Oil Falls to 12-Year Low as IEA Says Supply Could `Drown' Market

Crude dropped to the lowest in more than 12-years in New York after the International Energy Agency said the global market could “drown in oversupply.” West Texas Intermediate futures fell 3.3 percent. The IEA cut 2016 estimates for global oil demand as China’s economic growth weakens, and raised forecasts for output outside the Organization of Petroleum Exporting Countries. The removal of restrictions on Iranian crude sales...

Yen Weakens as China Stocks Rally on Stimulus Bets Damps Demand

The yen fell versus most of its major peers while currencies of commodity exporters extended their advance on speculation China may increase economic stimulus. The Australian dollar jumped, while the Shanghai Composite Index rallied 3.2 percent after a Chinese report showed that the world’s second-largest economy slowed in December. The Canadian dollar halted a 12-day decline. The yen was little changed at 117.33 per dollar...

S&P 500 Little Changed as Energy Slides, Consumer Shares Advance

The Standard & Poor’s 500 Index closed little changed as consumer shares led an advance, offsetting fresh signs of weakness in crude oil and corporate earnings after economic data in China helped ease some investor concern over a hard landing there. The Standard & Poor’s 500 Index gained less than 0.1 percent to 1,881.35 at 4 p.m. in New York, after a whipsaw session that saw the gauge rise as much as 1.1 percent and fall 0.8...

U.S. Stocks Rise After China Data While Crude Slide Caps Gains

U.S. stocks rose from their lowest levels in nearly five months, as Chinese economic-growth data eased investor concern over a hard landing while still leaving open the possibility of government stimulus. Consumer shares paced the advance, with Procter & Gamble Co. and Altria Group Inc. up at least 1.2 percent. Morgan Stanley increased 1.7 percent after reporting quarterly profit and revenue that exceeded estimates. Bank of America...

European Stocks Rebound From One-Year Low on China Stimulus Bets

European stocks rose the most in three weeks amid optimism China will act to support its weakening economy. The Stoxx Europe 600 Index climbed 1.3 percent at the close of trading. It rose as much as 2.4 percent earlier after a report showed China’s economy grew at an annual pace that was just shy of a government target, while leaving open the possibility of further stimulus. Europe’s benchmark pared its advance as oil-and-gas producers...