Aust Dollar Treads Water Before RBA

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The Australian dollar is treading water as markets await the Reserve Bank’s board meeting, where interest rates are expected to remain on hold.

At 7.00am (AEDT) on Tuesday, the local unit was trading at US71.37c, down fractionally from US71.38c on Monday.

Nomura rate strategist Andrew Ticehurst says the RBA will be reluctant to use up some of its remaining “ammunition”.

 “The RBA is uncertain that a rate cut could actually achieve a meaningful result and is not yet convinced that the economy requires more policy support,” he said.

Source: Markets Spectator

Oil Rises to Seven-Week High as Saudis to Work With Producers

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Crude closed at the highest in seven weeks as Saudi Arabia said it would work with other producers to curb market fluctuations and China’s central bank stepped up efforts to support the economy.

West Texas Intermediate oil increased 3 percent. Saudi Arabia wants a stable oil market, according to state-run Saudi Press Agency. China reduced the amount of cash the nation’s lenders must lock away. The Organization of Petroleum Exporting Countries reduced production by 79,000 barrels a day this month, according to a Bloomberg survey.

Prices slipped to a 12-year low on Feb. 11 in New York amid speculation a worldwide surplus will be prolonged with U.S. crude stockpiles at the highest level in more than eight decades and the outlook for increased exports from Iran. A proposal to freeze output by Saudi Arabia and Russia is achievable and prices may rise to as high as $50 a barrel by the end of the year, Nigerian Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu told CNBC.

WTI for April delivery rose 97 cents to $33.75 a barrel on the New York Mercantile Exchange. It was the highest close since Jan. 6. Prices advanced 0.4 percent in February, the first monthly gain since October.

Brent for April settlement increased 87 cents, or 2.5 percent, before expiring at $35.97 a barrel on the London-based ICE Futures Europe exchange. Brent closed at a $2.22 premium to WTI, after reaching an 11-week high of $2.86 on Feb. 26. The more-active May contract climbed 3.2 percent to $36.57.

Source: Bloomberg

Hong Kong Shares Fall More Than 1 pct, Track Mainland Stocks (Riview)

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Hong Kong shares fell more than 1 percent on Monday, with sentiment soured by a tumble in mainland stocks.

The Hang Seng Index dropped 1.3 percent, to 19,111.93, while the China Enterprises Index lost 1.5 percent, to 7,916.34 points.

China stocks slumped more than 2 percent, closing at their lowest in a month, as investors sold on fears that rising real estate prices will cannibalise funds from shares, aggravated by disappointing earnings from small-cap growth stocks on the ChiNext index.

Source : Reuters

S&P 500 Falls for a Third Month as Late-February Rebound Fades

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The Standard & Poor’s 500 Index erased a February gain Monday, despite a rally in crude oil, as a two-week rebound faltered in the month’s lightly traded final session.

The S&P 500 fell 0.8 percent to 1,932.03 at 4 p.m. in New York, extending its monthly losing streak to three, the longest in more than four years. It closed 0.4 percent lower for February. Afternoon declines accelerated as the gauge fell below its average price during the past 50 days. The benchmark hasn’t declined on a day when oil climbed that much since Nov. 23.

The S&P 500 halted a two-day advance on Friday after signs of firming inflation spurred speculation interest rates may rise sooner than previously expected. A bank-fueled rebound of more than 6.5 percent since a Feb. 11 through last week had briefly erased the benchmark’s losses for the month.

Investors are also watching economic releases to gauge the trajectory of rate increases, before the Federal Reserve’s next decision on March 16. Data today showed contracts to purchase previously owned homes unexpectedly dropped in January by the most in two years. A February gauge on manufacturing in the Chicago area today also fell more than forecast.

After last week’s batch of data, traders raised their bets for further Fed rate increases this year. The probability of a June boost is 32 percent, up from 27 percent a week ago, while odds of a December move reached almost 54 percent after slipping to 11 percent at the height of this month’s stock selloff on Feb. 11.

Source: Bloomberg

U.S. Stocks Advance Toward Monthly Gain After Two-Week Rebound

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U.S. stocks advanced in February’s final session, showing some stability along with crude prices and poised for a monthly gain after a two-week rebound from the worst start to a year ever.

After fluctuating in early trading, equities extended a climb as oil rallied, with West Texas Intermediate crude up 2.8 percent. Even with the commodity rising, gains in energy producers were muted while raw-material and utilities shares, among this month’s best performers, were the strongest today.

The Standard & Poor’s 500 Index rose 0.4 percent to 1,956.47 at 12:21 p.m. in New York, on track for a 0.8 percent February advance and holding above its average price during the past 50 days. The Dow Jones Industrial Average gained 68.14 points, or 0.4 percent, to 16,708.11. The Nasdaq Composite Index added 0.6 percent.

China’s central bank today cut the amount of cash the nation’s lenders must hold as reserve, marking a return to more traditional easing after policy makers indicated in recent weeks they would spur growth by guiding interbank markets lower and injecting liquidity through open-market operations.

The S&P 500 halted a two-day advance on Friday after signs of firming inflation spurred speculation interest rates may rise sooner than previously expected. Still, a bank-fueled rebound of more than 6 percent since a Feb. 11 low has erased the benchmark’s losses for the month.

Source: Bloomberg

USD/JPY bulls tiring ahead of critical recovery target?

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USD/JPY has been in recovery in the opening of Tokyo fro the downside that kicked off the day in early Asia when the Yen rallied amidst risk aversion.

The weekend news was the G20, and while the outcome suggested that markets are making a worse situation of the global economy than what it really is, there remain big concerns over the EU and subsequent ramifications for Global markets. Mervyn King, former BOE Governor, was reported in the Telegraph from his new book to have said that the eurozone is doomed to fail and will lurch from crisis to crisis unless it is broken up.

