Aust dollar hits new nine-month high

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The Australian dollar has soared to new heights as the greenback loses ground for a third straight day.

At 7am (AEDT) on Friday, the local unit was trading at US76.67c, up from US76.47c on Thursday.

The Aussie soared to US77.23c overnight, the highest level since last July.

Meanwhile, the US dollar index fell to a new six-month low as the effects of US central bank boss Janet Yellen’s dovish speech linger.

OANDA Australia and Asia Pacific senior trader Stephen Innes said the high-risk US non-farm payrolls report is a potential data point minefield for the Aussie.

Mr Innes said that with recent Fed speak emphasis on payrolls data, any significant fall from the expected 205,000 in jobs growth would hurt the greenback.

“A fall towards the 150,000 level should send the US dollar into a tailspin,” he said.

Source: businessspectator

Oil Futures Jump More Than 13% For The Month

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Oil futures finished the month on Thursday with a gain of more than 13%, with prices finding support from falling U.S. production and the prospect of a freeze in output by major producers.

May WTI crude settled at $38.34 a barrel on the New York Mercantile Exchange, up 2 cents for the session. Prices gained about 13.5% for the month and 3.5% for the quarter, according to FactSet.

Source: marketwatch

Asia Stocks Fall After Best Month Since October Before Jobs Data

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Asian stocks fell, following the best monthly advance since October, as Japanese corporate sentiment slumped and investors awaited the release of U.S. monthly jobs data.

The MSCI Asia Pacific Index slid 0.9 percent to 127.75 as of 9:15 a.m. in Tokyo. The gauge climbed 8.2 percent last month, ending a tumultuous quarter for global markets. Equities have rebounded from lows in February as the Federal Reserve reassured investors that it won’t rush to increase borrowing costs. The recovery was most evident on Hong Kong’s Hang Seng Index, which entered a bull market Thursday.

Japan’s Topix index slipped 1.5 percent, sending it toward a weekly decline of 2.9 percent. The Tankan index of sentiment among large manufacturers fell to a reading of 6 in the first quarter, the lowest level since mid-2013, from 12 in the previous three months, the Bank of Japan reported Friday. Economists had expected a reading of 8. A positive number means there are more optimists than pessimists among manufacturers.

Australia’s S&P/ASX 200 Index declined 1.8 percent, after jumping 1.5 percent Thursday. New Zealand’s S&P/NZX 50 Index slipped 0.2 percent after closing at a record high. South Korea’s Kospi index retreated 0.3 percent.

Source : Bloomberg

Japan Stocks Fall for Fourth Day as Corporate Sentiment Slumps

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Stocks fell for a fourth day in Tokyo, after the benchmark equity index capped a 13 percent quarterly drop, as a report showed corporate sentiment deteriorated to near a three-year low.

The Topix index dropped 1.5 percent to 1,327.43 at 9:14 a.m. in Tokyo, with all of its 33 industry groups declining. The measure is headed for a 2.4 percent loss this week. The Nikkei 225 Stock Average fell 1.4 percent to 16,531.16 on Friday after the Tankan index of confidence among large manufacturers missed economist estimates. The yen added 0.2 percent to 112.31 per dollar.

The Tankan index fell to a reading of 6 in the first quarter, the lowest level since mid-2013, from 12 in the previous three months, the Bank of Japan reported Friday. Economists had expected a reading of 8. A positive number means there are more optimists than pessimists among manufacturers. Big companies across all industries plan to cut capital expenditure by 0.9 percent this fiscal year, more than the median economist estimate of 0.7 percent.

Futures on the Standard & Poor’s 500 Index were little changed. The underlying U.S. equity gauge fell 0.2 percent on Thursday as the March rebound that had global equities on the brink of erasing losses for 2016 faltered. The U.S. releases its March payrolls report on Friday.

Source : Bloomberg

Hong Kong shares dip on profit taking, Hang Seng sheds over 5 pct in Q1

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Hong Kong's benchmark share index retreated from near three-month highs on Thursday as some investors took profits from a jump in the previous session as fears of a near-term U.S. interest rate hike receded.

The Hang Seng index ended down 0.1 percent at 20,776.70 points, while the China Enterprises Index gained 0.3 percent to 9,003.25.

For the month, the Hang Seng gained 8.7 percent, but was still down 5.2 percent in the first quarter after a dismal start to the year.

Energy shares were firm but the financial sector fell, weighed down by China's state-owned lenders, which have reported flat earnings growth and higher bad loans as economic growth slows.

Shares of Dalian Wanda Commercial Properties Co Ltd surged 18.4 percent, after disclosing that its parent Dalian Wanda Group was looking at taking the company private.

Aust dollar trades above US77c

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The Australian dollar has popped above US77c as a dovish posture from the US central bank continues to rattle the greenback.

At 7am (AEDT) on Thursday, the local unit was trading at US76.69c, up from US76.42c on Wednesday.

The Aussie rose to US77.10c overnight as the greenback extended losses in the aftermath of US Federal Reserve chair Janet Yellen’s Wednesday address.

Dr Yellen flagged heightened concerns of a global economic slowdown, reducing the chance of near-term rate rises.

Source: businnessspectator

Oil ends 5-session losing streak by a hair

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Oil futures barely managed to put an end to a five session losing streak on Wednesday, as traders weighed support from a fall in weekly U.S. crude production against pressure from a rise in stockpiles.

Crude supplies marked a seventh weekly climb, but the increase came in below some market expectations.

West Texas Intermediate crude for May delivery CLK6, +0.05%  tacked on 4 cents, or 0.1%, to settle at $38.32 a barrel on the New York Mercantile Exchange after settling at a two-week low on Tuesday. Prices lost nearly 8% over the previous five trading sessions. May Brent crude LCOK6, +0.33%  rose 12 cents, or 0.3%, to $39.26 a barrel on London’s ICE Futures exchange.

