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