China Stocks Fluctuate as Traders Weigh Policy Easing Prospects

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Chinese stocks swung between gains and losses as investors weighed the prospect of more policy easing after monetary data missed economists’ estimates. Technology and telecom companies gained, while property developers slumped.

ZTE Corp. led an advance for phone companies, rallying 5.2 percent. IFlytek Co. headed for a record high. Tencent Holdings Ltd. advanced 2.6 percent in Hong Kong after reporting a record profit. Poly Real Estate Group Co. slumped 1.9 percent.

The Shanghai Composite Index added 0.2 percent to 4,383.56 at 9:35 a.m. The gauge fell Wednesday after data showed fixed-asset investment slowed to the weakest pace in more than 14 years and industrial output trailed estimates. After the market close, the central bank released data showing new loans plunged, while aggregate financing and M2 money supply missed forecasts.

Source : Bloomberg

Asian Stocks Fall as Japan Drops on Yen After U.S. Retail Sales

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Asian stocks declined after weaker-than-forecast U.S. retail sales fueled concern about growth in the world’s largest economy, strengthening the yen and sending Japanese shares lower.

The MSCI Asia Pacific Index fell 0.1 percent to 152.45  as of 9:06 a.m. in Tokyo. Sales at U.S. retailers were little changed in April compared with expectations for a 0.2 percent gain in a Bloomberg survey of economists. The Standard & Poor’s 500 Index slid less than 0.1 percent Wednesday for a third day of losses.

The yen gained 0.6 percent against the dollar Wednesday after the sales report. JPMorgan Chase & Co. lowered its forecast for second-quarter U.S. economic growth to 2 percent from 2.5 percent.

Japan’s Topix index slipped 0.2 percent. South Korea’s Kospi index lost 0.1 percent. Australia’s S&P/ASX 200 Index slid 0.6 percent. Markets in China and Hong Kong have yet to open.

Source : Bloomberg

Gold Jumps Most in a Week on Renewed Demand for Inflation Hedge

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Gold futures rose the most in a week after the dollar’s drop and crude oil’s rally boosted the appeal of the metal as a store of value.

The greenback is extending losses after an April decline snapped a nine-month rally against a basket of 10 currencies, while oil has jumped more than 40 percent from its 2015 low. Gold has historically been held as an alternative to the dollar and as a hedge against rising consumer costs.

Gold futures for June delivery rose 0.8 percent to settle at $1,192.40 an ounce at 1:50 p.m. on the Comex in New York, the biggest gain since May 4.

Silver futures for July delivery advanced 1.3 percent to $16.526 an ounce. Earlier, the price touched $16.12, the lowest for a most-active contract since May 1.

Platinum futures for July delivery added 0.5 percent to $1,133 an ounce on the New York Mercantile Exchange. Palladium futures for June delivery climbed 0.6 percent to $785.15 an ounce.

Source: Bloomberg

Gold Rises as Dollar Drop, Oil Rally Boosts Demand for Hedge

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Gold futures rose after the dollar’s drop and crude oil’s rally boosted the appeal of the metal as a store of value.

The greenback fell as much as 0.6 percent against a basket of 10 currencies. Oil in New York topped $60 a barrel, and gasoline futures rose. Gold jumped as much as 1.1 percent before paring gains.

The metal has climbed 4.3 percent from this year’s low of $1,141.60 an ounce on March 17. The dollar fell 2.9 percent in April, snapping a record nine-month rally. The greenback dropped on Tuesday as bond yields outside the U.S. advanced relative to Treasuries. Oil has jumped more than 40 percent from the 2015 low.

Gold futures for June delivery rose 0.6 percent to $1,190.60 at 10:09 a.m. on the Comex in New York. Volume in all contracts was 12 percent above the 100-day average for this time, according to data compiled by Bloomberg.

On Monday, holdings in exchange-traded products backed by gold fell for the fourth straight session to the lowest since Jan. 15, according to Bloomberg data.

Silver futures for July delivery rose 0.4 percent to $16.385 an ounce. Earlier, the price touched $16.12, the lowest for a most-active contract since May 1.

Source : Bloomberg