We have had a series of data for Japan in the open for the week that could be ' evidence of slowing Japanese economy'. While, for the week ahead, the main focus will be on China's PMIs and the US nonfarm payrolls.

while the economy is expected to add a relatively modest 168K jobs in February with the unemployment rate that should rise modestly, climbing to 5.0% from 4.9%. "The overall tone of this report should be weak, reflecting the slowing in underlying US economic momentum," explained analysts at TD Securities.

USD/JPY levels

USD/JPY's key downside target is the 10 dma at 113.19 today in the near term while a continued recovery targets 114.80 and within the vicinity of the 15th Feb high. Spot trades above the pivot of 113.50 on the bid with R1 at 114.69, R2 at 114.98 and R3 at 115.27. "According to the 4 hours chart however, the upside seems more constructive, with the price above its 100 SMA for the first time since early February, and the technical indicators nearing overbought territory, in line with further short term gains," explained Valeria Bednarik, chief analyst at FXStreet, while the major targets the key target of the recovery at aforementioned 114.80 level.

Source: FXstreet

Oil Trades Near $33 as U.S. Explorers Idle More Rigs Amid Glut

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Oil traded near $33 a barrel as U.S. drillers cut the number of active rigs to the lowest level in more than six years amid a global glut.

Futures gained 0.4 percent, trimming a fourth monthly drop. Rigs targeting oil fell by 13 to 400, the lowest since December 2009, according to Baker Hughes Inc. That is the 10th week of declines. Hedge funds and other speculators increased net-long positions in West Texas Intermediate futures and options by 14 percent to the highest since November in the week ended Feb. 23, according to U.S. Commodity Futures Trading Commission data.

WTI for April delivery was at $32.91 a barrel on the New York Mercantile Exchange, up 13 cents, at 9:05 a.m. Hong Kong time. The contract lost 29 cents to close at $32.78 on Friday. Total volume traded was about 22 percent below the 100-day average. Prices rose 11 percent last week, the most since August, and are down 2.2 percent in February.

Source: Bloomberg      

Asian Stocks Rise as Japanese Equities Gain After G-20 Meeting

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Asian stocks rose as Tokyo shares rallied for a third day and Group of 20 leaders pledged to use fiscal policy to strengthen growth and job creation.

The MSCI Asia Pacific Index gained 0.4 percent to 120.08 as of 9:09 a.m. in Tokyo.  Investors are looking for clues as to the strength of the global economy after finance chiefs from the world’s top economies committed their governments over the weekend to doing more to boost global growth amid mounting concerns over the potency of monetary policy. Japan’s most recent round of monetary easing was a focus of the meeting, amid concern it could spur a round of competitive currency devaluations, said Eurogroup chief Jeroen Dijsselbloem.

The G-20 members reaffirmed they will refrain from competitive devaluations, and -- in new language -- agreed to consult closely on currencies. Chinese manufacturing data due Tuesday and the monthly U.S. jobs report Friday are just two of a string of closely watched economic data points scheduled to be released this week.

Asia’s benchmark index is down 9 percent in 2016, compared with a 4.7 percent slide in the S&P 500. Slumping commodities prices, a surprise devaluation of the yuan and a move into negative rates from the BOJ roiled equity markets at a time the Federal Reserve is considering how fast it can lift U.S. interest rates without choking off the economic recovery.

Source: Bloomberg

Japanese Stocks Rise Third Day as Weaker Yen Boosts Exporters

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Japanese stocks rose for a third day after a weaker yen boosted the earnings outlook for exporters and as investors digested the Group of 20’s statement on the global outlook.

The Topix index rose 1 percent to 1,324.30 as of 9:04 a.m. in Tokyo, with all but four of its 33 industry groups climbing. The Nikkei 225 Stock Average jumped 1 percent to 16,343.55. The yen traded at 113.74 per dollar, after dropping 0.9 percent on Friday.

Policy makers from Japan and China have indicated the need for more fiscal stimulus to combat a global slowdown.

E-mini futures on the Standard & Poor’s 500 Index slipped 0.1 percent after the underlying equity gauge closed 0.2 percent lower on Friday.

Data released in Tokyo Monday showed industrial production rose 3.7 percent in January from December, though fell 3.8 percent from a year earlier. Retail sales dropped 1.1 percent from December.

Source: Bloomberg

Hong Kong shares up 2 pct as China rebounds, G20 meeting eyed (Review)

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Hong Kong shares rose more than 2 percent on Friday, buoyed by a rebound in mainland China markets that prompted investors to hunt for bargains after losses in the previous session.

The Hang Seng index surged 2.5 percent to 19,364.15 points, its best day in nearly two weeks.

For the week, it gained 0.4 percent despite a loss of more than 3 percent for China's main benchmark indexes.

The China Enterprises Index ended up 2.1 percent in the biggest daily gain in more than a week at 8,034.30 points. The index was down 1 percent for the week.

Investors were eyeing policy messages from G20 finance chiefs and central bankers meeting on Friday and Saturday in Shanghai. Current market turmoil and a global economic slowdown expected to be key topics of discussion.

Oil futures end higher as producers plan March meeting

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Oil futures erased early losses to end sharply higher Thursday, turning north after news reports said Venezuela's oil minister announced his country would meet with fellow oil producers next month in an effort to stabilize prices.

West Texas Intermediate crude futures on the New York Mercantile Exchange finished with a gain of 92 cents, or 2.9%, at $33.07 a barrel. Venezuela oil minister Eulogio Del Pino said Russia, Saudi Arabia and Qatar would participate in the meeting, according to news reports.

Source: Marketwatch

Gold Finishes Flat After Multiday Run

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Gold futures were little-changed Thursday, as the yellow metal appeared to take a pause after two straight days of sharp gains. April gold closed 30 cents, or less than 0.1%, lower at $1,238.80 an ounce.

Gold is looking at a 0.2% weekly gain. The precious commodity has benefited from haven bids amid uncertainty about the global economy, the emergence of negative interest rates in Japan and Europe, and the prospect of rates being lower for longer in the U.S.

