Oil Rises as Kuwaiti Says Iran Is not Needed for Freeze Pact

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Oil advanced on speculation a pact to freeze crude output may be reached without the participation of Iran.

Futures rose from a one-month low. Oil-producing countries can come to an agreement capping crude production at January levels even if Iran doesn’t join the move to help shore up prices, according to Kuwait’s OPEC governor. The dollar dropped to the lowest level against the yen in more than a year, bolstering the appeal of commodities priced in the U.S. currency. A government report Wednesday is projected to show that U.S. crude supplies climbed.

West Texas Intermediate for May delivery increased 19 cents, or 0.5 percent, to settle at $35.89 a barrel on the New York Mercantile Exchange. Futures touched $35.24, the lowest since March 4. Total volume traded was 19 percent below the 100-day average at 3:12 p.m.

Brent for June settlement rose 18 cents, or 0.5 percent, to $37.87 a barrel on the London-based ICE Futures Europe exchange. It earlier touched $37.27, also the lowest since March 4. The global benchmark closed at a 73-cent premium to WTI for June delivery.

Oil’s rebound from a 12-year low has stalled amid doubts about the prospects of a proposed deal to freeze supply. Saudi Arabia will only cap production if it’s joined by other major producers including Iran, the kingdom’s deputy crown prince said last week. Russia and all OPEC members except Libya will attend the meeting in Doha.

Source: Bloomberg

Gold Rises Most in a Week as Equities Drop Boosts Haven Demand

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Gold gained the most in a week as equities fell amid mounting global economic concerns, pushing back prospects for a U.S. interest-rate increase.

Stocks slid as investors turned cautious after worse-than-expected economic data in the U.S. and Germany this week. The global recovery is facing growing risks, IMF Managing Director Christine Lagarde said Tuesday, a week after Federal Reserve Chair Janet Yellen said caution was warranted in tightening monetary policy. Lower rates are a boon for gold, which becomes more competitive against interest-bearing assets.

Gold snapped two days of losses as traders push back expectations for when the Fed will raise U.S. interest rates. Odds that the central bank will make a move in December are at 51 percent, down from 64 percent a week ago. Bullion rose 17 percent last quarter after China’s economy grew at the slowest pace in a generation and volatility in financial markets increased, boosting demand for haven assets.

Gold futures for June delivery gained 0.8 percent to settle at $1,229.60 an ounce at 1:43 p.m. on the Comex in New York. The metal fell 1.3 percent in the previous two sessions.

Source: Bloomberg

Hong Kong Shares Fall Despite Mainland Gains, Energy Stocks Tumble (Review)

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Hong Kong's main stock index posted its biggest loss in nearly six weeks on Tuesday, touching a one-month low, as the energy sector tumbled against a backdrop of slumping crude oil prices and mixed messages on the outlook for U.S. monetary policy.

The Hang Seng Index had its worst day since Feb. 25, dropping 1.6 percent to 20,177.00. The China Enterprises Index lost 1.9 percent, to 8,679.04 points.

The Hong Kong market tracked falls in most Asian markets, despite mainland market indexes advancing to near three-month highs on Beijing's policy support.

Stocks fell across the board, with the energy sector falling the most.

Oil giants including Sinopec, PetroChina and CNOOC dropped sharply after oil prices shed more than 2 percent overnight, which brought Brent to one-month lows.

Source : Reuters

Asian Stocks Fluctuate as Crude Rebound Buoys Energy Producers

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Asian stocks swung between gains and losses, after the regional benchmark index dropped to a one-month low, as energy companies surged with a rebound in oil while utilities slid.

The MSCI Asia Pacific Index fell less than 0.1 percent to 124.34 as of 9:14 a.m. in Tokyo, after rising as much as 0.1 percent. Japan’s Topix index fluctuated as the yen traded near a 1 1/2-year high. After a rally in risk assets since mid-February, investors are turning cautious, with International Monetary Fund chief Christine Lagarde highlighting greater risks to global growth amid middling data out of some of the world’s biggest economies.

South Korea’s Kospi index added 0.4 percent, while Australia’s S&P/ASX 200 Index rose 0.2 percent. New Zealand’s S&P/NZX 50 Index fell 0.3 percent. Markets in China and Hong Kong have yet to start trading.

Source: Bloomberg

U.S. Stocks Retreat as Rally Falters Amid Global Growth Concerns

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U.S. stocks fell, with the Standard & Poor’s 500 Index on track for the steepest loss in four weeks, amid simmering concerns that weakness in global growth will deepen.

Banks paced the retreat, sinking along with Treasury yields as bonds rallied on haven demand. Bank of America Corp. slid 1.9 percent. Health-care companies fell for the first time in three days, dragged lower by Allergan Plc’s 16 percent tumble after the government took steps to limit so-called inversion deals, threatening its merger with Pfizer Inc.

The S&P 500 dropped 0.8 percent to 2,050.41 at 12:10 p.m. in New York, paring its gain this year to 0.3 percent after rising to a 2016 high on Friday. The Dow Jones Industrial Average fell 82.93 points, or 0.5 percent, to 17,654.07. The Nasdaq Composite Index lost 0.7 percent. Trading volume in S&P 500 shares rose from its recent torpor, up 13 percent from the 30-day average for this time of day.

The rally that lifted the S&P 500 as much as 13 percent from a 22-month low in February has started to lose momentum, as investors assess whether central banks can fend off weakness in the global economy. Worries that a slowdown in China would spread, intensified by tumbling crude prices, had sent stocks to their worst-ever start to a year. Stabilizing oil and signals that policy makers would continue efforts to boost growth helped support the late-quarter comeback in equities.

Source: Bloomberg