Hong Kong Stocks Climb, Tracking Rebound in Global Markets (Riview)

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Hong Kong stocks climbed more than 2 percent on Thursday, aided by a surge in energy shares, following overnight gains in U.S. and European equities and a jump in oil prices.

The Hang Seng index ended up 2.3 percent at 19,363.08 points, while the China Enterprises Index gained 3.0 percent to 8,166.47.

The energy sector surged 4.3 percent, with Chinese oil giants PetroChina, CNOOC and Sinopec posting sharp gains.

Source : Reuters

U.S. Stocks Decline After Strongest Three-Day Rally Since August

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U.S. stocks declined following the Standard & Poor’s 500 Index’s strongest three-day advance in almost six months, as banks, technology and consumer shares lost momentum after bolstering the rally.

The S&P 500 slipped 0.5 percent to 1,917.79 at 4 p.m. in New York, halting a winning streak after the gauge’s 1.7 percent climb on Wednesday capped its first three-day gain of the year. The Nasdaq Composite Index fell 1 percent as Apple Inc. and Google parent Alphabet Inc. sank more than 1.9 percent.

Equities lost momentum Thursday after recent gains that have come just as fast as the losses that sent the S&P 500 to its worst start to any year. Almost half of 2016’s decline was erased in the prior three sessions as the most beaten-down industries, including banks, technology and retailer shares, led a comeback. The benchmark is still down about 10 percent from its May record, and has lost 6.2 percent this year amid signs of weakness in the global economy and falling commodity prices.

Source: Bloomberg

U.S. Stocks Pare Slide as Oil Rebounds, Energy Shares Trim Drop

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U.S. stocks pared a retreat as energy shares trimmed declines amid a rebound in oil prices, while banks pulled back from their best rally in more than five years.

The S&P 500 slipped 0.2 percent to 1,923.03 at 12:06 p.m. in New York, after losing as much as 0.6 percent. The gauge’s 1.7 percent rally on Wednesday capped its first three-day gain of the year.

Equities lost momentum Thursday after recent gains that have come just as fast as the losses that sent the S&P 500 to its worst start to any year. Almost half of 2016’s decline was erased in the prior three sessions as the most beaten-down industries, including banks, technology and retailer shares, led a comeback.

The S&P 500 is still down about 10 percent from its May record, and has lost 6.1 percent this year amid signs of weakness in the global economy and falling commodity prices.

Source: Bloomberg

Dollar weakens against euro, yen after Fed minutes

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The dollar edged lower against the euro and yen Wednesday after minutes from the Federal Reserve’s January meeting suggested that the central bank will leave interest rates on hold at its March meeting.

The ICE U.S. dollar a measure of the buck’s strength against a basket of six rival currencies, was down 0.1% at 96.8270. The dollar weakened to ¥113.88, from ¥114.23 late Tuesday; the euro strengthened to $1.1148, compared with $1.1128.

The dollar edged lower after the release while U.S. stocks edged higher. The moves weren’t necessarily a reaction to the minutes, as Clemons noted that there was “a lot of noise in the market” on Wednesday.

In other currency trading, the dollar weakened against many resource-linked currencies–including the Canadian dollar Norwegian krone and Russian ruble as crude oil prices rebounded.

Meanwhile, the Mexican peso was on track for its largest daily gain against the dollar in years after a surprise interest-rate hike.

In the U.K., the pound weakened to $1.4263 Wednesday, from $1.4293 Tuesday, after a mixed batch of labor-market data.

Source: MarketWatch