WTI Heads for Sixth Weekly Decline as OPEC Cuts Demand Outlook

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West Texas Intermediate headed for its sixth weekly drop, the longest run of declines in almost a year, as OPEC cut forecasts for the amount of crude it will need to supply amid the U.S. shale boom.

Futures were little changed in New York, poised for a 3.3 percent decrease for the week. The Organization of Petroleum Exporting Countries lowered every forecast for its crude through 2035 except next year, according to the groups annual World Oil Outlook. Libya will soon resume pumping crude at its biggest field after an attack halted output, an official said.

WTI for December delivery was at $77.85 a barrel in electronic trading on the New York Mercantile Exchange, down 6 cents, at 10:52 a.m. Sydney time. The contract slid 1 percent to $77.91 yesterday. The volume of all futures traded was about 74 percent below the 100-day average. Prices have decreased 21 percent this year.

Brent for December settlement dropped 9 cents to $82.86 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $4.95 to WTI.

Source : Bloomberg

Dollar Stronger Before Payrolls as Australian Stocks Rise

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The dollar held its advance, trading near multi-year highs versus the euro and the yen before U.S. payrolls data. Stocks in Australia and New Zealand rose after American equity gauges extended records, while U.S. oil was headed for its sixth straight weekly decline.

The greenback was at 115.22 yen by 8:52 a.m. in Tokyo, set for a third weekly advance after reaching its strongest level in seven years. The dollar rose to a more than two-year high versus the euro yesterday. The S&P/ASX 200 Index in Sydney added 0.4 percent with the NZX 50 Index. Standard & Poors 500 Index futures were little changed after the index and the Dow Jones Industrial Average (INDU) set fresh highs in the U.S. Oil in New York was near a two-year low after OPEC cut its demand forecasts.

Fewer Americans than economists projected filed for unemployment benefits last week, adding to signs of a strong recovery in the U.S. jobs market before todays October payrolls report. The euro fell and stocks climbed yesterday as European Central Bank President Mario Draghi signaled officials were ready to implement additional stimulus if needed to support the euro-area economy. Malaysia and Taiwan report on trade today, before similar data from China due tomorrow.

Source : Bloomberg

Most Asian Stocks Advance, Paring Weekly Loss, Before U.S. Jobs

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Most Asian stocks rose, paring a weekly decline on the regional index, after a drop in American jobless claims bolstered optimism in the worlds largest economy before a government report on employment.

More than three shares climbed for each that retreated on the MSCI Asia Pacific Index, which gained 0.1 percent to 140.18 as of 9:03 a.m. in Tokyo, before markets opened in Hong Kong and China. The measure is headed for a 1.2 percent decline this week. The European Central Bank vowed yesterday to increase stimulus efforts if needed, less than one week after the Bank of Japan decided to bolster already-unprecedented easing. The yen held at 115.21 per dollar after falling 0.5 percent yesterday.

The number of Americans filing jobless claims for the first time dropped to a three-week low of 278,000 in the week to Nov. 1, below the 285,000 median forecast of 50 economists surveyed by Bloomberg. Todays data may show nonfarm payrolls rose by 235,000 last month, after climbing 248,000 in September, according to the median of 100 estimates compiled by Bloomberg. The jobless rate probably held at a six-year low of 5.9 percent in October.

Japans Topix index gained 0.7 percent. Australias S&P/ASX 200 Index rose 0.5 percent and New Zealands NZX 50 Index advanced 0.3 percent. South Koreas Kospi index slid 0.1 percent.

Source: Bloomberg

Japanese Stocks Extend Weekly Gain on U.S. Jobless Claims, Yen

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Japanese stocks rose, with the Topix index extending its third weekly gain, after U.S. jobless claims dropped and the yen weakened.

The Topix added 0.8 percent to 1,366.90 as of 9:01 a.m. in Tokyo, heading for a 2.4 percent advance this week. All 33 industry groups climbed. The Nikkei 225 Stock Average rose 0.8 percent to 16,924.79. The yen traded at 115.19 per dollar today after falling 1.4 percent over the previous two days.

Futures on the Standard & Poors 500 Index were little changed today. The U.S. equity measure added 0.4 percent yesterday as the C vowed to increase stimulus efforts if needed and a drop in American unemployment claims bolstered optimism in the economy.

First-time jobless claims dropped 10,000 to a three-week low of 278,000 in the week ended Nov. 1, a report showed. Labor Department figures today may show nonfarm payrolls rose 235,000 last month and the jobless rate held at a six-year low.

The Topix fell 1.1 percent yesterday on speculation shares had risen too fast since the Bank of Japan on Oct. 31 expanded stimulus and the nations pension fund said it will boost its stock holdings.

Of the companies on the Topix that released quarterly results from Oct. 1 through yesterday and for which Bloomberg had estimates, 63 percent beat expectations for profit.

Source: Bloomberg

European Stocks Rise First Time in Three Days as Novartis Gains

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European stocks rose, snapping a two-day drop, as Novartis AG and UBS AG rallied after posting financial updates and as U.S. consumer confidence surged to a seven-year high.

The benchmark Stoxx Europe 600 Index gained 1 percent to 328.25 at the close of trading as 18 of its 19 industry groups rose. The gauge briefly pared its advance after an earlier report showed U.S. durable-goods orders unexpectedly fell. Novartis added 1.8 percent after reporting third-quarter profit that beat estimates and UBS climbed 5.8 percent as it set aside funds for litigation.

Federal Reserve officials are holding a two-day policy meeting and are expected to announce tomorrow an end to bond purchases that swelled the central banks balance sheet to a record. Minutes from the last meeting, when the Fed pledged to keep interest rates low for a considerable time, revealed officials concern that U.S. growth may be at risk from a global slowdown.

New York-based Conference Board said its gauge of U.S. consumer confidence rose to 94.5 in October, the highest reading since the same month in 2007. A separate report showed durable-goods orders in the worlds largest economy fell 1.3 percent in September, missing analysts median forecast for a 0.5 percent gain.

Source: Bloomberg