Early Wednesday, the U.S. Energy Information Administration reported a 2.3 million-barrel rise in crude-oil supplies to 534.8 million barrels for the week ended March 25. Stockpiles marked a seventh straight weekly climb.

With the supply rise coming in below some expectations, WTI prices rallied to as high as $39.79 a barrel immediately after the report, before paring gains.

Oil prices have rebounded in recent weeks since their lows below $30 a barrel earlier this year on the back of declines in U.S. output and expectations that major producers will agree to supply limits at an April 17 meeting in Qatar. But global oil stockpiles remain near record highs, and U.S. crude inventories are at their highest levels in more than 80 years.

Source: MarketWatch

Hong Kong Shares End Near 3-Month High on Global Rally (review)

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Hong Kong stocks jumped more than 2 percent on Wednesday to a nearly three-month high, as the U.S. Federal Reserve's dovish remarks triggered the market's best performance in nearly a month.

The Hang Seng index rose 2.2 percent, to 20,803.39, while the China Enterprises Index gained 2.9 percent, to 8,979.41 points.

Markets scaled back expectations for how fast and far U.S. interest rates might rise this year, after Fed Chair Janet Yellen emphasised global dangers to growth and inflation, and thus the need to proceed "cautiously" on tightening policy.

All main sectors rose, with energy shares among the best performers.

Index heavyweights including Sinopec and PetroChina rose sharply on reform expectations, traders said.

Source : Reuters

U.S. Stocks Add to Rally Sparked by Dovish Message From Yellen

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U.S. stocks rose, extending to the highest levels this year, as central bankers continued to spur optimism amid assurances that they will act to stave off a global downturn.

The Standard & Poor’s 500 Index climbed for a third day after yesterday posting the strongest increase in two weeks as Federal Reserve Chair Janet Yellen signaled officials will be cautious in raising rates due to heightened economic risks overseas. The dollar headed for its steepest monthly drop since 2010. Apple Inc. rallied to a three-month high, boosting technology shares, while banks rose for the first time in six days.

The S&P 500 added 0.4 percent to 2,064.04 at 4 p.m. in New York, pushing its 2016 gain to 1 percent.

The S&P 500 has climbed nearly 13 percent from a 22-month low on Feb. 11, as crude prices rebounded from their lowest in 12 years and central bankers from Europe to Japan and the U.S. signaled they will continue efforts to support growth, calming concerns about a slowdown in the global economy. The gauge has erased its 2016 decline and is heading for a second quarterly advance. It has risen 6.8 percent in March, set for the best month since October.

Traders are pricing in no possibility of an April rate boost following Yellen’s comments, while the chances for a June increase have fallen to 20 percent from 46 percent a week ago. December is now the first month with at least even odds of higher borrowing costs. Despite those signals from the market, Chicago Fed President Charles Evans said today the economy will probably be strong enough to justify two increases in 2016.

Source: Bloomberg

Wall Street gains powered by Yellen, oil one-two punch

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U.S. stocks were poised for a third session of gains on Wednesday as dovish comments from Federal Reserve Chairwoman Janet Yellen, on top of stronger oil, lifted the main indexes.

Speaking at the Economic Club of New York, Yellen stressed a need for a cautious stance on interest-rate increases. The remarks follow a shift in the Fed’s outlook since late last year, as the central bank cut its forecast of rate hikes to two from a prior projection of four.

The S&P 500 added 10 points, or 0.5%, to 2,065, with nine of its 10 main sectors trading higher. Financial stocks led the gains, while utilities was the sole laggard.

The Dow Jones Industrial Average rose 98 points, or 0.6%, to 17,731 with J.P. Morgan Chase & Co. leading the winners.

The Nasdaq Composite climbed 24 points, or 0.5%, to 4,871.

In economic news, the private sector added 200,000 jobs in March, according to ADP, a modest deceleration from the prior month’s revised 205,000 and roughly in line with expectations.

Source: marketwatch

Aust dollar soars as greenback slips

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Cautious remarks from the US Federal Reserve have helped the Australian dollar break above US76c.

At 7am (AEDT) on Wednesday, the local unit was trading at US76.41c, up from US75.41c on Tuesday.

The Aussie spiked one US cent overnight after Fed Chair Janet Yellen doubled down on her dovish comments, ANZ senior FX manager Sam Tuck said.

Dr Yellen said the US central bank still envisions a gradual pace of interest rate increases in light of global pressures that could weigh on the US economy.

“She stated not only was caution in normalisation exceptionally warranted at the moment, but also that the Fed has room to add stimulus,” he said.

Westpac economists said the remarks pared back expectations of upcoming tightening, which dragged the greenback lower.

“Such a cautious stance suggests a rate hike in April is unlikely, and there may now even be question marks regarding June,” they said.

Source: businessspectator           

Oil futures log 5th straight drop to settle at a two-week low

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Oil futures fell for a fifth straight session on Tuesday to settle at their lowest level in two weeks, as traders braced for industry data that are likely to show another increase in U.S. crude supplies.

West Texas intermediate crude for May fell $1.11, or 2.8%, to settle at $38.28 a barrel on the New York Mercantile Exchange. The settlement was the lowest since March 15. May Brent crude on the ICE Futures exchange declined by $1.13, or 2.8%, to $39.14 a barrel.

WTI oil was trading even lower at around $38.19 before Fed Chairwoman Janet Yellen’s speech to the Economic Club of New York. She defended the central bank’s decision to move cautiously on interest-rate hikes pointing to shaky global economies.

Commodities priced in dollars can find support from a weaker dollar, as a decline in the U.S. unit can boost the attractiveness of those commodities to holders of other currencies.

WTI crude prices were trading nearly 14% higher for the month, buoyed by expectations that members of the Organization of the Petroleum Exporting Countries and other key producers will agree on a plan to stabilize output when they meet on April 17 in Doha, Qatar.