Source : Marketwatch

Hong Kong Shares Fall, Dragged Lower by Slumping China Stocks (Review)

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Hong Kong shares fell on Thursday as investor sentiment soured after a tumble in mainland China stocks.

The Hang Seng index fell 1.6 percent to 18,888.75 points, while the China Enterprises Index lost 2.4 percent, to 7,871.94 points.

China stocks tumbled more than 6 percent, posting their biggest one-day loss in a month, as investors booked profits after the market's recent rebound.

All main sectors in Hong Kong fell.

Source : Reuters

S&P 500 Rises to 7-Week High as Bank, Tech Shares Boost Rally

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Gains in bank and technology shares helped send the Standard & Poor’s 500 Index to a seven-week high, amid optimism on the economy after data showed weakness in manufacturing may be easing while crude oil showed further signs of stabilizing.

The S&P 500 climbed 1.1 percent to 1,951.75 at 4 p.m. in New York, with the gauge erasing its February decline.

The U.S. equity benchmark eliminated this month’s slide after losing as much as 6.7 percent at the close on Feb. 11. The benchmark continued its rebound from a nearly two-year low and has cut its 2016 drop by more than half.

The S&P 500 topped its average price during the past 50 days at 1,945 for the first time this year. It was the second run at that level this week after approaching it Monday as the benchmark reached a six-week high. The index last closed above the 50-day moving average on Dec. 29.

Source : Bloomberg

U.S. Shares Fluctuate as Crude Retreats; Treasuries Advance

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U.S. stocks swung between gains and losses as crude slipped below $32 a barrel in New York and China signaled it won’t seek a grand currency deal at the Group of 20 meeting. Treasuries advanced.

The Standard & Poor’s 500 Index struggled to add to yesterday’s late-session rally as energy producers fell 1 percent amid renewed selling in crude. Europe’s benchmark index snapped a two-day losing streak after Lloyds Banking Group Plc raised its dividend to boost beaten-down lenders. The dollar firmed after data showed orders for U.S. capital goods rebounded in January by the most since 2014. The Shanghai Composite Index sank the most in a month as surging money-market rates indicated tighter liquidity in China.

The S&P 500 climbed 0.3 percent at 12:12 p.m. in New York. The index rebounded late Wednesday after a turnaround in crude-oil prices sparked broader buying. The capital goods data was joined by a separate report that showed the number of Americans filing applications for unemployment benefits rose last week by more than estimated.

Bank shares, among the worst performers this year, led gains with a 0.6 percent rise, while Salesforce.com Inc. jumped after giving a forecast that topped estimates. Restoration Hardware Holdings Inc. plunged 21 percent after preliminary earnings missed estimates.

Source : Bloomberg

Oil settles higher after volatile session

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Oil futures finished higher after a volatile session on Wednesday, finding support from a weekly decline in U.S. crude production, as strong demand for gasoline pointed to a possible rise in demand for oil to make the fuel.

A bigger-than-expected weekly increase in U.S. crude supplies, however, helped limit the gains for oil prices, however. April West Texas Intermediate crude CLJ6, +1.16% added 28 cents, or 0.9%, to settle at $32.15 a barrel on the New York Mercantile Exchange. Prices traded between a low of $30.56 and a high of $32.36 during the session.

Source: Marketwatch

Gold Marks Highest Settlement in More Than a Week

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Gold futures marked their highest settlement in more than a week on Wednesday as a U.S. report on home sales fueled nervousness in financial markets, driving investors out of assets viewed as risky, like stocks, and into those perceived as safe.

April gold climbed $16.50, or 1.4%, to settle at $1,239.10 an ounce. The settlement was the highest since Feb. 12. Prices, which rose 1% Tuesday, touched an intraday high of $1,254.30.

Gold extended its gains after the Commerce Department showed a 9% decline in new homes sales in January, adding to concerns about the U.S. economy.

March silver also got a bounce from a flight to haven assets, adding 5.7 cents, or 0.4%, to $15.297 an ounce.

Source: Marketwatch

Hong Kong Shares Track Global Markets Lower as Energy Stocks Weigh

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Hong Kong shares fell more than 1 percent on Wednesday, tracking global markets lower, with shares of energy companies again weighing on the benchmark index as oil prices skid.

The Hang Seng index fell 1.2 percent to 19,192.45 points, while the China Enterprises Index lost 1.3 percent to 8,061.71.

Most sectors declined, as a nearly two-week-long rebound in global markets showed increasing signs of fatigue.

Energy shares tumbled 2.5 percent as oil prices fell after Saudi Arabia effectively ruled out production cuts by major producers anytime soon.

U.S. Stocks Rise as Energy, Tech Shares Pace Late-Day Turnaround

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Technology and commodity companies paced a rebound in U.S. stocks, with a turnaround in crude-oil prices sparking broader buying that erased declines of as much as 1.7 percent in benchmark indexes.

The Nasdaq Composite Index rallied 0.9 percent to 4,542.61 at 4 p.m. in New York, boosted by gains in Apple Inc. and Facebook Inc. The Russell 2000 Index surged 1 percent after an early 1.5 percent slide. The Standard & Poor’s 500 Index added 0.4 percent to 1,929.64, after the gauge lost as much as 1.6 percent.

Early on, it looked as if equities were headed for another steep selloff. A recent rebound in U.S. stocks had faltered Tuesday as global-growth concerns resurfaced, after the S&P 500 had cut its 2016 declines by more than half over six sessions.

Wednesday’s gains helped the S&P 500 cut its February decline to 0.5 percent, still heading for a third straight monthly drop which would be the longest stretch in more than four years. Concern that China’s slowdown will hurt global growth, and that lenders will suffer as some energy producers struggle to stay solvent amid low oil prices, has weighed on equities this year, dragging the U.S. benchmark 9 percent below its all-time high reached last May.

