Gold slips on renewed bets for U.S. rate hike in June

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Gold retreated for a third session in a row on Thursday after comments from Federal Reserve officials and minutes of the U.S. central bank's meeting last month suggested that a rate increase in June remained on the cards despite recent weak data.
   
Spot gold was off 0.1 percent at $1,201 an ounce by 0022 GMT.

Bullion hit a session low of $1,197.45 on Wednesday after two Fed officials said the U.S. central bank could still increase interest rates in June. The minutes of the Fed's March 17-18 meeting showed it concluded with the Fed opening the door to a June rate hike, and that "several participants" went on record saying they expected upcoming economic data would warrant an initial rate increase that month.

Data last week showing U.S. jobs grew at the slowest pace in more than a year in March fueled expectations that a rate hike could happen later than June, sending gold to a seven-week peak above $1,220 on Monday.

U.S. gold for June delivery dropped 0.2 percent to $1,200.80 an ounce.

Source : Reuters

Oil Trades Near Week Low as U.S. Supplies Surge Most in 14 Years

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Oil traded near the lowest price in almost a week after U.S. crude inventories increased the most in 14 years, expanding further from a record.

Futures rose as much as 1.3 percent in New York, trimming a 6.6 percent drop on Wednesday. Stockpiles surged by 10.95 million barrels last week, the biggest volume gain since March 2001, the Energy Information Administration reported. The global market will need “some time” to re-balance, according to Nasser Al-Dossary, an adviser to the oil minister of Saudi Arabia, the world’s largest crude exporter.

Oil’s recovery has stalled amid speculation a global glut that drove prices almost 50 percent lower in 2014 will persist. U.S. crude stockpiles have climbed to 482.4 million barrels, the highest level in weekly EIA data compiled since August 1982. The nation’s output also rebounded to near a record pace, according to the Energy Department’s statistical arm.

West Texas Intermediate for May delivery advanced as much as 66 cents to $51.08 a barrel in electronic trading on the New York Mercantile Exchange and was at $50.94 at 10:44 a.m. Sydney time. The contract fell $3.56 to $50.42 on Wednesday, the lowest close since April 2. Total volume was about 70 percent below the 100-day average. Prices have decreased 4.4 percent this year.

Brent for May settlement rose as much 63 cents, or 1.1 percent, to $56.18 a barrel on the London-based ICE Futures Europe exchange. It slid $3.55 to $55.55 on Wednesday. The European benchmark crude traded at a premium of $5.14 to WTI.

Source : Bloomberg

Asian Stocks Fluctuate Near Seven-Year High; Energy Shares Drop

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Asian stocks fluctuated, with the benchmark index trading near its highest level since 2008. Health-care companies gained and energy explorers fell.

The MSCI Asia Pacific Index slipped 0.1 percent to 150.96 as of 9:18 a.m. in Tokyo. The regional benchmark index climbed yesterday to its highest since June 2008 as Chinese shares listed in Hong Kong surged. The Standard & Poor’s 500 Index rose 0.3 percent after the minutes of the March 17-18 Federal Open Market Committee meeting signaled policy makers were split on raising U.S. interest rates in June.

Japan’s Topix index was little changed. South Korea’s Kospi index rose 0.2 percent. Australia’s S&P/ASX 200 Index and New Zealand’s NZX 50 Index were little changed. Markets in China and Hong Kong have yet to open.

The Hang Seng China Enterprises Index, also called the H-share index, of mainland shares traded in Hong Kong on Wednesday surged 5.8 percent to its highest since April 2011.

Source : Bloomberg

Japan Stocks Rise a Third Day After Fed Minutes Show Rate Split

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Japanese stocks rose for a third day after Federal Reserve minutes from its latest meeting showed officials were split on the timing for raising U.S. interest rates.

The Topix index climbed 0.3 percent to 1,592.55 as of 9:01 a.m. in Tokyo, with all but six of its 33 industry groups rising. The Nikkei 225 Stock Average added 0.3 percent to 19,850.30.

The minutes showed Fed policy makers were divided on whether to raise interest rates in June, later in the year or in 2016. The meeting was held before the release last week of weaker-than-expected payroll figures.

The dollar rallied after the release, erasing gains in the yen which came after the Bank of Japan yesterday maintained its record stimulus. The yen traded at 120.12 per dollar.

Source : Bloomberg

U.S. Stocks Advance as Fed Minutes Show Split Views on Rates

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U.S. stocks rose as minutes from the Federal Reserve’s latest meeting showed officials were split on the timing for raising interest rates.

The Nasdaq Biotechnology Index jumped after Mylan NV offered to buy Perrigo Co. for $28.9 billion. Chevron Corp. and Exxon Mobil Corp. fell at least 1.7 percent as oil retreated after data showed crude inventories grew more than expected last week. Alcoa Inc. added 1.9 percent before reporting earnings after the market’s close.

The Standard & Poor’s 500 Index climbed 0.3 percent to 2,081.84 at 4 p.m. in New York. The Nasdaq Composite Index gained 0.8 percent, as biotech shares rallied for a second day.

Fed policy makers last month were divided over whether they would raise interest rates in June, a debate that occurred before recent disappointing payroll figures, according to minutes of the March 17-18 Federal Open Market Committee session released Wednesday.

While some participants argued for higher rates in June, others said a rate increase should be delayed until later in the year. A couple said the economy probably wouldn’t be ready for tighter policy until 2016.

Source: Bloomberg