Source: Marketwatch

Asia Stocks Rise as Yellen Dovish Comments Lift Risk Appetite

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Asian stocks advanced after Federal Reserve Chair Janet Yellen signaled the U.S. central bank remains wary of raising interest rates while threats remain to domestic growth from a slowing global economy.

The Topix index fell in Tokyo after Yellen’s comments strengthened the yen, souring the outlook for Japanese exporters.

The MSCI Asia Pacific Index gained 0.5 percent to 128.34 as of 9:03 a.m. in Tokyo. The measure is on course to post its largest monthly advance since October, climbing 7.7 percent to pare its quarterly loss to 2.7 percent. It is appropriate for U.S. central bankers to “proceed cautiously” in raising rates because the global economy presents heightened risks, Yellen said in a speech to the Economic Club of New York. The yen traded at 112.71 after strengthening 0.7 percent Tuesday.

Yellen’s comments helped the Standard & Poor’s 500 Index rise 0.6 percent, its biggest jump in more than two weeks, erasing this year’s losses. E-mini futures on the gauge added 0.1 percent percent.

Traders are now pricing in no chance of a U.S. rate increase in April, while odds for June slid to 28 percent from 38 percent on Monday. The probability of higher borrowing costs doesn’t rise above 50 percent until November.

Japan’s Topix index dropped 0.5 percent. Australia’s S&P/ASX 200 Index climbed 0.7 percent. South Korea’s Kospi index rose 0.5 percent and New Zealand’s S&P/NZX 50 Index added 0.3 percent. Markets are yet to open in Hong Kong and China.

Source : Bloomberg

Japanese Stocks Fall as Yen Strengthens After Yellen Speech

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Japanese stocks fell, paring the Topix index’s first monthly advance since November, as the yen strengthened after Federal Reserve Chair Janet Yellen voiced caution on raising interest rates given the risks to world growth.

The Topix declined 0.3 percent to 1,373.16 at 9:01 a.m. in Tokyo, with all but six of the 33 industry groups sinking. The measure is on course for a 5.7 percent gain in March. The Nikkei 225 Stock Average retreated 0.3 percent to 17,057.89. Yellen said it’s appropriate for U.S. central bankers to “proceed cautiously” in raising rates amid deteriorating world growth. The yen gained 0.7 percent on Tuesday, halting its longest losing streak since October, and traded little changed at 112.62 per dollar today.

Futures on the Standard & Poor’s 500 Index added 0.1 percent. The underlying U.S. equity gauge jumped the most in two weeks to erase losses for the year following Yellen’s speech. Traders see zero chance of the Fed raising rates in its April meeting, while the probability of a rate hike in June was at 28 percent, down from 46 percent a week ago.

Prime Minister Shinzo Abe said Tuesday that the best way to boost the economy is to quickly implement the existing budget for the next fiscal year, rejecting speculation he would announce a supplementary spending package.

Speaking after the parliament passed a record 96.7 trillion yen ($850 billion) in outlays for the 12 months starting April 1, Abe brushed off suggestions the government may announce another 10 trillion yen of fiscal stimulus. He reiterated that Japan will go ahead with a plan to increase the sales tax next year, barring a major economic shock.

Source : Bloomberg

Hong Kong Share Indexes Barely Move Ahead of Yellen Speech (review)

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Hong Kong stocks drifted aimlessly and closed flat on Tuesday, ahead of a speech by Federal Reserve Chair Janet Yellen, after trading resumed following a four-day Easter weekend.

The Hang Seng index edged lower in morning trading but ended the session up 0.1 percent at 20,366.30 points. The Hong Kong China Enterprises Index rose 0.3 percent.

Gains in the consumer sector helped offset losses from energy shares, which fell sharply on lower oil prices.

Shares of Chinese beer giant Tsingtao Brewery Co Ltd fell 2.2 percent, after posting a drop in 2015 profits, the first earnings drop since 1999.

Shares of BYD Co Ltd jumped 4.9 percent in Hong Kong, far outperforming the market, after the Chinese automaker backed by Warren Buffett said 2015 net profit rose more than six times over the previous year to a six-year high.

The company said it expects that pace of growth to continue in the first quarter.

Source : Reuters

Soft Greenback Pushes Aust Dollar Higher

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Falls in the greenback have helped the Australian dollar climb higher.

At 12pm (AEDT) on Tuesday, the local currency was trading at US75.46 cents, up from US74.94 cents on Thursday.

The greenback lost ground overnight after weaker-than-expected US economic data reduced concerns about potential interest rate rises.

BK Asset Management managing director Kathy Lien says it’ll be a pivotal week for the greenback, which will impact the Aussie’s fortunes too.

US Federal Reserve Chair Janet Yellen will give a speech on Wednesday morning (AEDT) and a key US labour market report is due out on Friday night, she said.

Source : Market Spectator

Gold Holds Advance as Investors Weigh Fed Rate Path, Inflation

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Gold held a gain from a one-month low as investors weighed the outlook for U.S. interest rates this year after data on Monday showed the Federal Reserve’s preferred measure of inflation slowed last month.

Bullion for immediate delivery traded at $1,220.88 an ounce at 9:02 a.m. in Singapore, from $1,221.71 on Monday, when it closed 0.4 percent higher in a rebound from $1,208.38, the lowest intraday level since Feb. 23, according to Bloomberg generic pricing.

Gold is this year’s best performing commodity on speculation that the Fed may refrain from tightening rates, in part as inflation has lagged behind officials’ 2 percent goal. While bullion is seen as an inflation hedge that can advance during periods of price gains, the metal also benefits from a low-rate environment. Fed Bank of San Francisco President John Williams said Monday the global economy was having a significant impact on measures U.S. policy makers watch to determine interest rates.

