Asian Stocks Follow U.S. Equities Higher as Yen Holds Decline

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Asian stocks advanced for a second day, following U.S. equities higher, as Japans Topix index rallied on a weaker yen and investors weighed the impact of a slump in oil prices on the global economic outlook.

The MSCI Asia Pacific Index climbed 0.2 percent to 140.25 as of 9:01 a.m. in Tokyo, with twice as many stocks rising as falling. The Topix added 0.4 percent as Japans currency held yesterdays 0.7 percent drop. U.S. shares rallied with the greenback yesterday as a report showed construction spending rose more than forecast in October.

South Koreas Kospi index was little changed. Australias S&P/ASX 200 Index advanced 0.7 percent, while New Zealands NZX 50 Index added 0.3 percent. Singapore Exchange Ltd. delayed the start of trading in the city-states securities market by 3 1/2 hours today, citing a software error.

Oil resumed declines yesterday, with West Texas Intermediate futures sinking 3.1 percent, after the Iraqi government and Kurdish authorities reached an agreement that paves the way for increased oil exports. WTI rebounded 1.1 percent today to $67.62 a barrel.

Futures on the Standard & Poors 500 Index were little changed. The measure advanced 0.6 percent yesterday as biotechnology and energy companies rallied and data on construction spending boosted confidence in the economy. The governments labor report later this week may show companies added 230,000 payrolls in November while the unemployment rate held at 5.8 percent, according to the consensus forecast of economists.

Futures on Hong Kongs Hang Seng Index rose 0.1 percent in their most recent trading session, and contracts on the Hang Seng China Enterprises Index climbed 0.3 percent.

Source: Bloomberg

Japan Stocks Rise for Fourth Day as Topix Extends Six-Year High

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Japanese stocks rose a fourth day, with the Topix index poised to extend its highest close since 2007, as exporters advanced after the yen weakened and brokerages led gains.

The Topix added 0.4 percent to 1,433.98 as of 9:07 a.m. in Tokyo, heading for its highest close since Dec. 28, 2007. All but five of its 33 industry groups climbed. The Nikkei 225 Stock Average increased 0.6 percent to 17,760.39. The yen held at 119.19 per dollar after falling 0.7 percent yesterday. U.S. shares rose yesterday as data showed strong construction spending and car sales. West Texas Intermediate crude futures rebounded 1.1 percent today after sliding 3.1 percent yesterday.

The Standard & Poors 500 Index climbed 0.6 percent yesterday. Futures on the measure were little changed today.

Source: Bloomberg

U.S. Stocks Rise Amid Economic Optimism as Biotech, Energy Rally

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U.S. stocks rose, sending the Standard & Poors 500 Index to its best day since October, as biotechnology and energy companies rallied and data on construction spending boosted confidence in the economy.

Biogen Idec Inc. led gains in health-care shares after its Alzheimers drug showed promising early results. Energy shares climbed 1.3 percent even as oil resumed a selloff. Genworth Financial Inc. slid 5.8 percent as JPMorgan Chase & Co. cut its price target on the shares.

The S&P 500 rose 0.6 percent to 2,066.50 at 4 p.m. in New York. The Dow Jones Industrial Average added 100.95 points, or 0.6 percent, to an all-time high of 17,877.75. The Russell 2000 Index of small companies jumped 1.3 percent, after dropping 1.6 percent yesterday.

The S&P 500 fell 0.7 percent yesterday, the most since Oct. 22, as weaker data on Black Friday sales and China manufacturing overshadowed a rebound in oil prices and expansion in American factories.

Source : Bloomberg

Oil Trims Rally as Investors Weigh OPEC’s Inaction on Supply

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West Texas Intermediate crude fell, trimming the biggest rally since August 2012 as investors weighed OPECs decision to let the market curb a global supply glut. Brent was steady in London.

Futures slid 0.3 percent in New York, declining for the fifth time in six days. The Organization of Petroleum Exporting Countries may hold an emergency meeting early next year, Venezuelas Foreign Minister Rafael Ramirez said in an interview with Panorama newspaper. The groups failure to cut output at a gathering last week bodes well for U.S. producers, according to billionaire wildcatter Harold Hamm.

Oil has collapsed into a bear market amid the fastest rate of U.S. production in more than three decades and signs of slowing global demand growth. OPEC, which is responsible for about 40 percent of the worlds supply, resisted calls from members including Venezuela and Iran to reduce its official target of 30 million barrels a day on Nov. 27 in Vienna.

WTI for January delivery dropped 20 cents to $68.80 a barrel in electronic trading on the New York Mercantile Exchange at 12:15 p.m. Sydney time. The contract rose 4.3 percent to $69 yesterday, retracing a loss of as much as 3.7 percent. The volume of all futures traded was about 9 percent below the 100-day average. Prices have decreased 30 percent this year.

Brent for January settlement was 5 cents lower at $72.49 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $3.65 to WTI, compared with $3.54 yesterday.

Source: Bloomberg