Source : Bloomberg

Europe Stocks Drop Second Day as Miners Tumble Most Since August

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European stocks declined for a second day as sliding oil prices stoked investor concern about global growth.

Miners led the losses, taking their two-day decline to 9.5 percent, the most since August. BP Plc and Royal Dutch Shell Plc fell more than 2.8 percent as oil spent more of the day down after Iran dismissed a proposal by Saudi Arabia and Russia for producers to freeze output. European automakers and banks, the weakest groups this year, were also among the worst performers on Wednesday.

The Stoxx Europe 600 Index dropped 2.3 percent for its biggest two-day decline since Feb. 9. The gauge resumed its losses after posting its biggest weekly rally in a year and reaching a three-week high on Monday.

A measure of stock volatility climbed for a second day, taking its increase to 49 percent for 2016. The year has been particularly brutal for European shares as a slump in lenders added to concerns over global growth and the oil rout. The Stoxx 600 hasn’t posted more than two consecutive days of gains since December.

Commodity producers sank 6.5 percent as a group on Wednesday, after they rebounded as much as 35 percent from this year’s low through Monday. Glencore Plc and Anglo American Plc slumped more than 9.5 percent, while BHP Billiton Ltd. and Rio Tinto Group lost at least 5.7 percent.

Lenders, the most battered among European industries this year, lost 3 percent. The group slumped to a three-year low this month amid worries over bad loans at Italian firms, the impact of a low-rate environment on profits and Deutsche Bank AG’s creditworthiness. Greek and Italian banks fell the most on Wednesday, and Denmark’s Sydbank A/S tumbled 8.4 percent after reporting profit that missed estimates.

Wirecard AG plunged the most in the Stoxx 600, sinking 22 percent. An anonymous short seller published a report accusing senior management and board members at the German payments processor of money laundering and of facilitating the evasion of U.S. restrictions on Internet gambling. The company denied the allegations and called them “slanderous.” Hugo Boss AG tumbled 8.4 percent for its biggest two-day slump since 1999 as Societe Generale SA cut its rating on the German clothier to sell from hold following yesterday’s profit warning.

Fresenius SE climbed 3.4 percent after Europe’s largest health-care provider forecast that profit and sales will increase this year. Petrofac Ltd., Wolters Kluwer NV and Atos SE were among the region’s best performers, rising more than 3 percent, after reporting earnings. Rexel SA jumped 5.9 percent after Cevian Capital increased its stake in the French company.

Source: Bloomberg

Crude drops as Saudi oil minister shatters hope for producer cuts

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Crude futures settled with a sharp loss on Tuesday after Saudi Arabia’s oil minister, Ali al-Naimi, shattered any hopes that producers would cut back on output to help alleviate the world’s excess supplies.

April West Texas Intermediate crude fell $1.52, or 4.6%, to settle at $31.87 a barrel on the New York Mercantile Exchange. April Brent crude on London’s ICE Futures exchange fell $1.42, or 4.1%, to $33.27 a barrel.

Source: Marketwatch

Gold posts 1% gain as haven demand returns

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Gold prices tacked on 1% on Tuesday to recoup more than half of what they lost a day earlier, as declines in global stock markets and sharp losses for oil spurred investors to buy into assets perceived as safe.

Gold futures for April delivery jumped $12.50, or 1%, to settle at $1,222.60 an ounce, posting its fourth gain in five sessions. Silver for March delivery rose 5.6 cents, or 0.4%, to $15.24 an ounce.

Prices for gold had lost 1.7% Monday as broader optimism in the financial markets translated into rallies for risk assets such as equities and oil, but a pullback for gold.

However, that sentiment was reversed on Tuesday as U.S. equities fell. Asian and European also dropped.

April platinum rose $15.70, or 1.7%, to $943.50 an ounce, while March palladium added $1.40, or 0.3%, to $500.05 an ounce.

Source: Marketwatch

Hong Kong Shares Track China Markets Lower (Review)

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Hong Kong stocks tracked mainland China shares lower on Tuesday, with falls in property and utility sectors offsetting gains in energy and resources plays.

The Hang Seng index fell 0.3 percent to 19,414.78 points, while the China Enterprises Index lost 0.6 percent to 8,170.62.

Most sectors fell, but energy and resources shares were up on a recent rebound in global commodity and oil prices.

China stocks fell on Tuesday as investors took profits from the previous session's 2 percent gain, but some analysts expect buyers to return ahead of the annual meeting of China's top legislature next month, at which key economic goals will be set.

The blue-chip CSI300 index .CSI300 fell 1.0 percent to 3,089.36 points, while the Shanghai Composite Index .SSEC lost 0.8 percent to 2,903.33.

U.S. Stocks Slip From 6-Week High as Recent Rally Leaders Falter

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U.S. stocks declined from six-week highs, paced by banks as the recent rally’s strongest performers lost momentum while investors assessed global growth prospects amid renewed concern that China will remain a drag.

The Standard & Poor’s 500 Index fell 1.2 percent to 1,921.28 at 4 p.m. in New York, a day after surging 1.5 percent to the highest since Jan. 6.

Heading into Tuesday’s session, the S&P 500 had rallied 6.4 percent since reaching a 22-month low on Feb. 11, trimming its 2016 decline to less than 5 percent. Concern that weakness in China will damp global growth, and that lenders will suffer as some energy producers struggle to stay solvent amid low oil prices has weighed on equities this year. The main U.S. stocks benchmark is 9.8 percent below its all-time high reached last May.

Source: Bloomberg

European shares backtrack from 3-week high as oil slides

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Stocks across Europe on Tuesday fell back from a three-week high, weighed by sliding oil prices and a dreary financial update from mining industry heavyweight BHP Billiton PLC.

The Stoxx Europe 600 index ended down 1.2% at 327.78, with all sectors finishing with losses. The index on Monday jumped 1.7% to 331.82, the highest close since Feb. 2, fueled by a rally for commodity shares as prices for oil and metals advanced.

