Oil Falls Amid Speculation U.S. Supply Decrease Would Not Ease Glut

---

Oil fell amid speculation that an unexpected U.S. crude supply decline won’t be followed by additional drops.

Futures slipped 1.3 percent in New York after surging 5.2 percent Wednesday. Inventories slid by 4.94 million barrels last week as imports fell, according to an Energy Information Administration report. A meeting between OPEC members and Russia is set to take place on April 17 in Doha to discuss freezing oil production in a bid to stabilize the markets.

Prices have whipsawed since Friday on speculation about whether an accord can be reached in Doha. Saudi Arabia said it will only agree to a freeze if it’s joined by other suppliers including Iran, while Kuwait said a deal can be done without Iran’s support.

West Texas Intermediate for May delivery fell 49 cents to settle at $37.26 a barrel on the New York Mercantile Exchange. The contract advanced $1.86 to $37.75 on Wednesday, the biggest gain in three weeks.

Brent for June settlement dropped 41 cents, or 1 percent, to $39.43 a barrel on the London-based ICE Futures Europe exchange. The front-month contract’s discount to the second-month slipped 6 cents at the end of the session, the least since January. The global benchmark crude closed at a 94-cent premium to WTI for June delivery.

Source: Bloomberg

Yen Rallies to 1 1/2-Year High as Traders Defy Intervention Risk

---

The yen climbed past 108 per dollar, reaching the strongest level in almost 1 1/2 years, as demand for haven assets and the Bank of Japan’s apparent reluctance to intervene kept investors buying.

The yen staged one of its biggest daily rallies since the market convulsions of August as expressions of concern from Japanese officials failed to convince traders that measures to curb the gains were imminent. The currency rose 1 percent or more against all 16 of its major peers, advancing even as a Ministry of Finance official said recent moves have been one-sided and that authorities will act as necessary.

The yen surged for a fifth straight day, climbing 1.5 percent to 108.11 per dollar as of 2:09 p.m. in New York. It reached 107.67, the strongest level since late October 2014, which was days before the BOJ unexpectedly boosted its quantitative-easing program.

Source: Bloomberg

Hong Kong Share Index Little Changed Ahead of China March Economic Data (review)

---

Hong Kong stocks ended slightly higher on Thursday as investors sought cues for direction ahead of China's March economic data.

The Hang Seng index rose 0.3 percent, to 20,266.05, while the China Enterprises Index lost 0.2 percent, to 8,647.33 points.

Over the next week, China will release some key economic data for March, which will be closely monitored by investors to assess the country's economic health.

Most sectors in Hong Kong, including IT and utilities were firm, but financial and property shares weakened.

Hong Kong-listed shares of Chinese telecom equipment maker ZTE Corp tumbled 11.6 percent as trading resumed for the first time since the U.S. Commerce Department imposed export restrictions on the firm last month for allegedly violating sanctions against Iran.

Source : Reuters

U.S. Stocks Tumble After Rally Amid Renewed Worries on Growth

---

The burst of bullishness that lifted U.S. stocks on Wednesday evaporated, with the Standard & Poor’s 500 Index posting the steepest selloff in six weeks amid renewed skepticism over global growth.

The Dow Jones Industrial Average dropped more than 230 points at its worst levels, while banks in the S&P 500 fell the most since February, pacing declines amid falling bond yields as investors sought havens. A measure of volatility spiked the most since January, with today’s selloff echoing action that started the year when lenders were also especially hard hit on flaring growth concerns.

The S&P 500 fell 1.2 percent to 2,041.97 at 4 p.m. in New York, alternating for a third day between gains and losses of at least 1 percent.

Stocks have made little progress since snapping a five-week winning streak last month that erased losses from the worst-ever start to a year. The S&P 500 has traded in a 35-point range since the Fed’s March 16 meeting, remaining within 1 percent of the 2,050 level over the past three weeks, as sentiment has lurched from optimism that central-bank policies will buttress global growth to worry their efforts may not be potent enough to fend off a slowdown.

Source: Bloomberg

U.S. Stocks Retreat After Rally Amid Renewed Worries on Growth

---

The burst of bullishness that lifted U.S. stocks on Wednesday faded, with the Standard & Poor’s 500 Index sliding for a third time in four days amid renewed skepticism over global growth.

Equities backtracked as they struggled to build on 2016 highs reached last week, with investors awaiting clearer signals on the economic outlook and course for interest rates. Banks in the benchmark paced Thursday’s declines amid falling bond yields, with the group at the lowest level in more than a month.

The S&P 500 fell 1.1 percent to 2,044.12 at 12:25 p.m. in New York, after rising the most in more than three weeks yesterday to erase a 1 percent drop in the prior session. The Dow Jones Industrial Average sank 175.15 points, or 1 percent, to 17,540.90. The Nasdaq Composite Index lost 1.2 percent after a 1.6 percent surge Wednesday. Trading volume in S&P 500 shares was 8 percent below the 30-day average for this time of day.

Stocks have made little progress since snapping a five-week winning streak last month that erased losses from the worst-ever start to a year. The S&P 500 has traded in a 35-point range since the Fed’s March 16 meeting, remaining within 1 percent of the 2,050 level over the past three weeks, as sentiment has lurched from optimism that central-bank policies will buttress global growth to worry their efforts may not be potent enough to fend off a slowdown.

Source: Bloomberg