- MarketPulse - https://www.marketpulse.com -

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 [1]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam [5]

Senior Market Analyst, UK & EMEA at OANDA [6]
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

Latest posts by Craig Erlam (see all [5])