Global Stocks Extend Gains as China Trade Picks Up; Yen Weakens

Global stocks climbed for a fourth day as Chinese trade data added to signs of a pickup in the world’s second-largest economy, supporting a rebound in commodities. Haven assets including the yen and gold retreated.

Raw-materials producers and energy companies spearheaded a rally in the MSCI Asia Pacific Index as industrial metals advanced and iron ore jumped in China. The Stoxx Europe 600 Index rose to this month’s high and futures on the Standard & Poor’s 500 Index advanced. U.S. crude retreated about 2 percent, after surging 13 percent in three days on prospects leading producers will agree to freeze output at a meeting in Doha this weekend. Malaysia’s ringgit gained against all 31 major counterparts and the Japanese yen was headed for its biggest two-day loss since February.

Crude rebounded from a 13-year low over the past two months on optimism a global glut will end as major producers including Russia and Saudi Arabia prepare to cap output. Speculation the oil market will soon find some enduring stability is helping to prop up equities, even as investors brace for what’s projected to be the worst U.S. earnings season since the global financial crisis. China’s exports jumped by the most in a year in March and declines in imports narrowed, adding to evidence its economy is improving.

Bloomberg

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.