Oil Gains a Second Day as Return of Iranian Crude Seen Gradual

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Oil rose a second day amid speculation Iran’s export increase will be gradual after it agreed to limit its nuclear program, curbing prospects a global glut may worsen.

Futures advanced as much as 0.9 percent in New York. Iran may boost exports by 200,000 to 400,000 barrels a day in 2016 and production will likely expand the following year, according to Goldman Sachs Group Inc. Israeli Prime Minister Benjamin Netanyahu condemned the accord as a “historic mistake.” U.S. crude inventories probably declined last week, a Bloomberg survey showed before an Energy Information Administration report Wednesday.

Oil’s rebound from a six-year low in March has faltered amid economic uncertainty in China and Greece and speculation a global glut will persist. A slow return of Iranian crude could mean it arrives just in time to satisfy growing demand, rather than inflating a surplus, according to Societe Generale SA.

West Texas Intermediate for August delivery rose as much as 46 cents to $53.50 a barrel in electronic trading on the New York Mercantile Exchange and was at $53.35 at 11:21 a.m. Sydney time. The contract gained 84 cents to $53.04 on Tuesday. The volume of all futures traded was about 13 percent below the 100-day average. Prices are little changed this year.

Brent for August settlement, which expires Thursday, gained as much as 26 cents, or 0.4 percent, to $58.77 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $5.43 to WTI. The more-active September contract climbed 26 cents to $58.94.

Source : Bloomberg

Gold Steady as Investors Assess Prospects for Higher U.S. Rates

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Gold fluctuated between gains and losses as investors await Janet Yellen’s testimony to assess the outlook for U.S interest-rate increases.

Bullion for immediate delivery rose and fell 0.1 percent, and traded at $1,156.18 an ounce at 8:37 a.m. in Singapore, according to Bloomberg generic pricing. The metal retreated for a second day to close at $1,156.06 on Tuesday.

Gold has declined 2.4 percent this year as speculation that the U.S. will raise rates boosted the dollar and curbed bullion’s appeal as an alternative investment. Federal Reserve Chair Yellen addresses Congress Wednesday after U.S. retail sales that unexpectedly fell in June damped expectations for higher borrowing costs.

Gold futures for August delivery traded at $1,154.90 an ounce on the Comex in New York from $1,153.50 on Tuesday, when prices completed a four-day decline.

Source : Bloomberg

Japan Shares Climb Before BOJ Decision as Instrument Makers Gain

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Japan’s Topix index rose for a fourth day, following U.S. equities higher, as investors awaited a Bank of Japan policy decision. Precision-instrument and drug makers led the advance.

The Topix added 0.5 percent to 1,647.03 as of 9:18 a.m. in Tokyo after climbing 3.7 percent the previous three days. The Nikkei 225 Stock Average rose 0.5 percent to 20,482.44. The Standard & Poor’s 500 Index advanced for a fourth day on Tuesday as weak U.S. retail sales damped prospects for a September interest-rate increase.

Fed Chair Yellen addresses Congress for her semi-annual monetary policy testimony on Wednesday with traders paring rate-rise bets after a report showed sales at U.S. retailers unexpectedly dropped in June, upending optimism about the strength of the rebound in consumer spending in the second quarter.

All but two of 35 economists surveyed by Bloomberg expect the BOJ to keep policy unchanged when it concludes its two-day meeting today. More than a third of analysts in a separate survey said they don’t expect the Japanese central bank to ease more in the future.

Source : Bloomberg

Indeks Saham Asia Meningkat Jelang Rilis Data China

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Saham Asia naik menjelang rilis data ekonomi China, mengirim indeks regional bersiap untuk mencatat penguatan terpanjang sejak April lalu di tengah rebound di pasar saham global. Obligasi dan minyak naik, sementara gandum dipimpin penurunan indeks berjangka.

Indeks MSCI Asia Pacific naik sebesar 0,4 persen pukul 09:21 di Tokyo, ditetapkan untuk penutupan tertinggi sejak 3 Juli lalu seiring indeks saham dari Jepang hingga Korea menguat setidaknya 0,4 persen. Indeks berjangka AS melemah 0,1 persen pasca rally di sana. Obligasi imbal hasil tenor 10 tahun turun menjadi 2,39 persen, sedangkan minyak naik hari kedua terkait spekulasi kesepakatan nuklir tidak akan menghasilkan aliran ekspor minyak mentah Iran. Gandum berjangka jatuh hari keempat dan jagung kembali merosot tajam tajam dalam 15 minggu terakhir.

Data produk domestik bruto China diproyeksikan mendatar pada kuartal kedua, diikuti rilis laporan penjualan ritel dan output pabrik juga pada hari ini. Langkah-langkah pemerintah China meredam penurunan di lantai bursa saham di Cina beberapa investor mengatakan ini belum berakhir. Ketua Federal Reserve Janet Yellen dijadwalkan menghadiri Kongres dengan pedagang pengupas memangkas spekulasi pasca penurunan tak terduga pada sektor penjualan ritel. Bank of Japan ulasan kebijakan moneternya.

Indeks Bloomberg Dollar Spot, yang mengukur greenback terhadap 10 mata uang utama, sedikit berubah pasca jatuh 0,2 persen pada Selasa.

Penurunan mengejutkan penjualan ritel Juni mungkin mendorong ekonom untuk menurunkan perkiraan pertumbuhan kuartal kedua seiring pengeluaran konsumen menyumbang sekitar 70 persen dari perekonomian.

Kemungkinan The Fed menaikkan suku pada pertemuan September merosot menjadi 27 persen, turun dari 35 persen pada Senin, data berjangka yang dikumpulkan oleh Bloomberg menunjukkan. Untuk Desember, kemungkinan mendaki turun menjadi 63 persen dari 69 persen. Pejabat the Fed pada bulan Juni lalu memperkirakan bank sentral akan menaikkan biaya pinjaman sebanyak dua kali tahun ini. (izr)

Sumber : Bloomberg

U.S. Stocks Gain for Fourth Day as Chipmakers, Biotech Advance

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U.S. stocks posted for their first four-day winning streak since January, as semiconductor and biotechnology shares rallied while weaker-than-expected retail sales spurred speculation on timing for higher interest rates.

The Standard & Poor’s 500 Index rose 0.4 percent to 2,108.86 at 4 p.m. in New York, with the gauge surging above its average price during the past 50 days and closing at a three-week high.

A report today showed consumer purchases decreased 0.3 percent in June after a 1 percent advance in May that was smaller than previously reported, curbing optimism about the strength of the rebound in spending during the second quarter.

The S&P 500 last week fell as much as 4 percent from its all-time high, and has since recovered to trade within 1 percent of its record set in May as the Greek crisis neared a resolution and China shares stabilized. The benchmark gauge and the Dow are up 3 percent over four sessions, while the Nasdaq Composite has added 4 percent.

Source: Bloomberg