Oil Trades Near Three-Month Low as U.S. Crude Storage Hub Swells

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Oil traded near the lowest price in three months after U.S. government data showed crude supplies at the nation’s biggest storage hub increased the most since April.

Futures were little changed in New York after falling 3.1 percent on Wednesday, the most since July 6. Stockpiles at Cushing, Oklahoma, the delivery point for U.S. benchmark oil, rose for a third week through July 10, according to the Energy Information Administration. The full impact of higher Iranian exports won’t be felt until 2016 as the nuclear deal is implemented, banks including Goldman Sachs Group Inc. predict.

Oil rebound from a six-year low has faltered amid speculation a global glut will persist as U.S. drillers return rigs to fields and Iran seeks to regain market share. While total U.S. crude inventories declined last week, supplies remain almost 100 million barrels above the five-year average for this time of the year, according to the EIA.

West Texas Intermediate for August delivery was at $51.70 a barrel in electronic trading on the New York Mercantile Exchange, up 29 cents, at 10:27 a.m. Sydney time. The contract slid $1.63 to $51.41 on Wednesday, the lowest close since April 9. The volume of all futures traded was about 4 percent below the 100-day average. Prices are 3 percent lower this year.

Brent for August settlement, which expires Thursday, was 40 cents higher at $57.45 a barrel on the London-based ICE Futures Europe exchange. It fell $1.46 to $57.05 on Wednesday. The European benchmark crude was at a premium of $5.64 to WTI. The more-active September contract rose 38 cents to $57.50.

Source : Bloomberg

Dollar Bulls Accelerate Charge as Yellen Provides Rates Spur

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The dollar headed for its longest stretch of weekly gains since March after Federal Reserve Chair Janet Yellen reiterated the U.S. is on track to raise interest rates this year.

The U.S. currency was set for its biggest weekly gain in almost two months versus the euro after the Greek parliament voted to accept further austerity required for a new bailout, clearing one obstacle to higher U.S. borrowing costs. The New Zealand dollar plunged to a six-year low after whole milk powder prices slumped at an auction. The Aussie remained lower with its Canadian peer after the Bank of Canada cut rates.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 of its major peers, was at 1,202.17 as of 9:17 a.m. in Tokyo, after closing at 1,200.76 on Wednesday, the highest since April 13. It has risen 1.1 percent this week.

The greenback traded at $1.0933 per euro from $1.0950 in New York. It added 0.1 percent to 123.89 yen.

The U.S. currency may gain to $1.02 per euro and to 130 yen by Dec. 31, Fujiki said.

Source : Bloomberg

Asian Stocks Rise as Greek Lawmakers Approve Austerity Measures

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Asian stocks rose after Greek lawmakers passed a bailout agreement that keeps the country in the euro for now as the European Central Bank weighs whether to pump more money into Greece.

The MSCI Asia Pacific Index gained 0.2 percent to 143.71 as of 9:03 a.m. in Tokyo. Greece’s parliament endorsed the bailout without the support of Prime Minister Alexis Tsipras’s Syriza bloc, as riot police tussled with protesters outside. The new austerity measures are a precondition for as much as 86 billion euros ($94 billion) in aid. Federal Reserve Chair Janet Yellen was upbeat on the economy and repeated that the Fed will probably raise its main interest rate this year.

China economic growth proved resilient in the second quarter as policy makers stepped up support and a stock market boom since soured spurred services. Industrial output in June rose 6.8 percent, while fixed-asset investment increased 11.4 percent in the first half, beating estimates, the National Bureau of Statistics data also showed. Retail sales increased 10.6 percent in June, topping a median forecast of 10.2 percent.

Source : Bloomberg

Topix Climbs as Greece Approves Bailout, Investors Weigh Yellen

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Japan Topix index rose as Greek lawmakers passed a bailout agreement that keeps the country in the euro and investors weighed comments from Federal Reserve Chair Janet Yellen on the timing of rate increases.

The Topix climbed 0.5 percent to 1,654.80 as of 9:01 a.m. in Tokyo, headed for a fifth day of gains. The Nikkei 225 Stock Average advanced 0.6 percent to 20,592.59. The yen fell 0.1 percent to 123.89 per dollar after weakening 0.3 percent on Wednesday. Greece’s vote puts the onus on the ECB and other euro-region governments to deploy more emergency funds that will help Greek banks re-open. Yellen was upbeat on the economy and repeated that the Fed will probably raise its main interest rate this year.

Futures on the Standard & Poor 500 Index added 0.1 percent. The underlying equity measure slipped 0.1 percent on Wednesday.

Source : Bloomberg

U.S. Stocks Slip as Greek Debates Debt; Bonds Rise, Loonie Falls

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U.S. stocks halted the longest rally since January as protesters clashed with police in Athens while Greece’s parliament debated a bailout package. Treasuries rose as comments from the Federal Reserve fueled speculation interest rates won’t rise rapidly this year.

The Standard & Poor’s 500 Index fell 0.1 percent at 4 p.m. in New York. The gauge traded little changed for most of the session following a 3 percent rally over four days. The yield on 10-year Treasury notes lost five basis points to 2.35 percent. Canada’s dollar tumbled after the central bank cut its benchmark rate, sparking a rout in commodities currencies.

The Bloomberg Commodity Index lost 0.9 percent, as a rally in the dollar damped demand for assets from precious metals to oil. The Canadian dollar fell to its lowest since 2009, while the New Zealand and Australian currencies also tumbled to multi-year lows.

The S&P 500 surged 3 percent in the previous four days. The rally began as the Greek debt crisis neared a resolution and China shares stabilized after a rout. The U.S. gauge fell as much as 4 percent from its all-time high before rebounding.

Source: Bloomberg