But on Tuesday, the basic materials group was among the worst performing. There, BHP Billiton Ltd. BLT, shares dropped 6.1%. The world’s largest mining company by market value slashed its midyear dividend by 74% to 16 cents a share. The move should protect its balance sheet during what may be a “prolonged” period of low commodity prices, said BHP.

Source : Marketwatch

U.S. Stocks Rise With Oil, S&P 500 Rallies to Highest in 6 Weeks

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U.S. stocks rallied, with the Standard & Poor’s 500 Index closing at a six-week high, amid broad gains as a surge in oil prices helped lessen concern that a slowdown in global growth is deepening.

The S&P 500 rose 1.4 percent to 1,945.28 at 4 p.m. in New York, the highest since Jan. 6 following its strongest weekly advance since November. The benchmark is less than seven points below its average price during the past 50 days, after falling below that level on Dec. 30.

Oil rose amid speculation that a production freeze by some OPEC members and Russia could eventually help to abate the surplus. Russia said talks on an output freeze will be done by March 1, while Nigeria said some countries should have production capped at higher levels. West Texas Intermediate crude futures soared 6.2 percent, briefly rising above $32 a barrel.

Equities showed little indication Monday of the anxiety over the pace of global growth or the impact of persistently low oil prices that helped drive the S&P 500 to a 22-month low on Feb. 11. Signs that crude prices are stabilizing, and speculation that China’s slowdown isn’t as bad as feared have helped the gauge cut its 2016 decline in half in six trading sessions. Some of the year’s most beaten-down shares -- including banks, semiconductor, auto and retailer stocks -- have paced the rebound.

Source : Bloomberg

Dollar jumps as pound, yen unravel

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The dollar climbed on Monday, helped by the pound falling on heightened “Brexit” worries and the yen dropping amid Tokyo stocks’ steady gains.

The ICE U.S. Dollar index a measure of the buck’s strength against a basket of six rival currencies – jumped 0.9% to 97.46, clinging to gains despite a weak reading from the Markit U.S. manufacturing PMI, which declined to 51 in the February flash estimate, its lowest level since 2012.

The pound plunged to $1.4058, its lowest level in seven years and its largest daily drop since 2009, on heightened fears the U.K. will leave the European Union after London Mayor Boris Johnson came out in favor of a so-called Brexit.

Meanwhile, the yen was weaker against its rivals, as investors pulled back on looking for safety in the Japanese currency as stocks across the globe showed sharp gains. The yen tends to lure bidders in times of market turmoil.

The yen dropped against the dollar, which gained to ¥113.33, from ¥112.65 late Friday in New York.

In other currency-pair trading, the euro was at $1.1040, down 1.1% from $1.1133, weighed down by Brexit worries and a weaker-than-expected preliminary reading on business activity.

Source: MarketWatch

Gold futures mark first loss in four sessions

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Gold futures settled sharply lower on Monday, as analysts blamed the first price decline in four sessions on investors showing a hankering for stocks and other riskier assets.

Gold futures for April delivery slumped $20.70, or 1.7%, to settle at $1,210.10 an ounce, while March silver shed 18.9 cents, or 1.2%, to $15.184 an ounce. Both precious metals appeared to retreat after enjoying recent haven bids during earlier worries about the global economy.

U.S. equities were moving sharply higher as gold prices settled, with oil futures on rise. European and Asian equities also advanced.

Analysts at Commerzbank noted that gold ETFs on Friday saw their biggest daily inflow since October 2011.

Source: MarketWatch

Hong Kong Shares End up, Track Strong Mainland Market (Review)

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Hong Kong shares strengthened on Monday, tracking gains in mainland stocks, which jumped after Beijing replaced its top securities regulator and on fresh measures to support the real estate sector.

The Hang Seng index rose 0.9 percent, to 19,464.09, while the China Enterprises Index gained 1.3 percent, to 8,221.37 points.

All main sectors rose, but shares of Alibaba Health Information Technology Ltd tumbled 14 percent after regulators said it would suspend Ali Health's drug monitoring platform.

European stocks jump to 2-week high as oil rallies

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European stock markets logged broad-based gains on Monday, as a rally in oil prices and some metals prices calmed investor nerves after the recent commodity rout.

The Stoxx Europe 600 index jumped 1.6% to 331.72, setting it on track for the highest closing level since early February.

Elsewhere, Germany’s DAX 30 index rose 2% to 9,576.33, while France’s CAC 40 index %  gained 1.8% to 4,298.08.

The jump in oil prices help lift European energy companies. Shares of Tullow Oil PLC gained 5.4%, Seadrill Ltd. climbed 3.1%, and heavyweight Total SA added 1.6%.

Source: MarketWatch

Gold eases, but holds above $1,200 as caution prevails

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Gold eased for a second straight session on Monday as the dollar edged higher, but the metal remained underpinned above $1,200 an ounce as caution in financial markets prompted investors to channel money into bullion.

Spot gold had fallen 0.3 percent to $1,223.70 an ounce by 0035 GMT, after declining 0.3 percent on Friday.

The metal jumped to its highest in a year earlier this month on turmoil in the stock markets and concerns over the global economy, but posted small losses last week on profit taking and as equities consolidated.

Bullion was hurt early on Monday by the strength in the dollar, which rose against a basket of major currencies as sterling slid on growing concerns that Britain would quit the European Union.

Gold, however, remains one of the best performing asset of the year with gains of 15 percent as global uncertainties linger.

Source: Reuters

Chinese Stocks Extend Weekly Gain as New Regulator Head Picked

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China’s stocks rose, extending a weekly gain, on speculation the new securities regulator chairman will take steps to boost the world’s second-largest equity market.

The Shanghai Composite Index advanced 1.2 percent to 2,894.89 at 9:31 a.m. local time, led by commodity producers and financial companies. The benchmark measure climbed 3.5 percent last week, the most in two months. Developers gained after the government said it will cut taxes on home transactions. The Hang Seng China Enterprises Index climbed to a one-month high.

