Topix Extends Six-Year High as Airlines, Shippers Gain on Oil

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Japanese stocks rose, with the Topix index extending a six-year high, as a weaker yen boosted exporters while airlines and shippers climbed on a slide in oil.

The Topix added 0.4 percent to 1,415.57 as of 9:05 a.m. in Tokyo after closing last week at its highest level since June 2008. The measure gained 5.8 percent in November, the biggest monthly advance since September 2013. All but seven of the 33 industry groups increased today. The Nikkei 225 Stock Average rose 0.1 percent to 17,481.47. The yen slid 0.2 percent to 118.84 per dollar after losing 0.8 percent on Nov. 28.

Crude extended its slide today, with West Texas Intermediate contracts for January delivery on the New York Mercantile Exchange sinking as much as 3.1 percent to $64.10 per barrel after OPEC refrained from cutting supply last week.

Japanâs capital spending rose 5.5 percent in the three months ended September from the previous year, the finance ministry said today in Tokyo. Economists surveyed by Bloomberg had expected a 1.8 percent advance.

Futures on the Standard & Poorâs 500 Index lost 0.3 percent today. The underlying equity measure declined 0.3 percent on Nov. 28 as small-cap companies and energy producers slumped on a slump in oil.

Source: Bloomberg

Asian Stocks Decline as Oil Rout Drags Commodity Producers Lower

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Asian stocks fell for a third day and U.S. equity-index futures declined as oil extended its slump.

The MSCI Asia Pacific Index slid 0.3 percent to 140.25 as of 9:01 a.m. in Tokyo, before markets opened in China and Hong Kong. Energy producers posted the largest declines last week as Brent oil extended its 2014 rout to 37 percent amid a glut in supply. West Texas Intermediate crude today dropped below $65 a barrel for the first time since May 2010. Gauges of manufacturing for China and the euro area are due today.

Manufacturing in Asias biggest economy expanded at the slowest pace since April, according to economists surveyed ahead of todays scheduled government release. The Shanghai Composite Index jumped 7.9 percent last week amid optimism lower crude prices will benefit transport companies and the central bank will continue to ease policy.

Australias S&P/ASX 200 Index declined 0.8 percent, with BHP Billiton Ltd. and Woodside Petroleum Ltd. the biggest drags on the gauge. South Koreas Kospi index dropped 0.6 percent. Japans Topix index rose 0.4 percent as the yen weakened 0.2 percent to 118.85 per dollar. New Zealands NZX 50 Index added 0.1 percent.

Futures on the Standard & Poors 500 Index retreated 0.4 percent. The underlying gauge fell 0.3 percent on Nov. 28 as exchanges closed early following the Thanksgiving holiday.

Source: Bloomberg

Gold Futures Drop Most in Three Weeks on Dollar Gain, Lower Oil

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Gold futures capped the biggest decline in three weeks as a stronger dollar and plunging energy prices curbed demand for the metal. Silver plunged the most in 17 months.

Benchmark Brent crude yesterday fell the most in more than three years after the 12-nation Organization of Petroleum Exporting Countries kept its output target unchanged, cutting golds appeal as an inflation hedge. The dollar rose to a five-year high against a basket of 10 currencies on speculation that lower energy prices will boost the U.S. economy, paring demand for bullion as an alternative investment.

Gold is heading for a second straight annual loss, the longest slump since 1998, after the dollar strengthened and inflation failed to accelerate this year. Societe Generale SA trimmed its price forecast for bullion this week, saying the Federal Reserve will boost interest rates by mid-2015 as U.S. economic growth improves.

Gold futures for February delivery fell 1.8 percent to settle at $1,175.50 an ounce at 12:51 p.m. on the Comex in New York, the biggest decline since Nov. 5. Floor trading was shut yesterday for Thanksgiving.

Source: Bloomberg