Source : Bloomberg

China Stocks Drop in Early Trade With Tech Shares Leading Losses

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China stocks dropped for a second day, with technology and property companies leading losses as Hong Kong’s market reopened after the Easter break.

The Shanghai Composite Index slipped 0.5 percent to 2,944.276 as of 9:41 a.m. local time, while Hong Kong’s Hang Seng China Enterprises Index fell 0.4 percent to 8,665.77. Developers declined on the mainland on Monday after Shenzhen joined Shanghai in introducing measures late last week to tame soaring real-estate prices, including increasing down-payment requirements.

In a potential boost for energy companies, China’s top planning agency signed off on a three-year plan to transform and upgrade the nation’s petrochemical sector, Yicai.com reported, citing Zhao Jungui, vice-chairman of the China Petroleum and Chemical Industry Federation.

Source : Bloomberg

Asia Stocks Fall as Japan Goes Ex-Dividend, Pharma Shares Slide

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Asian stocks fell for the first time in three days as health-care companies led losses and more than two-thirds of the companies in Japan’s Topix index traded without the right to the next dividend.

The MSCI Asia Pacific Index slipped 0.4 percent to 127.55 as of 9:01 a.m. in Tokyo. The gauge is up 7.1 percent since the start of March, on course for the best month since October. The Topix slid 0.8 percent. Data Monday showed the Federal Reserve’s preferred measure of inflation slowed, clouding the outlook for higher interest rates in 2016. U.S. equity exchanges saw their slowest trading day of the year, while markets in Hong Kong and Australia reopen Tuesday.

Clues on the trajectory of U.S. interest rates will come this week from reports due on employment, manufacturing, housing and consumer confidence. Fed Chair Janet Yellen is due to speak at an event hosted by the Economic Club of New York on Tuesday.

Source : Bloomberg

Japan Stocks Fall as Over 1,500 Topix Members Trade Ex-Dividend

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Japanese stocks fell, paring the Topix index’s first monthly advance in four months, as more than two-thirds of the companies in the measure traded without the right to receive the next dividend.

The Topix declined 1 percent to 1,368.79 at 9:01 a.m. in Tokyo, with all of the 33 industry groups sinking. The measure is on course for a 5.5 percent gain in March. The Nikkei 225 Stock Average retreated 0.8 percent to 16,997.61. More than 1,500 Topix members trade ex-dividend Tuesday, equating to a 13.2 point drag on the measure, data compiled by Bloomberg show. Federal Reserve Bank Chair Janet Yellen will speak at an event hosted by the Economic Club of New York.

Futures on the Standard & Poor’s 500 Index were little changed. The underlying U.S. equity gauge rose less than 0.1 percent after weaving between gains and losses, as investors assessed economic data for clues on the course for interest rates.

The yen traded at 113.38 per dollar on Tuesday after posting its longest streak of declines since October.

Source : Bloomberg

Oil Halts Two-Day Slide After U.S. Rig Count Resumes Decline

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Oil rose for the first time in three sessions after the number of active rigs fell in the U.S., potentially easing a supply glut.

Futures advanced as much as 1.1 percent in New York, paring a 4.8 percent loss in the previous two sessions. Rigs targeting oil in the U.S. fell by 15 to 372, according to Baker Hughes Inc. More than 150 have been parked since the start of the year. U.S. data last week showed inventories rose by more than three times what was forecast, while imports increased to the highest since June 2013. Trading was closed Friday for the Good Friday holiday.

Oil has climbed back from a 12-year low earlier this year on speculation the global surplus will ease as U.S. output declines and major producers including Saudi Arabia and Russia proposed an output freeze. Iran and Libya are the only two OPEC members that haven’t pledged to attend production cap talks next month.

West Texas Intermediate oil for May delivery gained as much as 42 cents to $39.88 a barrel on the New York Mercantile Exchange and was at $39.77 at 9 a.m. Tokyo time. Total volume traded was about 64 percent below the 100-day average. Prices dropped 33 cents to settle at $39.46 a barrel on Thursday.

Brent for May settlement rose as much as 24 cents, or 0.6 percent, to $40.68 a barrel on the London-based ICE Futures Europe exchange. Prices slipped 1.8 percent last week. The global benchmark crude traded at a 85-cent premium to WTI.

Source : Bloomberg

Dollar Index on Track to Rise for 6th Straight Day

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The dollar strengthened against its main rivals in light trading as most markets in Europe and the U.S. were closed in observance of the Good Friday holiday.

The greenback recently traded at ¥113.08, compared with ¥112.79 late Thursday in New York. The buck added to its gains after a third estimate of U.S. fourth quarter gross domestic product was revised to show 1.4% growth, up from 1% in a previous reading.

The ICE U.S. dollar index a measure of the dollar’s strength against a basket of six rivals, rose 0.1% to 96.1990, putting it on track to rise for a sixth straight day.

In Asia equity trading, Japanese and Chinese shares closed higher, but other markets–including Taiwan, Australia and Korea–were down.

Chinese yuan traded in the onshore market briefly fell to a three-week low at 6.5267 to the dollar, but it pared its decline to 6.5193 in recent trade.

The euro traded at $1.1165, compared with $1.1180 late Thursday. The pound traded at $1.4128, compared with $1.4146.

Source : Market Watch

Japan Stocks Rise as Yen Weakens for Seventh Day After U.S. GDP

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Japanese stocks rose, boosted by exporters, as the yen fell for a seventh day after data showed the U.S. economy grew at a faster pace than previously estimated.

The Topix index advanced 0.8 percent to 1,376.64 at 9:02 a.m. in Tokyo, extending last week’s 1.6 percent gain, with all 33 industry groups climbing. The Nikkei 225 Stock Average added 0.8 percent to 17,140.68. The U.S. economy expanded 1.4 percent in the fourth quarter compared with a previously estimated 1 percent, revised data showed Friday, bolstering the Federal Reserve’s case for increasing borrowing costs. The yen slid 0.3 percent to 113.45 per dollar on Monday, heading for the longest streak of declines since October.

