Crude drops as Saudi oil minister shatters hope for producer cuts

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Crude futures settled with a sharp loss on Tuesday after Saudi Arabia’s oil minister, Ali al-Naimi, shattered any hopes that producers would cut back on output to help alleviate the world’s excess supplies.

April West Texas Intermediate crude fell $1.52, or 4.6%, to settle at $31.87 a barrel on the New York Mercantile Exchange. April Brent crude on London’s ICE Futures exchange fell $1.42, or 4.1%, to $33.27 a barrel.

Source: Marketwatch

Gold posts 1% gain as haven demand returns

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Gold prices tacked on 1% on Tuesday to recoup more than half of what they lost a day earlier, as declines in global stock markets and sharp losses for oil spurred investors to buy into assets perceived as safe.

Gold futures for April delivery jumped $12.50, or 1%, to settle at $1,222.60 an ounce, posting its fourth gain in five sessions. Silver for March delivery rose 5.6 cents, or 0.4%, to $15.24 an ounce.

Prices for gold had lost 1.7% Monday as broader optimism in the financial markets translated into rallies for risk assets such as equities and oil, but a pullback for gold.

However, that sentiment was reversed on Tuesday as U.S. equities fell. Asian and European also dropped.

April platinum rose $15.70, or 1.7%, to $943.50 an ounce, while March palladium added $1.40, or 0.3%, to $500.05 an ounce.

Source: Marketwatch

Hong Kong Shares Track China Markets Lower (Review)

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Hong Kong stocks tracked mainland China shares lower on Tuesday, with falls in property and utility sectors offsetting gains in energy and resources plays.

The Hang Seng index fell 0.3 percent to 19,414.78 points, while the China Enterprises Index lost 0.6 percent to 8,170.62.

Most sectors fell, but energy and resources shares were up on a recent rebound in global commodity and oil prices.

China stocks fell on Tuesday as investors took profits from the previous session's 2 percent gain, but some analysts expect buyers to return ahead of the annual meeting of China's top legislature next month, at which key economic goals will be set.

The blue-chip CSI300 index .CSI300 fell 1.0 percent to 3,089.36 points, while the Shanghai Composite Index .SSEC lost 0.8 percent to 2,903.33.

U.S. Stocks Slip From 6-Week High as Recent Rally Leaders Falter

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U.S. stocks declined from six-week highs, paced by banks as the recent rally’s strongest performers lost momentum while investors assessed global growth prospects amid renewed concern that China will remain a drag.

The Standard & Poor’s 500 Index fell 1.2 percent to 1,921.28 at 4 p.m. in New York, a day after surging 1.5 percent to the highest since Jan. 6.

Heading into Tuesday’s session, the S&P 500 had rallied 6.4 percent since reaching a 22-month low on Feb. 11, trimming its 2016 decline to less than 5 percent. Concern that weakness in China will damp global growth, and that lenders will suffer as some energy producers struggle to stay solvent amid low oil prices has weighed on equities this year. The main U.S. stocks benchmark is 9.8 percent below its all-time high reached last May.

Source: Bloomberg

European shares backtrack from 3-week high as oil slides

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Stocks across Europe on Tuesday fell back from a three-week high, weighed by sliding oil prices and a dreary financial update from mining industry heavyweight BHP Billiton PLC.

The Stoxx Europe 600 index ended down 1.2% at 327.78, with all sectors finishing with losses. The index on Monday jumped 1.7% to 331.82, the highest close since Feb. 2, fueled by a rally for commodity shares as prices for oil and metals advanced.

But on Tuesday, the basic materials group was among the worst performing. There, BHP Billiton Ltd. BLT, shares dropped 6.1%. The world’s largest mining company by market value slashed its midyear dividend by 74% to 16 cents a share. The move should protect its balance sheet during what may be a “prolonged” period of low commodity prices, said BHP.

Source : Marketwatch