Oil Futures End Lower After Three Session Climb

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Oil futures settled lower Wednesday, putting an end to a streak of gains that spanned three sessions, after data revealed that U.S. crude supplies rose by a much-bigger-than-expected 6.6 million barrels for the week ended April 8.

Prices, however, finished above the session's lows, finding support from a decline in U.S. oil production and strong demand for gasoline. May WTI crude fell 41 cents, or 1%, to settle at $41.76 a barrel on the New York Mercantile Exchange.

Source: MarketWatch

Gold Drops From Three-Week High as Dollar, Global Equities Rally

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Gold fell from the highest in more than three weeks as gains in global equities and the dollar reduced demand for the metal as a haven.

Gold futures for June delivery slid 1 percent to settle at $1,248.30 an ounce at 1:50 p.m. on the Comex in New York. The metal capped its first loss in five sessions after reaching $1,264.70 on Tuesday, the highest since March 18.

Holdings in exchange-traded funds backed by gold climbed 1.3 metric tons to 1,765.7 tons on Tuesday, according to data compiled by Bloomberg.

Silver futures for May delivery added 0.6 percent to $16.325 an ounce on the Comex.

On the New York Mercantile Exchange, platinum advanced, while palladium declined.

Source: Bloomberg

Japan Stocks Rise Third Day as Weakening Yen Boosts Exporters

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Japanese shares rose for a third day as the yen weakened to the lowest level in a week, boosting the outlook for export earnings.

The Topix index advanced 1.4 percent to 1,350.63 at 9:01 a.m. in Tokyo, adding to Wednesday’s biggest gain in six weeks. Fourteen shares rose for each that fell. The Nikkei 225 Stock Average added 1.4 percent to 16,607.91. The yen traded at 109.42 per dollar, weakening for a third day after climbing on Monday to the strongest level since October 2014. The dollar rose the most in three weeks as global equities erased losses for the year.

The Topix was down 14 percent in 2016 through Wednesday, the second-steepest decline among global markets.

Futures on the Standard & Poor’s 500 Index were little changed after the underlying U.S. equity gauge climbed 1 percent to a four-month high on Wednesday, buoyed by improving Chinese trade data and better-than-expected results from JPMorgan Chase & Co., the biggest U.S. lender by assets.

Source: Bloomberg

Hong Kong Shares Surge in Response to Upbeat China Trade Data

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Hong Kong shares had their best day in two months on Wednesday, with resources shares leading main indexes up more than 3 percent to three-month highs after upbeat China trade data offered fresh signs of economic stability.

The Hang Seng index rose 3.2 percent, to 21,158.71, while the China Enterprises Index gained 4.0 percent, to 9,191.49 points.

China's March exports came in higher than forecast, rising 11.5 pct from a year earlier, the first increase since June and the largest rise since February 2015. Imports fell 7.6 percent from a year earlier, less than expected.

Reflecting the improving outlook for China's economy, the International Monetary Fund (IMF) on Tuesday nudged up forecasts for China's growth this year, even as it trimmed the outlook for the world.

Energy shares were bullish on Wednesday, with an index tracking the sector surging 5.6 percent to a five-month high, helped by jumps in oil heavyweights including Sinopec , PetroChina and CNOOC.

Source : Reuters

U.S. Stocks Climb to Four-Month High After JPMorgan Results

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U.S. stocks extended gains a second day to reach the highest in four months, buoyed by improving Chinese trade data and better-than-expected results from JPMorgan Chase & Co., the biggest U.S. lender by assets.

JPMorgan advanced 4.2 percent after reporting first-quarter profit was boosted by pay cuts and trading revenue that declined less than most analysts predicted. Bank of America Corp., Wells Fargo & Co. and Citigroup Inc., scheduled to release results later this week, climbed at least 2.6 percent. Companies that are popular targets by short sellers rallied today, with a Goldman Sachs Group Inc. gauge of the 50 most shorted stocks posting the biggest increase since March 2.

The Standard & Poor’s 500 Index rose 1 percent to 2,082.42 at 4 p.m. in New York, the highest since Dec. 4. Volume on U.S. exchanges was 8.1 percent higher than the 30-day average. All but five stocks in the 30-member Dow Jones Industrial Average increased, as the measure climbed 1.1 percent to 17,908.28 today. Futures contracts in pre-market trading held onto gains after releases showed U.S. retail sales and wholesale prices unexpectedly slumped last month, stoking speculation the Federal Reserve may slow the pace of further rate increases.

Source: Bloomberg