Gold Holds Drop Near Two-Week Low as Jobs Data May Fan Rate Bets

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Gold held a decline before a U.S. nonfarm payrolls report on Friday that could bolster the case for an interest-rate rise after private jobs data showed an increase in hiring.

Bullion for immediate delivery was at $1,115.85 an ounce at 8:45 a.m. in Singapore from $1,115.09 on Wednesday, when prices fell 1.1 percent to the lowest close in two weeks, according to Bloomberg generic pricing.

Gold fell for five straight quarters as the U.S. prepares to raise borrowing costs amid an improving economy, denting the metal’s appeal because it doesn’t pay interest. American companies stepped up hiring in September, indicating the jobs market is standing firm in the face of weaker global demand, figures from the ADP Research Institute showed Wednesday. Labor Department data on Friday are projected to show payroll gains accelerated last month compared with August.

Source: Bloomberg

Oil Sticks Near $45 Amid Mixed Supply Signals From OPEC, U.S.

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Oil held in its range near $45 a barrel as signals from OPEC and the U.S. show supply easing while inventories in the world’s biggest consumer increased.

Futures gained as much as 0.7 percent New York after falling 0.3 percent Wednesday. U.S. production declined for the seventh time in eight weeks to a 10-month low while stockpiles rose by 3.96 million barrels. The Organization of Petroleum Exporting Countries produced 32 million a day in September, down from the previous month while still above the group’s quota for a 16th month. Private and official manufacturing gauges for China are due Thursday and forecast to show contraction.

Oil has plunged more than 25 percent from this year’s closing peak in June amid speculation a global glut that drove prices to a six-year low will be prolonged. U.S. crude stockpiles remain about 100 million barrels above the five-year seasonal average.

WTI for November delivery gained as much as 30 cents to $45.39 a barrel on the New York Mercantile Exchange and was at $45.36 at 9:16 a.m. Seoul time. The contract lost 14 cents to $45.09 a barrel Wednesday. The volume of all futures traded was about fourfold the 100-day average.

Brent for November settlement added 11 cents, or 0.2 percent, to $48.48 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $3.15 to WTI.

Source : Bloomberg

Japan Topix Gains After Biggest Quarterly Slump in Five Years

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Japanese stocks climbed, after the Topix index posted its steepest quarterly drop in five years, as non-bank lenders and precision instrument makers advanced.

The Topix added 0.7 percent to 1,421.52 as of 9:03 a.m. in Tokyo, gaining for a second day after plunging 4.4 percent on Tuesday. The measure slid 13 percent in the three months through Sept. 30, the biggest decline since the June quarter of 2010. The Nikkei 225 Stock Average rose 0.4 percent to 17,457.13 on Thursday, after retreating 14 percent last quarter.

The Standard & Poor’s 500 Index climbed 1.9 percent Wednesday, paring its worst quarterly rout in four years. Mixed messages on Federal Reserve interest-rate policy combined with worries of a China slowdown sent the S&P 500 to consecutive monthly declines while creating the most turbulent period for stocks in years.

E-mini futures on the U.S. benchmark measure slipped 0.2 percent Thursday.

The Tankan index of sentiment among large manufacturers fell to 12 in the third quarter, from 15 in the previous three months, the Bank of Japan said. Economists had expected a reading of 13. Big companies across all industries plan to boost capital expenditure by 10.9 percent this fiscal year, more than the median economist estimate of 8.7 percent.

Source : Bloomberg

Asian Stocks Track U.S. Advance as Investors Await China Data

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Asian stocks followed U.S. shares higher, after the regional benchmark index posted its worst quarter since 2011, as investors awaited Chinese factory data.

The MSCI Asia Pacific Index advanced 0.2 percent to 124.09 as of 9:01 a.m. in Tokyo. The gauge slumped 15 percent in the three months ended September. The Standard & Poor’s 500 Index rose 1.9 percent in New York Wednesday, its best rally in three weeks, paring its quarterly drop to 6.9 percent.

With almost $11 trillion erased from global shares in the past three months, investors turn to Thursday’s Chinese manufacturing reports for clues on the extent of the slowdown in the world’s second-largest economy. Riskier markets have been sold amid decelerating growth in China, a prolonged commodity slump and an exodus from developing-nation assets as the U.S. prepares to raise interest rates as soon as this year. With a week-long holiday in China from Thursday, money managers will then assess Friday’s U.S. payrolls report for indications on whether the job market is strong enough to withstand tightening.

Source: Bloomberg

U.S. Stocks Advance, Shaving Worst Quarterly Rout in Four Years

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U.S. stocks rallied in September’s final session, with the Standard & Poor’s 500 Index rising the most in three weeks, bringing traders some comfort as equities trimmed their worst quarterly decline since 2011.

The S&P 500 Index climbed 1.9 percent to 1,919.50 at 4 p.m. in New York, the most in three weeks after snapping a five-day losing streak Tuesday. The measure ended September down 2.7 percent.

The S&P 500 slumped 7 percent since the end of June, and posted its first back-to-back quarterly decline in four years. Energy and raw-material companies were the third quarter’s worst performers, plunging more than 17 percent amid concern that weakness in China will curb demand for commodities and crimp global growth.

Source: Bloomberg