crude Stockpiles Increase

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West Texas Intermediate dropped for a fourth day as crude inventories rose in the U.S., the worlds biggest oil consumer, and investors weighed the likelihood of OPEC cutting production.

Futures declined as much as 0.4 percent in New York. U.S. crude stockpiles expanded by 2.6 million barrels last week to 381.1 million, according to an Energy Information Administration report. The Organization of Petroleum Exporting Countries should trim excess supply and reduce its production target, Libyas OPEC governor Samir Kamal said yesterday.

Oil has slumped into a bear market as the U.S. pumps at the highest rate in more than three decades amid signs of weakening demand. Leading OPEC members are resisting calls to reduce output as smaller producers such as Venezuela seek action to support prices before the Nov. 27 meeting in Vienna.

WTI for December delivery, which expires today, lost as much as 33 cents to $74.25 a barrel in electronic trading on the New York Mercantile Exchange and was at $74.28 at 10:48 a.m. Sydney time. The more-active January contract slid 23 cents to $74.27. The volume of all futures traded was about 46 percent below the 100-day average. Prices have decreased 25 percent this year.

Brent for January settlement fell 37 cents, or 0.5 percent, to $78.10 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $3.60 to WTI for the same month.

OPEC, which supplies about 40 percent of the worlds oil, pumped 30.97 million barrels a day in October, exceeding its collective output target of 30 million barrels for a fifth straight month, data compiled by Bloomberg show.

Source : Bloomberg

Japan’s Exports Exceed Estimates to Rise Most in Eight Months

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Japans exports rose the most in eight months in October, supporting an economy that fell into recession last quarter.

Overseas shipments rose 9.6 percent from a year earlier, the finance ministry said in Tokyo today, compared with the median estimate for a 4.5 percent increase in a Bloomberg News survey. Imports grew 2.7 percent, leaving a trade deficit of 710 billion yen ($6 billion).

Rising exports will provide support for the economy after Aprils sales tax increase pushed Japan into recession. The nation has posted 28 straight monthly trade deficits as energy import costs surged after all nuclear power plants were shut down in the wake of the Fukushima disaster.

Gross domestic product in the July-September quarter shrank an annualized 1.6 percent, putting the worlds third-biggest economy in its fourth recession since 2008 and pushing Prime Minister Shinzo Abe to delay a further sales tax increase.

The yen traded at 118.11 per dollar at 9:03 a.m. in Tokyo, after earlier touching the lowest level since August 2007. The Topix index of stocks opened 0.6 percent higher.

Source : Bloomberg

Asian Stocks Retreat on Fed Minutes; Japan Shares Climb on Yen

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Asian stocks fell a second day after Federal Reserve minutes showed some U.S. policy makers were concerned about low inflation. Shares in Japan gained as the yen weakened past 118 per dollar.

The MSCI Asia Pacific Index (MXAP) lost 0.1 percent to 139.54 as of 9:04 a.m. in Tokyo after dropping 0.7 percent yesterday. Many Fed officials saw a need to remain attentive to signs of a drop in inflation expectations, according to minutes of the Feds October review released yesterday. Data showed Japans trade deficit narrowed after exports gained 9.6 percent last month from the previous year, the biggest gain in eight months. The yen slid 0.2 percent to 118.15 per dollar, trading near its lowest since August 2007.

South Koreas Kospi index slid 0.3 percent. Australias S&P/ASX 200 Index sank 0.5 percent. New Zealands NZX 50 Index added 0.1 percent. Markets in China and Hong Kong have yet to open. Preliminary data today is expected to show China factory activity slowed from last month.

Hong Kongs Hang Seng Index is heading for its biggest weekly decline since March as buy orders for Shanghai shares through the Hong Kong exchange link slowed to a trickle after the programs debut this week. International investors bought a net 2.6 billion yuan ($424.7 million) of Shanghai shares out of the 13 billion yuan daily limit under the link yesterday, while mainland investors used about 2.4 percent of their 10 billion yuan quota for Hong Kong stocks.

Source : Bloomberg

Japan Topix Rises for Third Day as Yen Touches Seven-Year Low

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Japanese stocks rose, with the Topix headed for a third day of gains, as the yen touched a seven-year low against the dollar after minutes of the Federal Reserve highlighted a divergence in global monetary policy.

The Topix added 0.6 percent to 1,404.81 as of 9:01 a.m. in Tokyo, with all of its 33 industry groups rising. The Nikkei 225 Stock Average gained 0.7 percent to 17,403.86. The yen traded at 118.15 per dollar after slumping to 118.25, its weakest level since August 2007.

The Topix rose the past two days as Prime Minister Shinzo Abe postponed a planned sales-tax increase, called a snap election and ordered his ministers to start preparing a stimulus package after a report this week showed the economy had fallen back into recession. A report today showed exports rose 9.6 percent in October from a year earlier, beating the 6.9 percent estimate of economists surveyed by Bloomberg.

The BOJ yesterday concluded a two-day policy meeting and kept a pledge to expand the monetary base at an annual pace of 80 trillion yen, as forecast by all 31 economists in a Bloomberg News survey.

In the U.S., policy makers weighed their commitment to holding key rates near zero for a œconsiderable time, according to minutes of the Feds October review released yesterday.

Source : Bloomberg

Yen Drops as Abe Delays Sales Tax, Calls Early Vote; Krona Rises

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The yen fell against the euro and touched its weakest in more than seven years against the dollar as Japanese Prime Minister Shinzo Abe called an early election and suspended a planned sales-tax increase.

