U.S. Stocks Rise With Oil, S&P 500 Rallies to Highest in 6 Weeks

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U.S. stocks rallied, with the Standard & Poor’s 500 Index closing at a six-week high, amid broad gains as a surge in oil prices helped lessen concern that a slowdown in global growth is deepening.

The S&P 500 rose 1.4 percent to 1,945.28 at 4 p.m. in New York, the highest since Jan. 6 following its strongest weekly advance since November. The benchmark is less than seven points below its average price during the past 50 days, after falling below that level on Dec. 30.

Oil rose amid speculation that a production freeze by some OPEC members and Russia could eventually help to abate the surplus. Russia said talks on an output freeze will be done by March 1, while Nigeria said some countries should have production capped at higher levels. West Texas Intermediate crude futures soared 6.2 percent, briefly rising above $32 a barrel.

Equities showed little indication Monday of the anxiety over the pace of global growth or the impact of persistently low oil prices that helped drive the S&P 500 to a 22-month low on Feb. 11. Signs that crude prices are stabilizing, and speculation that China’s slowdown isn’t as bad as feared have helped the gauge cut its 2016 decline in half in six trading sessions. Some of the year’s most beaten-down shares -- including banks, semiconductor, auto and retailer stocks -- have paced the rebound.

Source : Bloomberg

Dollar jumps as pound, yen unravel

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The dollar climbed on Monday, helped by the pound falling on heightened “Brexit” worries and the yen dropping amid Tokyo stocks’ steady gains.

The ICE U.S. Dollar index a measure of the buck’s strength against a basket of six rival currencies – jumped 0.9% to 97.46, clinging to gains despite a weak reading from the Markit U.S. manufacturing PMI, which declined to 51 in the February flash estimate, its lowest level since 2012.

The pound plunged to $1.4058, its lowest level in seven years and its largest daily drop since 2009, on heightened fears the U.K. will leave the European Union after London Mayor Boris Johnson came out in favor of a so-called Brexit.

Meanwhile, the yen was weaker against its rivals, as investors pulled back on looking for safety in the Japanese currency as stocks across the globe showed sharp gains. The yen tends to lure bidders in times of market turmoil.

The yen dropped against the dollar, which gained to ¥113.33, from ¥112.65 late Friday in New York.

In other currency-pair trading, the euro was at $1.1040, down 1.1% from $1.1133, weighed down by Brexit worries and a weaker-than-expected preliminary reading on business activity.

Source: MarketWatch

Gold futures mark first loss in four sessions

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Gold futures settled sharply lower on Monday, as analysts blamed the first price decline in four sessions on investors showing a hankering for stocks and other riskier assets.

Gold futures for April delivery slumped $20.70, or 1.7%, to settle at $1,210.10 an ounce, while March silver shed 18.9 cents, or 1.2%, to $15.184 an ounce. Both precious metals appeared to retreat after enjoying recent haven bids during earlier worries about the global economy.

U.S. equities were moving sharply higher as gold prices settled, with oil futures on rise. European and Asian equities also advanced.

Analysts at Commerzbank noted that gold ETFs on Friday saw their biggest daily inflow since October 2011.

Source: MarketWatch

Hong Kong Shares End up, Track Strong Mainland Market (Review)

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Hong Kong shares strengthened on Monday, tracking gains in mainland stocks, which jumped after Beijing replaced its top securities regulator and on fresh measures to support the real estate sector.

The Hang Seng index rose 0.9 percent, to 19,464.09, while the China Enterprises Index gained 1.3 percent, to 8,221.37 points.

All main sectors rose, but shares of Alibaba Health Information Technology Ltd tumbled 14 percent after regulators said it would suspend Ali Health's drug monitoring platform.

European stocks jump to 2-week high as oil rallies

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European stock markets logged broad-based gains on Monday, as a rally in oil prices and some metals prices calmed investor nerves after the recent commodity rout.

The Stoxx Europe 600 index jumped 1.6% to 331.72, setting it on track for the highest closing level since early February.

Elsewhere, Germany’s DAX 30 index rose 2% to 9,576.33, while France’s CAC 40 index %  gained 1.8% to 4,298.08.

The jump in oil prices help lift European energy companies. Shares of Tullow Oil PLC gained 5.4%, Seadrill Ltd. climbed 3.1%, and heavyweight Total SA added 1.6%.

Source: MarketWatch