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