Oil Heads for 4th Weekly Gain as U.S. Fuel Demand Strengthens

---

Oil headed for the longest run of weekly gains since May amid signs of rising U.S. fuel demand and easing crude production.

Futures gained as much as 0.8 percent in New York and are set for a fourth weekly advance. Gasoline consumption the past four weeks was at the highest level since September, while crude output remained near the least since November 2014, according to data from the Energy Information Administration Wednesday. Stockpiles still remain at the most since 1930. A measure of price volatility Thursday closed near the lowest in two months.

Oil has recouped its losses this year after slumping to a 12-year low last month amid speculation stronger demand and falling U.S. production will ease a supply glut. The price plunge is still having an affect on energy producers, with Anadarko Petroleum Corp. cutting about 1,000 jobs after plans to park drilling rigs, slash dividends and sell assets.

West Texas Intermediate for April delivery added as much as 29 cents to $38.13 a barrel on the New York Mercantile Exchange, and traded at $38.11 at 8:45 a.m. Hong Kong time. The contract fell 45 cents to $37.84 on Thursday. Total volume traded was about 65 percent below the 100-day average. Prices are up 6.1 percent this week.

Brent for May settlement lost $1.02, or 2.5 percent, to $40.05 a barrel on the London-based ICE Futures Europe exchange on Thursday. The contract is up 3.4 percent this week for a third weekly advance. The global benchmark crude closed at a premium of 65 cents to WTI for May.

Source: Bloomberg

Euro Goes to First From Worst on Bets Draghi Done Cutting Rates

---

The euro headed for its best week in more than a month against the dollar as signals the European Central Bank is unlikely to cut interest rates further outweighed the latest expansion of stimulus that exceeded expectations.

The single currency, the world’s worst-performing major currency over the past month heading into the ECB meeting Thursday, is the best performer among the developed-nation currencies over the past week. It rallied as much as 2 percent after ECB President Mario Draghi explained more rate reductions probably won’t be needed.

The euro was little changed at $1.1179 as of 9:13 a.m. in Tokyo, after surging 1.6 percent to $1.1177 on Thursday. The common currency has also strengthened 1.6 percent this week, the most since a 3 percent advance in the period ended Feb. 5. It slipped 0.1 percent to 126.34 yen from Thursday when it rose 1.5 percent.

Source: Bloomberg

China Stocks Head for Weekly Drop Before Weekend Economic Data

---

China’s stocks fell for a third day, sending the benchmark index toward a weekly decline, before data this weekend that will likely show a continued slowdown in industrial production and fixed-asset investment.

The Shanghai Composite Index slid 1.1 percent at 9:31 a.m. local time. The benchmark gauge slumped on Thursday amid signs state funds didn’t intervene to prop up equities, a reversal of the pattern seen this week. Technology, energy and financial shares led declines on Friday.

Source: Bloomberg

Asian Stocks Decline as ECB Stimulus Fails to Win Over Investors

---

Asian stocks fell, with the regional gauge heading for its first weekly loss in four weeks, after the European Central Bank’s unprecedented bolstering of monetary policy failed to boost investor sentiment.

The MSCI Asia Pacific Index slipped 0.3 percent to 125.16 as of 9:04 a.m., heading for a 0.9 percent loss this week. Mounting concern that central banks have lost the ability to jolt financial markets out of turmoil is derailing a rally in global equities. While the ECB’s announcement was an initial shot in the arm for riskier assets, President Mario Draghi’s indication that rates won’t be cut quickly reversed the mood, with investors taking less than 90 minutes to go from overwhelmed at the scale of his move to underwhelmed at the stimulus outlook. The focus now shifts to next week’s meetings of the Bank of Japan and the Federal Reserve.

Japan’s Topix index lost 1.1 percent. South Korea’s Kospi Index was little changed. Australia’s S&P/ASX 200 Index dropped 0.2 percent. New Zealand’s S&P/NZX 50 Index fell 0.3 percent, retreating from a record. Markets in China and Hong Kong are yet to start trading.

Source: Bloomberg

Japan Stocks Fall After ECB Stimulus Fails to Ignite Risk Assets

---

Japanese stocks fell, with the Topix index headed for its first weekly decline in three weeks, after the European Central Bank’s decision to boost stimulus disappointed investors.

The Topix lost 1.2 percent to 1,336.17 at 9:01 a.m. in Tokyo, with about six shares declining for each that rose. The gauge is headed for a 2.8 percent drop this week after jumping 15 percent over the previous three weeks. The Nikkei 225 Stock Average declined 1.4 percent to 16,624.69 on Friday. Stocks in Europe dropped after the central bank’s move to bring borrowing costs to record lows, expand asset purchases and offer a borrowing subsidy to lenders failed to ignite equity gains.

The Stoxx Europe 600 Index lost 1.7 percent on Thursday as investors looked past the EBC stimulus measures and instead focused on concern monetary policy makers have lost their potency when it comes to righting the global economy.

Source: Bloomberg