Asian Stocks Decline After Biggest Weekly Rally in Four Years

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Most Asian stocks fell, after the biggest weekly rally in four years, as oil held declines and a stronger yen weighed on Japanese shares.

About three shares dropped for each that rose on the MSCI Asia Pacific Index, which lost 0.1 percent to 119.50 as of 9:10 a.m. in Tokyo after jumping 5.9 percent last week. Santos Ltd. slid 2.7 percent in Sydney as U.S. oil traded below $30 a barrel. HSBC Holdings Plc and BHP Billiton Ltd. are scheduled to post earnings this week, with financial companies and commodity firms among the biggest laggards this year, as investors question the ability of central banks to aid ailing economies amid forecasts for stagnant global growth.

Japan’s Topix index lost 0.7 percent. The yen traded at 112.55 per dollar after climbing 0.6 percent last week, its third straight weekly advance.

Australia’s S&P/ASX 200 Index added 0.4 percent and South Korea’s Kospi index retreated 0.2 percent. New Zealand’s S&P/NZX 50 Index lost 0.4 percent. Markets in Thailand and Sri Lanka are closed for holidays.

Futures on Hong Kong’s Hang Seng Index foreshadowed declines of 0.6 percent, with contracts on the Hang Seng China Enterprises Index, a gauge of mainland stocks listed in the city, down 0.9 percent at the end of last week. FTSE China A50 Index futures added 0.1 percent.

Source: Bloomberg

apanese Stocks Drop After Last Week Gains Amid Stronger Yen

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Japanese stocks fell, after posting the biggest weekly gain in six years, as banks and commodities shares slipped while the yen strengthened.

The Topix index declined 1 percent to 1,278.96 as of 9:05 a.m. in Tokyo, following last week’s advance of 8 percent, its best weekly rally since 2009. The Nikkei 225 Stock Average lost 0.9 percent to 15,816.83. The yen traded at 122.54 per dollar, close to its strongest level in a week. The greenback fell even as data on Friday showed U.S. consumer prices in January rose the most in four years.

Despite last week’s gain, the recent rally has recouped less than a third of this year’s losses. The gauge is still down 17 percent for 2016. With equities tumbling across the global this year, sending the Topix to a 15-month low on Feb. 12, the yen has been seen as a haven. Investors have sent the currency up almost 7 percent this year.

Source: Bloomberg

U.S. oil futures end slightly higher

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West Texas Intermediate oil futures for March delivery ended a choppy session slightly higher.

Crude erased an early rally to bounce between small gains and losses after weekly government data showed a rise in inventories for U.S. crude, gasoline and distillates and Saudi Arabia's finance minister was quoted as saying the country wasn't prepared to cut production.

March crude settled at $30.77 a barrel, gain of 11 cents, or 0.4%.

Source: Marketwatch

Gold Ends Sharply Higher as Stock Rally Falters

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Gold futures stormed higher Thursday, as U.S. stocks struggled to rally after registering three straight days of gains.

April gold closed $14.90, or 1.2%, higher at $1,226.30 an ounce. The advance for the yellow metal comes about 24 hours after minutes from the Federal Reserve indicated that the U.S. central bank is concerned about the slowdown in the global economy-a position that could be supportive for gold prices since it implies fewer interest-rate increases in 2016. Lower rates boost the luster of precious metals that don't offer a yield.

Gold's recent run-up suggests that some investors aren't placing a lot of faith in the Dow Jones Industrial Average and the S&P 500 index's recent bout of hefty gains.

Source: MarketWatch