Futures on the Standard & Poor’s 500 Index added 0.2 percent. The underlying U.S. equity gauge capped a 0.7 percent weekly loss on Thursday, its first such decline in six weeks. The U.S. market was closed Friday for a holiday.

Source : Bloomberg

China Stocks Cap Second Weekly Gain as Consumer Staples Rally

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China’s stocks capped a second week of gains as consumer-staples producers rallied on improving earnings prospects, while property developers halted a three-day slide.

The Shanghai Composite Index added 0.8 percent this week. Kweichow Moutai Co. rose to a nine-month high after China International Capital Corp. said the liquor maker’s earnings may beat consensus estimates this year. Shanghai’s move to tighten criteria for non-local home buyers to help stem surging property prices is seen as a “temporary end of negative news,” according to KGI Securities Co. Trading volumes slumped with Hong Kong’s market shut for a holiday and before the release of industrial profits data this Sunday.

China’s benchmark stock gauge failed to close above the key 3,000 level for a second day on Friday amid concern a 12 percent rebound since the January low may not be sustainable without continued support from government-backed funds and improvement in the nation’s economic and earnings fundamentals.

China’s benchmark index rose 0.6 percent to 2,979.43 at the close, with trading volumes slumping 19 percent below the 30-day average. The gauge slid the most in two weeks on Thursday after some of the nation’s biggest oil and materials producers reported slumping earnings. The most recent data for industrial companies show profits declined 4.7 percent in December.

The CSI 300 Index added 0.5 percent, while the ChiNext index of smaller companies slid 0.2 percent, falling for a second day after entering a bull market on Wednesday. Hong Kong’s stock exchange will re-open next Tuesday. Markets in Australia, India and Singapore were also closed Friday.

Source: Bloomberg

Nikkei rises on weaker yen, buyers seek dividends

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Japanese stocks rose on Friday as a weaker yen raised sentiment, while investors bought stocks with high dividend yields such as life insurers before companies go ex-dividend next week.

The Nikkei share average rose 0.7 percent to 17,002.75. It gained 1.7 percent for the week.

The broader Topix rose 0.8 percent to 1,366.05 and the JPX-Nikkei Index 400 climbed 1.0 percent to 12,338.78.

Source: reuters

Oil Holds Biggest Loss in 6 Weeks as U.S. Stockpiles Expand Glut

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Oil held the biggest loss in six weeks as rising U.S. crude stockpiles kept supplies at the highest level in more than eight decades.

Futures dropped as much as 0.9 percent in New York after slumping 4 percent Wednesday, the most since Feb. 11. Inventories rose by more than three times what was projected in a Bloomberg survey, while imports last week increased to the highest since June 2013, Energy Information Administration data showed. Iraq will attend a meeting between major exporters in Doha next month, according to an oil ministry spokesman.

WTI for May delivery slid as much as 34 cents to $39.45 a barrel on the New York Mercantile Exchange and was at $39.52 at 8:29 a.m. Hong Kong time. The contract fell $1.66 to $39.79 Wednesday. Total volume traded was about 40 percent below the 100-day average. Front-month prices are up 0.2 percent this week, heading for a sixth weekly advance.

Brent for May settlement was 18 cents lower at $40.29 a barrel on the London-based ICE Futures Europe exchange. The contract declined $1.32 to $40.47 on Wednesday. The global benchmark crude was at a 77-cent premium to WTI.

Source : Bloomberg

Dollar Rally Sends Gold, Oil Prices Lower as U.S. Stocks Slide

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The dollar extended its longest winning streak in a month, while U.S. stocks slid a second day as prices for oil, gold and emerging markets retreated amid increasing speculation that the Federal Reserve is moving closer to raising interest rates.

The U.S. currency gained for a fourth day versus the euro and the yen, sending the Bloomberg Dollar Spot Index higher by 0.7 percent at 4 p.m. in New York. The greenback strengthened versus all 16 major peers, rising 0.4 percent to $1.1178 per euro and 0.1 percent to 112.43 yen.

The pound weakened 0.7 percent to $1.4113, having slid 1.1 percent on Tuesday amid speculation the Brussels terror attacks will boost the case of campaigners who want to see Britain out of the European Union.

Source: Bloomberg

Asia Stocks Fall as Oil Drops, Investors Weigh Higher U.S. Rates

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Asian stocks dropped for a second day as oil tumbled below $40 a barrel and investors weighed the direction of U.S. monetary policy.

The MSCI Asia Pacific Index fell 0.5 percent to 128.10 as of 9:08 a.m. in Tokyo, heading for the lowest close in a week. U.S. shares retreated on Wednesday as Federal Reserve Bank of St. Louis President James Bullard joined a chorus of U.S. policy makers floating the prospect of an interest-rate hike as soon as April should the economic data warrant it.

Japan’s Topix index slipped 0.6 percent. South Korea’s Kospi index dropped 0.3 percent. Australia’s S&P/ASX 200 Index lost 1.1 percent. New Zealand’s S&P/NZX 50 Index declined 0.1 percent. Markets in China and Hong Kong have yet to start trading.

Source : Bloomberg

Japanese Shares Fall Second Day as Oil Tumbles on U.S. Supplies

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Japanese shares fell for a second day, following U.S. equities lower, as commodity shares led declines after crude oil dropped by the most in six weeks and speculation mounted that the Federal Reserve is moving closer to raising interest rates.

The Topix index slipped 0.3 percent to 1,360.42 as of 9:01 a.m. in Tokyo, with three shares falling for every two that rose. The Nikkei 225 Stock Average retreated 0.2 percent to 16,964.18. U.S. oil fell 4 percent on Tuesday to below $40 a barrel after a government report showed American crude supplies climbed to the highest level in more than eight decades.