Liu Shiyu is assuming oversight of the world’s second-largest stock market in the wake of last summer’s slump that saw Xiao Gang criticized for mismanagement. Liu was previously chairman of Agricultural Bank of China Ltd. and was a deputy governor at the People’s Bank of China before that. The reshuffle comes before the nation’s Communist leaders are due to meet next week to set out a new five-year economic plan.

Source: Bloomberg

Asian Stocks Decline After Biggest Weekly Rally in Four Years

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Most Asian stocks fell, after the biggest weekly rally in four years, as oil held declines and a stronger yen weighed on Japanese shares.

About three shares dropped for each that rose on the MSCI Asia Pacific Index, which lost 0.1 percent to 119.50 as of 9:10 a.m. in Tokyo after jumping 5.9 percent last week. Santos Ltd. slid 2.7 percent in Sydney as U.S. oil traded below $30 a barrel. HSBC Holdings Plc and BHP Billiton Ltd. are scheduled to post earnings this week, with financial companies and commodity firms among the biggest laggards this year, as investors question the ability of central banks to aid ailing economies amid forecasts for stagnant global growth.

Japan’s Topix index lost 0.7 percent. The yen traded at 112.55 per dollar after climbing 0.6 percent last week, its third straight weekly advance.

Australia’s S&P/ASX 200 Index added 0.4 percent and South Korea’s Kospi index retreated 0.2 percent. New Zealand’s S&P/NZX 50 Index lost 0.4 percent. Markets in Thailand and Sri Lanka are closed for holidays.

Futures on Hong Kong’s Hang Seng Index foreshadowed declines of 0.6 percent, with contracts on the Hang Seng China Enterprises Index, a gauge of mainland stocks listed in the city, down 0.9 percent at the end of last week. FTSE China A50 Index futures added 0.1 percent.

Source: Bloomberg

apanese Stocks Drop After Last Week Gains Amid Stronger Yen

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Japanese stocks fell, after posting the biggest weekly gain in six years, as banks and commodities shares slipped while the yen strengthened.

The Topix index declined 1 percent to 1,278.96 as of 9:05 a.m. in Tokyo, following last week’s advance of 8 percent, its best weekly rally since 2009. The Nikkei 225 Stock Average lost 0.9 percent to 15,816.83. The yen traded at 122.54 per dollar, close to its strongest level in a week. The greenback fell even as data on Friday showed U.S. consumer prices in January rose the most in four years.

Despite last week’s gain, the recent rally has recouped less than a third of this year’s losses. The gauge is still down 17 percent for 2016. With equities tumbling across the global this year, sending the Topix to a 15-month low on Feb. 12, the yen has been seen as a haven. Investors have sent the currency up almost 7 percent this year.

Source: Bloomberg

U.S. oil futures end slightly higher

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West Texas Intermediate oil futures for March delivery ended a choppy session slightly higher.

Crude erased an early rally to bounce between small gains and losses after weekly government data showed a rise in inventories for U.S. crude, gasoline and distillates and Saudi Arabia's finance minister was quoted as saying the country wasn't prepared to cut production.

March crude settled at $30.77 a barrel, gain of 11 cents, or 0.4%.

Source: Marketwatch

Gold Ends Sharply Higher as Stock Rally Falters

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Gold futures stormed higher Thursday, as U.S. stocks struggled to rally after registering three straight days of gains.

April gold closed $14.90, or 1.2%, higher at $1,226.30 an ounce. The advance for the yellow metal comes about 24 hours after minutes from the Federal Reserve indicated that the U.S. central bank is concerned about the slowdown in the global economy-a position that could be supportive for gold prices since it implies fewer interest-rate increases in 2016. Lower rates boost the luster of precious metals that don't offer a yield.

Gold's recent run-up suggests that some investors aren't placing a lot of faith in the Dow Jones Industrial Average and the S&P 500 index's recent bout of hefty gains.

Source: MarketWatch

Hong Kong Stocks Climb, Tracking Rebound in Global Markets (Riview)

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Hong Kong stocks climbed more than 2 percent on Thursday, aided by a surge in energy shares, following overnight gains in U.S. and European equities and a jump in oil prices.

The Hang Seng index ended up 2.3 percent at 19,363.08 points, while the China Enterprises Index gained 3.0 percent to 8,166.47.

The energy sector surged 4.3 percent, with Chinese oil giants PetroChina, CNOOC and Sinopec posting sharp gains.

Source : Reuters

U.S. Stocks Decline After Strongest Three-Day Rally Since August

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U.S. stocks declined following the Standard & Poor’s 500 Index’s strongest three-day advance in almost six months, as banks, technology and consumer shares lost momentum after bolstering the rally.

The S&P 500 slipped 0.5 percent to 1,917.79 at 4 p.m. in New York, halting a winning streak after the gauge’s 1.7 percent climb on Wednesday capped its first three-day gain of the year. The Nasdaq Composite Index fell 1 percent as Apple Inc. and Google parent Alphabet Inc. sank more than 1.9 percent.

Equities lost momentum Thursday after recent gains that have come just as fast as the losses that sent the S&P 500 to its worst start to any year. Almost half of 2016’s decline was erased in the prior three sessions as the most beaten-down industries, including banks, technology and retailer shares, led a comeback. The benchmark is still down about 10 percent from its May record, and has lost 6.2 percent this year amid signs of weakness in the global economy and falling commodity prices.

Source: Bloomberg

U.S. Stocks Pare Slide as Oil Rebounds, Energy Shares Trim Drop

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U.S. stocks pared a retreat as energy shares trimmed declines amid a rebound in oil prices, while banks pulled back from their best rally in more than five years.

The S&P 500 slipped 0.2 percent to 1,923.03 at 12:06 p.m. in New York, after losing as much as 0.6 percent. The gauge’s 1.7 percent rally on Wednesday capped its first three-day gain of the year.

