Asian Stocks Halt Four-Day Gain as Japan Falls on Yen

Asian stocks fell, with a regional index halting a four-day rally, as Japanese shares retreated on a stronger yen and a drop in oil weighed on energy companies.

Oil producer Santos Ltd. lost 3.1 percent in Sydney as energy shares fell the most among the MSCI Asia Pacific Index. Honda Motor Co., which gets more than 80 percent of its revenue outside Japan, declined 3.3 percent. Samsung Electronics Co. jumped 5.3 percent in Seoul after saying it will buy back shares valued at 2.19 trillion won ($ 2 billion).

The MSCI Asia Pacific Index fell 0.2 percent to 141.11 as of 4:36 p.m. in Hong Kong after rising as much as 0.2 percent. More than two shares dropped for each that rose. The Standard & Poor’s 500 Index climbed 0.3 percent to a fresh record yesterday ahead of the Thanksgiving holiday as investors weighed economic data.

Japan’s Topix index slid 1 percent as the yen strengthened for a third day against the dollar. South Korea’s Kospi index and Australia’s S&P/ASX 200 Index both climbed 0.1 percent. New Zealand’s NZX 50 Index slipped less than 0.1 percent.

Hong Kong’s Hang Seng Index lost 0.5 percent, and the Hang Seng China Enterprises Index of companies listed in the city slid 0.3 percent. Singapore’s Straits Times Index slipped 0.2 percent and Taiwan’s Taiex index added 0.5 percent.

Source : Bloomberg

MARKET
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OPEC Meeting Guide: Does Stabilizing Prices Mean Cut or No Cut?

The oil market will “stabilize itself,” Ali Al-Naimi, Minister for Saudi Arabia, the world’s largest crude exporter, said in Vienna yesterday. The comment will keep people guessing before today’s meeting of the Organization of Petroleum Exporting Countries in Vienna, said Harry Tchilinguirian, head of commodity markets at BNP Paribas SA.

Here are some potential outcomes:

periactin tablets — Production cut: OPEC may reduce its output ceiling by 1 million barrels a day or more, from 30 million currently, to shore up prices, Paul Horsnell, global head of commodities research at Standard Chartered, said in a report.

Prices have fallen into a bear market this year, with Brent crude losing 30 percent from its June high.

“OPEC quota reductions have typically been successful in stabilizing and eventually pushing oil prices higher,” Deutsche Bank said in a report.

— Enforce existing target: “OPEC will confirm the 30 million barrel-per-day ceiling and urge better compliance,” Carsten Fritsch an analyst at Commerzbank AG in Frankfurt, said by e-mail.

The 12-member group has exceeded its output ceiling in all but four of the 34 months since it was implemented, according to data compiled by Bloomberg. The group produced 974,000 barrels a day more than its target last month, the data show.

Source : Bloomberg


ECONOMY
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WTI Heads for Biggest Weekly Drop in Three Years on OPEC Action

West Texas Intermediate headed for the biggest weekly decline in three years after OPEC took no action to ease a global supply glut and stem a slide in prices that has driven oil into a bear market.

Futures dropped as much as 8.1 percent in New York. The Organization of Petroleum Exporting Countries maintained its collective target of 30 million barrels a day, Ali Al-Naimi, Saudi Arabia’s oil minister, said yesterday after the 12-member group met in Vienna. WTI may fall as low as $ 60 a barrel during the next month, according to Energy Analytics Group.

Crude has collapsed about 36 percent since its June peak as the U.S. pumped at the fastest rate in more than three decades amid signs of weakening demand. OPEC is not sending “any signals to anybody” and just wants a fair price, Secretary-General Abdalla El-Badri said at a press conference. Brent in London slumped 6.7 percent to a four-year low yesterday.

WTI for January delivery lost as much as $ 5.94 to $ 67.75 in electronic trading on the New York Mercantile Exchange and was at $ 68.76 at 10:13 a.m. Sydney time. Floor trading was closed yesterday because of the U.S. Thanksgiving holiday and transactions will be booked with today’s for settlement purposes. Prices are down 10 percent this week, the most since May 2011.

Source : Bloomberg


COMMODITY
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