The Topix has recovered about half its losses since a global equity rout at the start of the year sent the gauge into a bear market. The measure is still down about 12 percent in 2016, and is trading about 14.3 times estimated earnings. That compares with 17.2 for the Standard & Poor’s 500 Index and 15.4 for the Stoxx Europe 600 Index.

Source : Bloomberg

Hong Kong Shares Close Down Slightly

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Hong Kong shares finished slightly lower on Wednesday as investors in Asia weighed signs of economic warming but remained on the sidelines after deadly bomb attacks in Brussels.

The Hang Seng index fell 0.3 percent to 20,615.23 points, while the China Enterprises Index lost 0.3 percent to 8,873.33.

The total trading volume of companies included in the HSI index was 1.2 billion shares.

Dollar Ascendant as Dovish Fed Member Sticks With Rate-Rise Dots

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The dollar held three days of gains versus the euro and yen as a usually dovish Federal Reserve official signaled his expectation for more interest-rate increases than the market has priced.

The U.S. currency has climbed against eight of its Group-of-10 peers this week with Chicago Fed President Charles Evans on Tuesday joining the ranks of officials who are pushing back against traders pricing a single rate increase at the end of 2016 or later. Evans, one of the most dovish officials who will vote on policy next year, said projections, also referred to as the dot plot, for two rate hikes this year were “a pretty good setting” for him.

The dollar was little changed $1.1221 per euro as of 9 a.m. in Tokyo, after climbing 0.9 percent over the past three sessions. It bought 112.25 yen following a 0.9 percent, three-day gain.

Source : Bloomberg

Pound Falls as Risk of Brexit Mounts on Brussels Terror Attack

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The pound posted the biggest decline among major currencies amid speculation the Brussels terror attacks boost the case of campaigners who want to see Britain out of the European Union.

Sterling fell the most in a month versus the dollar as the tragedy risked turning the U.K. currency into even more of a political football. Pro-“Brexit” politicians argued that migration leaves Britain vulnerable to attack, while figures in the opposing camp, including Prime Minister David Cameron, have said that being part of the economic and political union aids security. The euro weakened against almost all of its major peers as investors shed European assets as confidence fell after the blasts.

Sterling fell Tuesday by the most among 17 major peers tracked by Bloomberg, sliding 1.1 percent to $1.4207 and 0.9 percent to 78.92 pence per euro as of 1:12 p.m. in New York. The shared currency declined 0.3 percent to $1.1213.

Source: Bloomberg

Japan Stocks Rise After Yen Weakens in Wake of Brussels Attacks

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Japanese shares rose for a second day as the yen weakened against the dollar following deadly terrorist attacks in Brussels.

The Topix index added 0.2 percent to 1,372.13 as of 9:01 a.m. in Tokyo, as about two shares rose for each that fell. The measure gained on Tuesday after falling for the past two weeks. The Nikkei 225 Stock Average advanced 0.2 percent to 17,082.34. The yen traded at 112.25 per dollar after retreating 0.4 percent on Tuesday after the bomb attacks that killed at least 31 people in the Belgian capital. Islamic State militants claimed responsibility for the explosions.

Two bombs went off in rapid succession at the Brussels airport and an explosion an hour later hit a subway station a short walk from the European Union headquarters. The strikes, which follow terror attacks in Paris in November and a suicide bombing in Istanbul on March 19, may add to security concerns in Europe as officials deal with an influx of migrants. The explosions came during Tuesday morning’s rush hour.

Source : Bloomberg

Hong Kong shares end lower as financial shares drag (Review)

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Hong Kong shares finished slightly lower on Tuesday with financial shares leading indexes down, in line with a sell-off in mainland China markets.

The Hang Seng index fell 0.1 percent to 20,666.75 points, while the China Enterprises Index lost 0.3 percent to 8,900.19.

Total trading volume of companies included in the HSI index was 1.3 billion shares.

In China, the CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen fell 0.7 percent, while the Shanghai Composite Index .SSEC lost 0.6 percent.

Analysts cited a variety of factors for the sell-off in China including Monday's central bank pension reform guidelines urging low cost finance for the elder care industry. Several said the biggest factor was ongoing concern about comments by central bank governor Zhou Xiaochuan on speculative capital and rising debt levels in the financial sector.

Source: reuters

Nasdaq Edges Higher on Drugmakers Amid Longest Rally Since April

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The Nasdaq Composite Index edged higher in light trading, giving the index a fifth straight gain and its longest advance in 11 months, while travel-related shares dragged the Standard & Poor’s 500 Index lower after a deadly terrorist attack in Brussels.

Nasdaq rose 0.3 percent to 4,821.66, pushing its gains over five days to 2 percent. The rally has come amid the lightest trading volume of the year, and delivered just one day of gains for the technology-heavy index that topped 0.7 percent. Other major indexes were little changed after briefly erasing losses sparked by bombings at the Belgian capital’s airport and a subway station that killed at least 31 people.

The S&P 500 slipped 0.1 percent to 2,049.84 at 4 p.m. in New York, after briefly wiping out a 0.5 percent decline. The Dow Jones Industrial Average halted the longest winning streak since October.

Source: Bloomberg

Dollar Climbs as Fed Officials Say April Rate Increase Possible

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The dollar advanced for a second day as two Federal Reserve officials indicated that the central bank may raise interest rates as soon as next month, bolstering the appeal of assets denominated in the U.S. currency.

The greenback climbed versus most of its major peers as Atlanta Fed President Dennis Lockhart and San Francisco Fed chief John Williams said recent economic data may justify additional policy tightening after raising rates in December for the first time in almost a decade. The dollar rose from near a nine-month low reached last week after the central bank refrained from lifting borrowing costs at its March meeting and lowered its projections for the rest of the year.