Equities lost momentum Thursday after recent gains that have come just as fast as the losses that sent the S&P 500 to its worst start to any year. Almost half of 2016’s decline was erased in the prior three sessions as the most beaten-down industries, including banks, technology and retailer shares, led a comeback.

The S&P 500 is still down about 10 percent from its May record, and has lost 6.1 percent this year amid signs of weakness in the global economy and falling commodity prices.

Source: Bloomberg

Dollar weakens against euro, yen after Fed minutes

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The dollar edged lower against the euro and yen Wednesday after minutes from the Federal Reserve’s January meeting suggested that the central bank will leave interest rates on hold at its March meeting.

The ICE U.S. dollar a measure of the buck’s strength against a basket of six rival currencies, was down 0.1% at 96.8270. The dollar weakened to ¥113.88, from ¥114.23 late Tuesday; the euro strengthened to $1.1148, compared with $1.1128.

The dollar edged lower after the release while U.S. stocks edged higher. The moves weren’t necessarily a reaction to the minutes, as Clemons noted that there was “a lot of noise in the market” on Wednesday.

In other currency trading, the dollar weakened against many resource-linked currencies–including the Canadian dollar Norwegian krone and Russian ruble as crude oil prices rebounded.

Meanwhile, the Mexican peso was on track for its largest daily gain against the dollar in years after a surprise interest-rate hike.

In the U.K., the pound weakened to $1.4263 Wednesday, from $1.4293 Tuesday, after a mixed batch of labor-market data.

Source: MarketWatch

Oil Futures End Sharply Higher After Iran Comments

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Oil futures ended sharply higher Wednesday, rallying despite a mixed message from Iran's oil minister over a proposed production freeze by major producers.

West Texas Intermediate crude for March delivery jumped $1.62, or 5.6%, to end at $30.66 a barrel. Iran's oil minister didn't commit to a production freeze after a meeting with some Organization of the Petroleum Exporting Countries counterparts, but praised a proposed freeze tentatively agreed upon a day earlier by Saudi Arabia and Russia.

Source: MarketWatch

Hong Kong Stock Rally Peters Out as Energy Shares Fall (Riview)

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Hong Kong stocks lost ground on Wednesday as a two-day solid rally petered out, thanks in part to slumping energy shares that dragged down the market.

The Hang Seng index fell 1.0 percent, to 18,924.57, while the China Enterprises Index lost 1.2 percent, to 7,928.76 points.

An index tracking energy stocks tanked 3.2 percent, as investors, who had bet on a cut in global oil production, gave a lukewarm response to a potential deal between Saudi Arabia and Russia to freeze oil output at January levels.

Source Reuters

U.S. Stocks Rally as Hardest-Hit Shares in 2016 Continue Rebound

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U.S. stocks rallied, with the Dow Jones Industrial Average rising more than 250 points, as the year’s most-battered shares continued to recover and energy shares climbed with oil prices.

The Standard & Poor’s 500 Index rose 1.6 percent to 1,926.70 at 4 p.m. in New York, capping its first three-day advance this year and closing at a two-week high. West Texas Intermediate crude futures surged, briefly topped $31 a barrel.

Equity gains are coming virtually as fast as the losses that sent the S&P 500 to its worst start to any year, with almost half of 2016’s decline made up in three days. The rally today occurred as oil climbed more than 5 percent, Federal Reserve officials expressed caution on the economy and data on manufacturing was better than forecast.

This year’s most beaten-down industries have bolstered the gains since the main U.S. equity index closed at a 22-month low last Thursday, amid a sense that the selling was overdone. Banks in the benchmark are up 9.7 percent in the last three sessions, recovering from the lowest level since 2013, while retailers have surged 7.3 percent, rebounding from a 16 percent drop to begin 2016.

Source: Bloomberg

Stocks Rally With Oil as Risk Assets Rebound; Treasuries Retreat

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Stocks rallied as investors piled into risk assets, sending emerging-market currencies and shares higher after a weakening yuan triggered losses in Asian markets. Crude rose to above $30 a barrel.

The Standard & Poor’s 500 Index climbed for a third day, headed for its longest winning streak of the year, as the benchmark continued to rebound from the lowest level in 22 months last week. Shares in Europe rose as companies including Credit Agricole SA reported better-than-estimated results. This year’s beaten-down sectors -- banks, energy and consumer shares -- led a recovery after global equities sank into a bear market last week. Emerging market currencies and stocks also gained, as oil prices extended a rebound in afternoon trading. Treasuries retreated as haven demand cooled.

Global equities tumbled into a bear market last week, after attempts by central banks to quell volatility this year have had mixed success as investors grappled with concern China’s slowdown will deepen. Minutes of the Federal Reserve’s most recent meeting, where officials indicated they were monitoring turmoil in markets, are due Wednesday. Chair Janet Yellen has also indicated the global turbulence may delay further tightening of U.S. monetary policy.

The S&P 500 added 1.7 percent to 1,927.50 at 1:04 p.m. in New York. Index futures held gains even after a report showed new-home construction cooled in January. Separate data showed manufacturing output rose last month by the most since July 2015, while wholesale prices in the U.S. unexpectedly increased in January.

Source: Bloomberg

Oil Falls as Saudi, Russian Output Freeze Seen Leaving Glut

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Oil dropped on speculation that a pledge by Saudi Arabia and Russia to freeze production at January levels won’t succeed in tackling the global oil surplus.

Crude fell 1.4 percent in New York. The agreement depends on other producers following suit, Qatar’s Energy Minister Mohammed bin Saleh al-Sada said in Doha Tuesday. The pact won’t be meaningful unless Iran and Iraq, which have been raising output, cooperate, Commerzbank AG said. Saudi Arabia’s Ali al-Naimi said the freeze could be followed by other steps to improve the market.