Japans currency slipped against most of its 16 major peers as Abe said he will dissolve parliament on Nov. 21. The euro rallied as German investor confidence rose for the first time in 11 months. Russias ruble strengthened as the tax season approaches. Swedens krona lead a rally among the 16 major currencies, while New Zealands dollar strengthened before a dairy auction.

The yen depreciated 0.9 percent to 146.59 per euro at 3:16 p.m. New York time, after trading at 146.70, the weakest since October 2008. The currency reached 117.05 per dollar, matching the weakest level since October 2007, before trading at 116.98. The 18-nation euro rose 0.7 percent to $1.2532.

Source: Bloomberg

Gold gains as dollar falls in the wake of Japan economic moves

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Gold prices jumped Tuesday as the dollar eased against major currencies amid economic and political news, and as equities continued to get stuck in a tight trading range.

Gold for December delivery gained $13.60, or 1.2%, to settle at $1,197.10 an ounce. December silver tacked on 12 cents, or 0.7%, to $16.17 an ounce.

The dollars fall against major currencies resulted in gold prices moving higher. The dollar underpins gold contract trading. The U.S. currency fell against the yen after Japanese Prime Minister Shinzo Abe said Tuesday the government will delay, by 18 months, a planned increase in sales tax. He will dissolve the lower house of parliament on Nov. Friday and has called for a snap election to be held in December.

Meanwhile, the dollar fell against the euro after a measure of German economic confidence improved for the first time in nearly a year, sharply beating expectations.

In other metals action, January platinum added $3.30 to $1,204.60 an ounce, while December palladium shed $8, or 1%, to $776.70 an ounce.

High-grade copper for December delivery lost four cents to $3 a pound.

Source: Markewatch

Japanese Stocks Rise After Abe Shelves Sales Tax, Calls Election

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Japanese stocks rose after Prime Minister Shinzo Abe postponed a planned sales-tax increase, called a snap election and ordered his ministers to start preparing a stimulus package.

The Topix index climbed 0.6 percent to 1,402.67 as of 9:01 a.m. in Tokyo after gaining 2.1 percent yesterday. The Nikkei 225 Stock Average advanced 0.4 percent to 17,415.72 today. The yen slipped 0.1 percent to 116.93 per dollar after weakening 0.2 percent yesterday. Abe will delay raising the levy by 18 months, he said at a press conference yesterday. Parliament will be dissolved Nov. 21. The vote will probably be Dec. 14, said people with knowledge of the ruling partys strategy.

The Topix has almost doubled since November 2012, with investors in Japanese stocks about $1 trillion richer, as policies of Abe and the Bank of Japan weakened the yen and spurred inflation. Through yesterday, the measure was up 18 percent from an Oct. 17 low after the central bank added to quantitative easing, the $1.1 trillion pension fund pledged to buy more shares and amid speculation Abe wouldnt go through with the tax increase.

Japanese stocks tend to rise after elections are called. In 11 elections since 1980, the Topix index has posted average total returns of 3.1 percent between the dissolution of parliament and the vote, according to data compiled by Bloomberg and Daiwa Securities Group Inc.

The BOJ ends a two-day meeting and issues a policy statement today.

Source : Bloomberg

Asian Stocks Follow U.S. Equities Higher as Abe Calls Election

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Most Asian stocks rose after Japans Prime Minister Shinzo Abe called an early election and U.S. equities rallied to all-time highs.

The MSCI Asia Pacific Index added 0.1 percent to 140.75 as of 9:05 a.m. in Tokyo, with three shares advancing for each that fell. Japans parliament will be dissolved on Nov. 21, Abe said at a press conference yesterday in Tokyo, without giving an election date. He also delayed for 18 months a second planned sales-tax increase after the first installment in April led consumer spending to stagnate and the economy to contract for two straight quarters.

Japans Topix index climbed 0.7 percent as the yen held near a seven-year low against the dollar. Abe also ordered his ministers to prepare a stimulus package. The Bank of Japan will wrap up a two-day policy meeting today, after it boosted already-unprecedented stimulus last month.

South Koreas Kospi index advanced 0.1 percent. New Zealands NZX 50 Index rose 0.1 percent and Australias S&P/ASX 200 Index slipped 0.2 percent. Markets in China and Hong Kong have yet to open.

Futures on the Hang Seng Index gained 0.1 percent in their most recent trading session. The Hong Kong gauge has fallen 2.3 percent in the past two days to a three-week low amid a slow start to the Shanghai-Hong Kong stock link. Just 7.6 percent of the Hong Kong quota was taken up yesterday, while 37 percent of the Shanghai limit was filled.

Source : Bloomberg

U.S. Stocks Advance on Economic Optimism as Health-Care Gains

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U.S. stocks rose, sending benchmark indexes to all-time highs, as health-care and raw-material companies rallied amid speculation the economy is strong enough to overcome a global slowdown.

The Standard & Poors 500 Index rose 0.5 percent to 2,051.81 at 4 p.m. in New York, for its biggest gain since Nov. 5. The Dow Jones Industrial Average increased 40.07 points, or 0.2 percent, to 17,687.82.

The S&P 500 has rallied to records as better-than-expected earnings and economic data have increased confidence that the U.S. economy is able to weather a global slowdown even as the Federal Reserve winds down its stimulus program.

The equity benchmark has rebounded 10 percent from a six-month low in October and is trading at 17.1 times the projected earnings of its members, the highest multiple since 2009. JPMorgan Chase & Co. yesterday told investors to dump U.S. equities in favor of their European counterparts because of relative valuations.

Source: Bloomberg