The Bloomberg Dollar Spot Index, which tracks the currency versus 10 peers, gained 0.3 percent to 1,189.65 as of 5 p.m. in New York. The greenback added 0.3 percent to $1.1241 per euro and 0.4 percent to 111.95 yen.

Source: Bloomberg

Oil futures settle higher as April WTI contracts expire

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Oil futures gained on Monday, recouping much of their losses from late last week as the April West Texas Intermediate crude contracts expired.

April WTI crude rose 47 cents, or 1.2%, to settle at $39.91 a barrel on the New York Mercantile Exchange. The May contract which is now the front-month contract, tacked on 38 cents, or 0.9%, to end at $41.52 a barrel.

Source: MarketWatch

Hong Kong shares inch up as mainland market gains continue

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Hong Kong shares edged up on Monday after mainland markets were buoyed by an announcement that the state margin lender would resume some of its short-term lending business and cut borrowing costs for brokerages.

The Hang Seng index rose 0.1 percent, to 20,684.15, while the China Enterprises Index gained 0.5 percent, to 8,928.65 points.

Total trading volume of companies included in the HSI index was 1.6 billion shares.

U.S. Stocks Close Little Changed at 2016 High Amid 5-Week Rally

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U.S. stocks edged higher, with the Dow Jones Industrial Average extending its longest winning streak since October, while investors assessed a rally that turned equities positive for the year.

Commodity producers slipped and banks were little changed after bolstering the rebound from the worst start to a year ever. Deal activity helped buoy shares as Valspar Corp. surged after Sherwin-Williams Co. agreed to buy the company for about $9.3 billion. Starwood Hotels & Resorts Worldwide Inc. rallied after accepting an improved bid from Marriott International Inc. Valeant Pharmaceuticals International Inc. added 7.6 percent after a board and management shakeup.

The Standard & Poor’s 500 Index rose 0.1 percent to 2,051.55 at 4 p.m. in New York, the highest since Dec. 30 after erasing losses for the year on Friday. The Dow also added 0.1 percent.

The S&P 500 staged one of the biggest turnarounds in history amid rallying crude prices and optimism that monetary policy will continue to support global growth. The gauge last week erased a loss that had reached as much as 11 percent, spurred by a slower pace of rate increases signaled by the Federal Reserve. Equities are heading for the first monthly increase in four, after worries over China’s slowdown and routs in oil and banks dragged them to their lowest levels since 2014.

Source: Bloomberg

European stocks extend last week drop driven by miners, energy

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European stocks closed lower Monday, swaying between small gains and losses and tracking moves in the U.S. dollar and oil prices.

The Stoxx Europe 600 finished down a narrow 0.3% at 340.82.

In the commodities space, mining shares were hurt, with Sweden’s Boliden AB losing 5% and platinum producer Anglo American off 1.1%. Industrial miner ArcelorMittal SA gave up 4%.

Oil prices traded higher after showing choppy action earlier, with pressure coming after data on Friday showed the first increase in the number of active U.S. oil-drilling rigs in 13 weeks.

Shares of oil producer Tullow Oil PLC closed down 1.4% and oil-field services provider Seadrill Ltd. shed 6.3%.

Elsewhere in the European market, Telecom Italia SpA shares climbed 3.1% after the company said it is set to part ways from Chief Executive Marco Patuano. That follows clashes over strategy after France’s Vivendi SA took a near 25% stake last year.

Indexes: Germany’s DAX 30 closed down less than 0.1% at 9,948.64. France’s CAC 40 shed 0.8% to 4,427.80, while the U.K’s FTSE 100 finished 0.1% lower at 6,148.58.

Source: Marketwatch

Gold Declines for Third Day as Dollar Stabilizes, Hurting Demand

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Gold dropped for a third day as the dollar stabilized after a slump sparked by the Federal Reserve paring its interest-rate outlook for 2016.

Bullion for immediate delivery declined as much as 0.4 percent to $1,250.99 an ounce and was at $1,251.60 at 9:50 a.m. in Singapore, according to Bloomberg generic pricing. The metal fell a combined 0.6 percent on Thursday and Friday.

Gold has risen 18 percent this year, buoyed by speculation that the Fed wouldn’t actually boost rates by the four times that policy makers signaled at the end of 2015. Last week, projections from the central bank implied just two quarter-point increases this year, sparking a sell-off in the U.S. currency. Gold was trading lower on Monday following a recovery in the dollar, according to David Lennox, an analyst at Fat Prophets in Sydney.

Source : Bloomberg

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Oil Extends Drop as Dollar Stabilizes While Asian Stocks Advance

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Crude oil fell, extending declines below $40 a barrel as the dollar reasserted itself following last week’s selloff and data showed the first increase this year in the U.S. rig count. Most Asian stocks climbed with markets in Japan closed for a holiday.

West Texas Intermediate oil neared $39, extending losses from Friday that knocked the Bloomberg Commodity Index from a three-month high. The New Zealand dollar weakened with the Canadian and South African currencies, while the Korean won snapped a two-day advance after the greenback halted a slump on Friday that was sparked by the Federal Reserve paring its interest-rate outlook for 2016. Shares from Australia to South Korea climbed with index futures in Hong Kong and China signaling further gains. Gold held losses.

WTI futures fell 1 percent to $39.06 a barrel as of 9:12 a.m. Tokyo time, after sliding 1.9 percent on Friday to trim its fifth straight weekly advance to 2.4 percent. Brent crude lost 0.2 percent to $41.11 after falling 0.8 percent at the end of last week.

Source : Bloomberg

China Stocks Head for Longest Winning Streak in 10 Months

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China’s stocks rose for a seventh day, sending the benchmark index toward its longest stretch of gains since May, after policy makers loosened controls on margin lending.