Venezuela has lobbied exporters including Russia, Iran and Saudi Arabia to arrange a meeting between OPEC members and other suppliers in an attempt to reach an agreement to balance the market. Brent crude is still down about 14 percent this year amid the outlook for increased Iranian exports. BP Plc predicts the market will remain “tough and choppy” in the first half as it contends with a surplus of 1 million barrels a day.

West Texas Intermediate oil for March delivery fell 40 cents to close at $29.04 a barrel on the New York Mercantile Exchange. There was no settlement Monday because of the U.S. Presidents Day holiday. Trades were booked Tuesday for settlement purposes. Total volume traded was 80 percent above the 100-day average at 2:48 p.m.

Brent for April settlement slipped $1.21, or 3.6 percent, to $32.18 a barrel on the ICE Futures Europe exchange. The European benchmark oil closed at a $1.21 premium to April WTI.

Source: Bloomberg

Gold Sees Sharpest Single-Session Point Drop in Nearly 12 Months

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Gold prices tumbled on Tuesday as U.S. stocks drew bidders and after a prominent Wall Street firm offered a bearish outlook on the yellow metal. April gold fell $31.20, or 2.5%, to $1,208.20 an ounce.

Renewed appetite for U.S. stocks diminished some of the appeal of the precious metal, which has enjoyed one of its best runs over the past two weeks. Adding to gold's decline was a report from Jeffrey Currie, Goldman Sachs's global head of commodities, who said in his most recent research note that it is time to bet against the traditional haven as investor fears are overdone and don't justify the recent rally.

Gold has gained almost 14% so far this year, compared with a decline in the S&P 500 index of 7.4%. The point loss for gold, based on a most-active contract, was the worst since March 6, 2015, according to Dow Jones data. On a percentage basis, it was the worst one-day fall in about three months.

Source: MarketWatch

U.S. Stocks Climb as Beaten-Down Banks, Retailer Shares Rally

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U.S. stocks rose, with the Standard & Poor’s 500 Index posting the best two-day gain in more than five months, despite weakness in oil prices as beaten-down banks, technology and retailer shares led an advance.

Citigroup Inc. and U.S. Bancorp climbed more than up 2.7 percent. Retailers, one of last week’s bright spots, added to their longest rally in three months with Amazon.com Inc. and Home Depot Inc. rising at least 2.6 percent. ADT Corp. soared 48 percent after agreeing to be acquired by Apollo Global Management LLC for about $6.9 billion. Community Health Systems Inc. plunged 22 percent after reporting an unexpected quarterly loss.

The S&P 500 increased 1.7 percent to 1,895.58 at 4 p.m. in New York, bringing the gauge’s climb since Thursday’s close to 3.6 percent. The Dow Jones Industrial Average climbed 222.57 points, or 1.4 percent, to 16,196.41. The index has risen 536 points in two sessions, after losing more than 750 in the prior five days. The Nasdaq Composite Index added 2.3 percent, the most in two weeks. About 8.6 billion shares traded hands on U.S. exchanges, 6.3 percent above the three-month average.

Source: Bloomberg

Hong Kong Stocks Track Global Market Rebound, Led by Energy Shares (Review)

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Hong Kong shares extended gains on Tuesday, led by energy stocks as sentiment improved on the back of higher oil prices and rebounding European and Chinese equities.

The Hang Seng index rose 1.1 percent, to 19,122.08, while the China Enterprises Index gained 2.1 percent, to 8,028.34 points.

Shares rose across the board. An index tracking energy shares jumped more than 3 percent.

U.S. Stocks Climb as Beaten-Down Banks, Retailer Shares Rally

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U.S. stocks rose for a second day, overcoming weakness in oil prices as beaten-down banks and retailers led an advance.

Citigroup Inc. and U.S. Bancorp climbed more than up 2.7 percent. Retailers, one of last week’s bright spots, added to their longest rally in three months with Amazon.com Inc. and Home Depot Inc. rising at least 1.5 percent. ADT Corp. soared 50 percent after agreeing to be acquired by Apollo Global Management LLC for about $6.9 billion. Community Health Systems plunged 27 percent after reporting an unexpected quarterly loss.

The Standard & Poor’s 500 Index increased 1.3 percent to 1,888.47 at 12:18 p.m. in New York, following its biggest rally in two weeks on Friday. The Dow Jones Industrial Average climbed 164.36 points, or 1 percent, to 16,138.20. The Nasdaq Composite Index added 1.7 percent. Trading in S&P 500 shares was 8 percent below the 30-day average for this time of day.

West Texas Intermediate crude futures fell 1.2 percent, paring an earlier 2.5 percent slide. The world’s two largest crude producers -- Saudi Arabia and Russia -- said they would hold output at January levels. Oil struggled to rally amid speculation that the production freeze would do little to reduce the glut of crude.

Source: Bloomberg

Gold Slides Most Since July as Stock Rebound Erodes Haven Demand

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Gold, the year’s best-performing commodity, dropped the most in almost seven months as rebounding global equities cut demand for a haven.

The metal slid as much as 2.5 percent in London on Monday. European stocks headed for the biggest two-day gain in more than four years as People’s Bank of China Governor Zhou Xiaochuan expressed faith in the economy, while a stronger dollar eroded the bullion’s appeal as an alternative investment.

Gold surged to a one-year high last week and investors have been hoarding metal through bullion-backed funds as a gauge of world stocks entered a bear market and the Federal Reserve signaled it may delay further monetary tightening. Low borrowing costs boost gold’s appeal because it doesn’t pay interest like some other assets.

Gold for immediate delivery slid 2.3 percent to $1,209.30 an ounce in New York, a back-to-back daily decline for the first time in a month, according to Bloomberg generic pricing. Prices are still up 14 percent this year, the best performance in the Bloomberg Commodity Index of 22 raw materials.

Chinese trading resumed after the week-long Lunar New Year holiday, while U.S. markets are closed Monday for the Presidents’ Day holiday.

Source: Bloomberg