Asian Stocks Follow U.S. Shares Higher on Consumer Spending, Yen

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Asian stocks rose after U.S. equities climbed to records as rising consumer spending signaled strength in the world’s largest economy. Japanese shares gained after the yen weakened.

The MSCI Asia Pacific Index advanced 0.1 percent to 146.31 as of 9:02 a.m. in Tokyo. The Topix index added 0.4 percent. Both the Standard & Poor’s 500 Index and the Dow Jones Industrial Average rallied to all-time highs as data showed U.S. consumer purchases rose 0.3 percent in January, adjusted for inflation, adding to signs the recovery is on a strong footing as the Federal Reserve assesses inflation and jobs data to gauge the timeline for raising interest rates.

Japan’s Nikkei 225 Stock Average climbed 0.4 percent as the yen held Monday’s 0.4 percent loss to trade at 120.17 per dollar.

Source : Bloomberg

Japan Stocks Rise as Weaker Yen, U.S. Spending Boost Exporters

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Japanese stocks rose for a fourth day as the yen fell and U.S. consumer spending increased, boosting the outlook for exporters to the world’s biggest economy.

The Topix index added 0.4 percent to 1,530.89 as of 9:01 in Tokyo, after closing yesterday at the highest level since December 2007. All but five of its 33 industry groups rose. The Nikkei 225 Stock Average advanced 0.4 percent to 18,896.58, extending a 15-year high. The yen fell 0.1 percent to 120.21 per dollar, weakening for a fourth day.

Futures on the Standard & Poor’s 500 Index were little changed after the underlying U.S. gauge added 0.6 percent in New York on Monday as a Commerce Department a report showed purchases adjusted for inflation rose 0.3 percent in January after falling 0.1 percent the prior month.

The spending report drove gains in the dollar against the yen as speculation increased that the Federal Reserve will raise interest rates before year end. Fed Chair Janet Yellen said last week the timing of any increase in borrowing costs will depend on economic data.

Shares of Sharp Corp. were suspended pending clarification of a report in the Nikkei newspaper that the company will seek investment from its lenders, including a 150 billion yen ($1.25 billion) debt-for-equity swap. Sharp said it is considering options to restructure operations and no decision has been made.

Source: Bloomberg

Nasdaq Composite Rallies, Tops 5,000 for First Time in 15 Years

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The Nasdaq Composite Index closed above 5,000 for the first time in 15 years while the Dow Jones Industrial Average and Standard & Poor’s 500 Index reached records as gains in consumer purchases signaled strength in the biggest part of the economy.

The Nasdaq Composite added 0.9 percent to 5,008.10 at 4 p.m. in New York. The S&P 500 climbed 0.6 percent to a record 2,117.18, and the Dow advanced 153.29 points, or 0.9 percent, to 18,285.99, also an all-time closing high. The Russell 2000 Index rose 0.7 percent to a record 1,242.48.

The S&P 500 reached fresh records four times in February, while the Dow average climbed 5.6 percent for its best month since January 2013. The index also topped its record from December for the first time in 2015.

Source: Bloomberg

Oil Drops as Gain in Saudi Arabian Output Boosts OPEC Production

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Oil fell after capping its first monthly gain since June as increased production from Saudi Arabia lifted OPEC’s output beyond its collective quota for a ninth month.

Futures decreased as much as 1.1 percent in New York. The Organization of Petroleum Exporting Countries pumped 30.6 million barrels a day in February, above the group’s output target of 30 million a day, according to a Bloomberg survey. U.S. drillers cut the number of rigs in service for a 12th week to the fewest since June 2011, Baker Hughes Inc. data showed.

Saudi Arabia led OPEC’s decision in November to maintain the group’s output, exacerbating a global glut that drove oil almost 50 percent lower in 2014. West Texas Intermediate’s discount to European prices settled at the widest in more than a year on Feb. 27 as U.S. crude stockpiles expanded to the highest level in weekly data that started August 1982.

WTI for April delivery slid as much as 54 cents to $49.22 a barrel in electronic trading on the New York Mercantile Exchange and was at $49.35 at 11:18 a.m. Sydney time. The contract rose $1.59 to $49.76 on Feb. 27, capping a 3.2 percent gain for the month. The volume of all futures traded was about 63 percent below the 100-day average.

Brent for April settlement was down 41 cents, or 0.7 percent, to $62.17 a barrel on the London-based ICE Futures Europe exchange. It advanced $2.53 to $62.58 on Friday. Prices rose 18 percent in February, the most since May 2009. The European benchmark crude was at a premium of $12.84 to WTI after closing at $12.82 on Friday, the widest since January 2014.

Source : Bloomberg