The Shanghai Composite Index climbed 0.8 percent, led by brokerages and technology companies. China Securities Finance Corp., the state-backed agency that provides funding to brokerages for margin trading, said late Friday it will restart offering loans to securities firms for periods ranging from 7 days to 182 days. Citic Securities Co. advanced to the highest level in two months.

Source : Bloomberg

Asian stocks ease as investors wary after oil drops

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Asian stocks took a step back on Monday after three consecutive weeks of gains as a retreat in oil prices left investors in a ponderous mood about the health of the global economy.

The MSCI Asia Pacific excluding Japan Index declined 0.4 percent to 412.76 as of 9:35 a.m. in Hong Kong.  Japanese markets are closed for a holiday. More than $4 trillion has been added to the value of global equities this month as stimulus efforts from central banks couple with an oil-driven rally in commodities to burnish investor sentiment.

The wobbles in the oil market, and general downturn in commodities combined with cooling growth in China, have rattled financial markets in recent months. Fears about the outlook for global growth was also instrumental in the Federal Reserve last week indicating a slower path to future rate increases.

With Japan closed for a holiday, Antipodean markets were broadly mixed in morning trade with New Zealand up slightly and Australia easing 0.1 percent.

Source : Reuters

Hong Kong shares end higher, gain 2.3 pct on week

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Hong Kong shares rose on Friday, buoyed by gains in mainland China shares which were boosted by easing fears of capital outflows as the dollar weakened.

The Hang Seng index rose 0.8 percent to 20,671.63 points, while the China Enterprises Index gained 1.2 percent to 8,883.01.

Total trading volume of companies included in the HSI index was 2.2 billion shares.

For the week, the Hang Seng was up 2.3 percent.

Source : reuters

Bursa saham Hong Kong bukukan keuntungan solid terkait keputusan The Fed (Review)

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Bursa saham Hong Kong berakhir lebih tinggi pada hari Kamis setelah Federal Reserve mengurangi jumlah kenaikan suku bunga yang diharapkan tahun ini, menyokong kenaikan pada ekuitas global.

Indeks Hang Seng naik 1,2 persen ke level 20,503.81 poin, sedangkan Indeks China Enterprises naik 2,4 persen ke level 8,773.83.

Total volume perdagangan perusahaan yang termasuk dalam indeks HSI yakni sebesar 1,7 miliar saham.

Sumber : reuters

Oil Surges Above $40 in New York for First Time Since December

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Oil surged above $40 a barrel in New York for the first time since December as central banks from the U.S. to Norway signaled they will continue to provide economic stimulus to support demand.

The Bloomberg Dollar Spot Index fell a second day after the Federal Reserve scaled back expectations for the pace of interest-rate gains. A weaker dollar bolsters investor demand for commodities priced in the currency. U.S. crude output slid to the lowest level since November 2014 and supplies expanded by 1.32 million barrels, the smallest gain in five weeks, according to an Energy Information Administration report on Wednesday.

West Texas Intermediate oil has surged 54 percent from a 12-year low touched last month on speculation a global surplus will ease. American shale output is falling and some of the world’s biggest producers including Saudi Arabia and Russia are pledging not to raise their production.

WTI for April delivery rose $1.74, or 4.5 percent, to settle at $40.20 a barrel on the New York Mercantile Exchange. It’s the highest settlement since Dec. 3. Total volume traded was 19 percent above the 100-day average at 2:44 p.m.

Brent for May settlement climbed $1.21, or 3 percent, to $41.54 a barrel on the London-based ICE Futures Europe exchange. Futures ended the session at the highest level since Dec. 4. The global benchmark crude closed at a 12-cent discount to May WTI.

Source : Bloomberg

Gold Rallies as Dollar Slumps on The Fed’s Rate-Hike Retreat

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Gold futures bounced back to settle higher on Thursday as the U.S dollar beat a hasty retreat after the Federal Reserve scaled back expectations for the next interest-rate hike.

Gold for April delivery tacked on $35.20, or $2.9%, to settle at $1,265.

Gold has reclaimed its upside momentum and has the potential for an extended rally if it closes above $1,287.80 in the near term, which was last week’s high, said Jim Wyckoff, senior analyst at Kitco.com, in a report.

In other metals, silver leapt 5.1% to $16 an ounce, while copper rose 2.6%, to $2.27 an ounce.

Source : Marketwatch

Dow Average Recovers 2016 Losses as Stocks Rally on Dollar Slide

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The Dow Jones Industrial Average erased its 2016 losses, as a weaker dollar spurred a rally in commodity producers and industrial shares that spread to the broader U.S. stock market.

Equities pushed to the highest levels since the end of last year as a gamut of companies that benefit from a lower U.S. currency, from General Electric Co. to Coca-Cola Co., surged. A scaled-back pace of interest-rate increases from the Federal Reserve sent the dollar spiraling lower, helping the Dow extend a rebound of more than 11 percent from a two-year low reached last month.

The Standard & Poor’s 500 Index rose 0.7 percent to 2,040.56 at 4 p.m. in New York, near its break-even level for the year. The Dow added 0.9 percent to close at the highest since Dec.

Source : Bloomberg

Europe Stocks Close Little Changed as Oil Jump Offsets Bank Drop

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European stocks closed little changed, almost erasing intraday losses, as a surge in oil countered a decline in banks and exporters.

Miners and energy shares tracked gains in crude, with Anglo American Plc and Glencore Plc up more than 9 percent. Banks were among the worst performers on the Stoxx Europe 600 Index, while BMW AG and Continental AG led carmakers lower.

Europe’s benchmark lost less than 0.1 percent at the close. It reversed an early advance of 0.4 percent to tumble as much as 1.8 percent, before paring losses. The Federal Reserve late yesterday signaled a slower pace of rate increases, citing the potential impact from weaker global growth and financial-market turmoil.

Source : Bloomberg