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Daily Market Outlook by Solid Trust Markets
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[QUOTE="SolidTrustMarket, post: 100170, member: 36800"] [b]Daily Market Outlook 12 April[/b] [img]https://scontent-lhr3-1.xx.fbcdn.net/hphotos-xtl1/v/t1.0-9/12717510_174118869626335_4845820293159483711_n.jpg?oh=2a23c6b13a613b005f9fef79fea074e7&oe=576A6387[/img] Asian stocks rose on Tuesday, led by a rebound in Japanese shares as investors hunted for bargains, and commodities like crude oil strengthened as the weaker U.S. dollar made them cheaper for buyers using currencies other than the greenback. Still, the bullish yen remained a concern for Japanese equities. "Investors are frustrated about the lack of effective measures against the strong yen," said Hikaru Sato, senior technical analyst at Daiwa Securities in Tokyo. European stocks were seen opening slightly lower, with weak-looking results from Alcoa potentially weighing on mining stocks. The dollar's recent depreciation has boosted commodity prices and crude was lifted by hopes that oil producers would agree at a meeting in Doha next Sunday to curb output. A weaker greenback favours non-U.S. buyers by reducing the effective cost of commodities priced in dollars. The U.S. currency has been on the back foot since Federal Reserve Chair Janet Yellen last month doused expectations for hikes in U.S. interest rates anytime soon. Risk assets made modest gains in the region as safe-haven government bonds, supported by very loose monetary policies, continued to attract demand. President Barack Obama and Federal Reserve Chair Janet Yellen discussed risks to the economy and progress from Wall Street reform during a rare meeting in the Oval Office on Monday, the White House said. "They discussed both the near and long-term growth outlook, the state of the labor market, inequality, and potential risks to the economy, both in the United States and globally," the White House said in a statement about the meeting. "They also discussed the significant progress that has been made through the continued implementation of Wall Street Reform to strengthen our financial system and protect consumers." Oil prices dipped on Tuesday, but both U.S. and international crude futures held above $40 per barrel ahead of a meeting of major producers to discuss freezing output levels to rein in ballooning oversupply. Major oil producers from the Middle East and Russia, but excluding the United States, plan to meet in Qatar's capital Doha next Sunday. They will discuss measures to rein in ballooning oversupply which sees as many as 2 million barrels of crude produced every day in excess of demand, leaving storage tanks around the world filled to the rims with unsold and unwanted fuel. Most analysts expect producers to freeze output around current levels, which being beyond consumption and close to record levels would do little to address the glut. Reflecting a widespread view that oil prices will stay low for some time, the Brent forward price curve has significantly flattened, with the time spread between front-month futures and those for delivery in December 2017 narrowing from $8.70 per barrel in early March to just $4.70 a barrel currently. Analysts at Bernstein said that they expected global oil demand to grow at a mean annual rate of 1.4 percent between 2016 and 2020, versus annual growth of 1.1 percent over the past decade, adding that global demand would reach 101.1 million barrels per day (bpd) by 2020 from 94.6 million bpd now. The yen traded weaker in Asia on Tuesday with investors at attention for any remarks on the currency by policymakers. Dollar dropped to eight-month lows against the other major currencies in subdued trade on Monday, as the Federal Reserve’s persistently cautious stance on rate hikes continued to weigh on the greenback. Japan’s Chief Cabinet Secretary Yoshihide Suga said Monday the government was closely monitoring the foreign exchange market and added that the moves in the yen were one-sided and speculative. But investors stuck to the view that Japan will refrain from any direct action to stem the yen’s gains until at least after this week's G20 meetings in Washington. Separately, the dollar remained weaker against the yen on the view that the Federal Reserve will stick to a cautious approach on hiking interest rates this year amid concerns over the outlook for the global economy. Lower interest rates make the dollar less attractive to yield seeking investors. [/QUOTE]
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