Oil Climbs as Falling U.S. Rig Count Seen Further Curbing Output

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Oil advanced on signs that producers are investing less in drilling, which could take a bigger bite out of falling U.S. crude production.

Explorers idled oil rigs for a third straight week in the U.S., Baker Hughes Inc. said Friday. U.S. crude output has fallen for six weeks as the price slump over the past year takes its toll on the shale-oil industry. About $1.5 trillion of potential investment in new oil projects isn’t viable with prices at $50 a barrel, according to consultant Wood Mackenzie Ltd.

Oil is down about 50 percent from a year ago in New York amid a global oversupply that Goldman Sachs Group Inc. predicts may keep prices low for the next 15 years. WTI’s discount to Brent oil traded in London slipped to the narrowest since January last week, signaling that the global supply glut is expanding while it’s shrinking in the U.S.

West Texas Intermediate for October delivery which expires Tuesday, rose $2, or 4.5 percent, to settle at $46.68 a barrel on the New York Mercantile Exchange. The volume of all futures traded was 28 percent below the 100-day average. The more active November contract increased $1.94 to $46.96.

Brent for November settlement advanced $1.45, or 3 percent, to close at $48.92 a barrel on the London-based ICE Futures Europe exchange. The North Sea oil ended the session $1.96 higher than November WTI.

The European crude has weakened relative to WTI as shipments from Nigeria and Angola -- which are priced using Brent -- reach their highest since 2008, Miswin Mahesh and Michael Cohen, analysts at Barclays Plc., said in a report on Monday. North Sea exports are forecast to climb next month.

Source : Bloomberg

Gold Declines as Comments From Fed Officials Fuel Rate Concerns

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Gold futures fell for the second time in three sessions as comments from some Federal Reserve officials fueled concern that the central bank may raise interest rates this year.

Three policy makers argued for lifting the Fed’s key rate before year-end, days after a September increase was rejected amid financial-market volatility and concern about an economic slowdown in China. Tighter monetary policy curbs demand for gold because it doesn’t pay interest, unlike competing assets.

The comments counter bets by many traders that the Fed will wait until 2016. Interest-rate futures now give just a 20 percent chance of an increase at the Fed’s October meeting, and almost 49 percent probability of a move by December, according to data compiled by Bloomberg. On Friday, odds of a December move were less than 46 percent.

Gold futures for December delivery fell 0.4 percent to settle at $1,132.80 an ounce at 1:44 p.m. on the Comex in New York. Prices on Friday posted the first weekly advance since Aug. 21 after the Fed held rates unchanged.

While this year has been marked by investors pulling money out of gold funds, there are some recent signs of indecision. The amount of bullion held in exchange-traded products has risen and fallen in alternating fashion over the past six days, the longest period of see-sawing this year.

Assets increased by 0.8 metric tons to 1,517.3 tons, data compiled by Bloomberg as of Friday showed.

Source : Bloomberg

Saham Cina Berfluktuasi Sebelum Data Manufaktur

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Saham China fluktuatif diantara keuntungan dan kerugian sebelum rilis data manufaktur pada hari Rabu.

Shanghai Composite Index tergelincir 0,1 persen ke level 3,154.64 pada pukul 09:34 pagi waktu setempat. Indeks acuan itu menguat 1,9 persen pada hari Senin di tengah spekulasi kunjungan kenegaraan Presiden Xi Jinping ke AS akan meningkatkan permintaan untuk permintaan teknologi dan industri nasional.

'Manufaktur Purchasing Managers' Index Caixin Media dan Markit Economics, yang dikenal sebagai flash PMI, mungkin akan menunjukkan pembacaan di level 47,5 untuk September, dibandingkan dengan 47,3 pada bulan Agustus, berdasarkan estimasi median dari 22 ekonom yang disurvei Bloomberg. Angka di bawah 50 merupakan sinyal dari  kontraksi.

Para pejabat Inggris mengatakan mereka akan mempelajari kelayakan menyiapkan link perdagangan saham London-Shanghai. Studi ini akan dibahas saat pembicaraan tahunan berikutnya, Menteri Keuangan Britania Raya Inggris George Osborne mengatakan pada briefing di Beijing, kemarin. Link exchange Hong Kong-Shanghai, yang dimulai tahun lalu, dianggap sebagai langkah besar di Cina memungkinkan akses asing untuk masuk ke pasar ekuitas terbesar kedua di dunia ini dan katalis untuk Composite Index Shanghai menggandakan program pada awal 17 November ke puncak indeks ekuitas Juni.

Link perdagangan saham London-Shanghai akan positif untuk pasar ekuitas Cina dan Inggris, menurut komentar di halaman depan The Securities Times. Kekhawatiran yang berlebihan atas volatilitas keuangan mungkin tidak diperlukan seiring dengan China yang membuka pasar sahamnya, kata surat kabar itu.(sdm)

Sumber: Bloomberg

Most Asian Stocks Advance as Consumer, Material Companies Rally

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Most Asian stocks rose, following a rebound in U.S. equities. Consumer and material shares led gains.

Four shares climbed for each that fell on the MSCI Asia Pacific Excluding Japan Index, which was little changed as of 8:04 a.m. in Hong Kong. Japanese markets are closed for a holiday. U.S. stocks rose after Fed Bank of Atlanta chief Dennis Lockhart joined Fed presidents from San Francisco, St Louis and Richmond on Monday, saying he remains confident policy will be tightened this year as concern over turmoil in global markets touted by Chair Janet Yellen last week should prove temporary.

With Fed Chair Janet Yellen slated to speak later this week, potentially providing more clarity as to whether to expect a rate increase this year, interest-rate futures indicate traders remain skeptical of a move in 2015. Odds of a hike at the next meeting in October are at 20 percent, according to fed funds futures, while the probability of an increase at the last meeting of the year, on Dec. 16, is 48.8 percent, down from 58.7 percent a week ago.

Source: Bloomberg

U.S. Shares Rise After Selloff Amid Optimism on Domestic Growth

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U.S. shares advanced, following a two-day selloff, as investors took an optimistic view on domestic growth amid reassuring comments from Federal Reserve policy makers.

The Standard & Poor’s 500 Index added 0.5 percent to 1,967.15 at 4 p.m. in New York, after briefly erasing a 1.1 percent gain. The gauge fell a combined 1.9 percent over Thursday and Friday.

Just days after the central bank voted to hold interest rates near zero, sparking the biggest post-meeting selloff since July 2014, four Fed officials separately said the U.S. economy is strong enough to withstand a hike this year. Their remarks suggested continued improvement in the domestic economy may overshadow concerns about global conditions.

The quartet of policy makers who spoke out contended that any threat from abroad is temporary, providing an antidote to Chair Janet Yellen’s warning last week that global financial-market turmoil could harm growth.

After the Fed left rates unchanged, the S&P 500 erased its weekly gain, with financial companies tumbling. The late-week slump put the finish another period of indecision as the equity gauge capped its 10th straight week of back-and-forth results with a decline of 0.2 percent.

Source : Bloomberg