In Asian Equity Markets stocks rose, with the regional benchmark index rebounding from its biggest drop in two weeks, after a larger-than-forecast climb in a measure of U.S. manufacturing tempered concern about global growth. Samsung Electronics Co., which will unveil a high-end Galaxy phone next week, advanced 3 percent in Seoul. Toyota Motor Corp. (7203) climbed 1.5 percent amid a rally in Japanese shares as the yen weakened against the dollar. National Australia Bank Ltd. lost 2 percent in Sydney after the country's biggest lender by assets flagged a possible increase in provisions at its British operations. Japan's Topix index today rose 1.7 percent. Hong Kong's Hang Seng Index (HSI) climbed 0.4 percent and China's Shanghai Composite slid 1 percent. South Korea's Kospi index advanced 1.1 percent as Samsung climbed 3 percent to 1.33 million won. Australia's S&P/ASX 200 Index and New Zealand's NZX 50 Index increased 0.4 percent. Singapore's Straits Times Index added 0.6 percent and Taiwan's Taiex Index rose 0.7 percent.
In Currency Markets the US dollar rose versus most major counterparts this week on bets the Federal Reserve will press on with reducing stimulus, even amid weaker U.S. economic data that may have been caused by winter storms. The greenback headed for its biggest weekly advance this year against its Japanese peer before Fed Chair Janet Yellen joins Group of 20 officials in Sydney for talks starting tomorrow. The central bank's January meeting minutes released this week signaled policy makers supported a continued decrease in bond purchases. Australia's currency was set for its first five-day drop in four weeks after iron ore prices fell. The dollar added 0.2 percent to 102.52 yen as of 2:00 p.m. in Tokyo, extending its gain this week to 0.7 percent, the biggest since the five days through Dec. 27. It was little changed at $1.3716 per euro and is set for a 0.2 percent weekly drop. Europe's shared currency advanced 0.2 percent to 140.60 yen and has risen 0.9 percent since Feb. 14.
In Commodities Markets West Texas Intermediate crude headed for a sixth weekly gain as cold weather in the U.S. bolstered demand for heating fuels in the world's biggest oil consumer. Brent in London is poised to advance for the week. Futures were little changed in New York and up 2.5 percent this week. Distillate stockpiles, including heating oil and diesel, declined by 339,000 barrels to 112.7 million in the seven days through Feb. 14, the Energy Information Administration reported yesterday. Crude supplies at Cushing, Oklahoma, dropped for a third week while total inventories climbed less than forecast in a Bloomberg News survey. WTI for April delivery was at $102.76 a barrel in electronic trading on the New York Mercantile Exchange, up 1 cent, at 2:00 p.m. Singapore time. The March contract expired yesterday after losing 39 cents to $102.92. Brent for April settlement traded 2 cents lower at $110.28 a barrel on the London-based ICE Futures Europe exchange. Prices are up 1.1 percent this week.
In US Equity Markets stocks rose, erasing most of yesterday's drop, as improving manufacturing data tempered concern about the economy and Facebook Inc.'s $19 billion purchase of a messaging startup fueled optimism about deals. Tesla (TSLA) Motors Inc. surged 8.4 percent after predicting sales of its Model S sedan will jump. Safeway Inc. rallied 2.1 percent as people familiar with the situation said the grocer is weighing a sale. Facebook gained 2.3 percent after agreeing to buy WhatsApp Inc., the fourth deal of at least $16 billion this year. Citrix Systems Inc. rose 5.9 percent as Evercore Partners Inc. said the company's parts are worth more than the stock price reflects. Wal-Mart Stores Inc. slipped 1.8 percent as the largest retailer forecast profit below estimates. All 10 of the main industries in the S&P 500 rose today, as phone companies rallied 2 percent to lead gains. Verizon Communications Inc. climbed 3.4 percent to $48.12 and AT&T Inc. added 1 percent to $33.18, among the biggest advances in the Dow. Finally, the DJIA finished up 0.58% at 16,133.23, the S&P 500 up 0.60% at 1,839.78 and the NASDAQ 100 up 0.52% at 3,671.93.
In Bond Markets U.S. 10-year yields were little changed at 2.75 percent as of 1:00 p.m. in Tokyo. Japan's 10-year borrowing cost was 0.59 percent. It fell to 0.58 percent yesterday, the lowest level since November. Australia's rose six basis points to 4.2 percent, approaching a one-week high. In addition, despite the release of poor Philly Fed data, T-notes extended on their move lower, as the data was shrugged off due to the efficacy of the figures being clouded by weather-effects.
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