The Bloomberg Dollar Spot Index slipped 0.1 percent at 8:23 a.m. in London as the euro strengthened 0.2 percent. West Texas Intermediate crude and Brent plunged at least 1.6 percent, sending shares of Total SA, BP Plc and Royal Dutch Shell Plc lower. Standard & Poor’s 500 Index futures swung between gains and losses. Japan’s Topix index jumped 2.6 percent while the country’s 30-year bond yield tumbled as much as 13 basis points. Silver dropped 1.1 percent. The BOJ action and the prospect of further easing from the European Central Bank as the Federal Reserve winds up its bond buying underscores how the U.S. is diverging from other economies. Oil slid in October by the most since May 2012 as leading members of the Organization of Petroleum Exporting Countries resisted calls to cut output amid rising U.S. stickpiles. Alibaba Group Holding Ltd. will report earnings before U.S. markets open, while Macquarie Securities Ltd. and Credit Suisse Group AG lifted their targets for Japanese share indexes. “It’s now a game of chicken between OPEC members and the U.S. to fight for market share” in the world’s biggest oil-consuming nation, Will Yun, a commodities analyst at Hyundai Futures Co. in Seoul, said by phone today. “Expanding crude stockpiles in the U.S. won’t be enough to make OPEC cut its output unless prices significantly drop to below $75.”
Posted on: Tue, 04 Nov 2014 09:43:47 +0000
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