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Asian stocks edged higher this week amid speculation central banks in China and Japan will add to monetary stimulus and as better-than-estimated earnings at global companies from Fast Retailing Co. to Alcoa Inc. helped shares rebound from the longest slide since August.
Oil prices fell on Friday and posted a weekly loss after data showed that first-quarter economic growth in China, the world’s No. 2 oil consumer, was the weakest in nearly three years, reinforcing concerns about slowing demand for petroleum.
Investors are still questioning China’s ability to steer its economy into a “soft landing” and analysts have begun to question whether the copper market will remain as tight as it has been, with Shanghai copper inventories rising this year.
Copper finished the week down 4 percent after China, which accounts for 40 percent of the world’s copper demand, reported first-quarter growth of 8.1 percent, the weakest in almost three years and below market expectations for growth of 8.3 percent.
Gold prices fell almost 1.5 percent o n F riday as a stronger dollar sparked a wave of end-of-week selling amid mounting fears about the euro-zone debt crisis and after Chinese economic growth data disappointed investors.
U.S. stocks closed their worst two-week slide since November with a selloff on Friday as disappointing China growth data sparked worries the global recovery was flagging.
The Dow Jones industrial average tumbled 136.99 points, or 1.05 percent, to 12,849.59 at the close. The Standard & Poor’s 500 Index slid 17.31 points, or 1.25 percent, to 1,370.26. The Nasdaq Composite Index dropped 44.22 points, or 1.45 percent, to 3,011.33.
Asian shares pared early gains on Friday after China’s first-quarter growth was slower than expected, clouding the outlook for demand, but a better-than-expected outcome for Italy’s sovereign debt sale helped investors retain some risk appetite.
U.S. crude oil implied volatility fell on Thursday to its lowest level in a week as the crude oil market rallied into its daily settlement. Implied volatility, as measured by the Chicago Board Options Exchange’s Oil Volatility Index, settled on its low for the day at 29.41 percent after opening at 30.52 percent, near its intraday high.
Oil eased on Friday, reversing previous day’s gains made on the China speculation and a weaker dollar triggering buying of riskier assets. U.S. crude futures fell 0.2 percent to $103.42 a barrel while Brent crude fell 0.4 percent to $121.24 a barrel.
The most-active July copper contract on the Shanghai Futures Exchange gained 0.7 percent to 58,640 yuan ($9,300) per tonne, tracking prior gains on London, after rising a modest 0.7 percent in the previous session.
U.S. stocks scored a second day of solid gains on Thursday, led by materials and energy stocks, as investors set aside weak figures on the domestic labor market.
Rumors about strong growth figures due overnight from China helped wash away some of the worries that hit stocks during a five-day streak of losses that ended with Wednesday’s rebound.
The Dow Jones industrial average jumped 181.19 points, or 1.41 percent, to 12,986.58 at the close. The Standard & Poor’s 500 Index gained 18.86 points, or 1.38 percent, to 1,387.57. The Nasdaq Composite Index climbed 39.09 points, or 1.30 percent, to 3,055.55.
Asian shares eased while the euro firmed, reflecting investor caution despite easing concerns about sovereign funding for troubled euro-zone economies Spain and Italy that helped U.S. and European equities rebound overnight.
The FTSE 100 index closed up 39.19 points, or 0.7 percent, reversing a downward spiral when the index surrendered almost all its remaining 2012 gains after it fell 2.2 percent on Tuesday, its second biggest percentage fall of the year.
U.S. May crude settled at $102.70 a barrel, gaining $1.68, narrowing Brent’s premium to U.S. crude CL-LCO1=R to $17.40, from $18.86 on Tuesday. On Tuesday, U.S. May crude had settled down $1.44 at $101.02, an eight-week low.
Oil prices rose on Wednesday, reversing two days of losses, after U.S. government data showed domestic fuel stocks fell much more than expected last week, which overshadowed an increase in crude inventories.
Silver fell 0.8 percent to $31.51 an ounce, pushing the number of ounces of the white metal needed to buy one ounce of gold up to 52.5 from 50 just one week ago, reflecting gold’s relative out performance.
Copper steadied near $8,000 a tonne on Wednesday after the previous session’s 4-percent plunge, but traders said the twin concerns of slowing U.S. and Chinese growth could soon prompt another bout of selling.
Gold inched up on Thursday, tracking modest gains in the euro as worries about Spain’s debt restructuring eased after a European Central Bank official signalled the bank was ready to intervene in debt markets.
An encouraging start to earnings season helped U.S. stocks rebound on Wednesday from five days of losses that pushed the S&P 500 below a key technical level.
The Dow Jones industrial average rose 89.46 points, or 0.70 percent, to 12,805.39 at the close. The Standard & Poor’s 500 Index gained 10.12 points, or 0.74 percent, to 1,368.71. The Nasdaq Composite Index advanced 25.24 points, or 0.84 percent, to 3,016.46.
Asian shares fell for a third straight day on Wednesday as uncertainty over global growth prospects, and resurfacing worries about debt restructuring in the euro zone, prompted investors to continue trimming their risk exposures.
Brent crude fell $2.79 to settle at $119.88 a barrel, the weakest close since Feb. 17, having dropped below the 50-day moving average of $121.84. The 2.27 percent slide was the biggest one-day percentage loss since Dec. 14.
Oil suffered its biggest one-day percentage loss of the year o n T uesday, hitting a seven-week low as concerns about a potential slowdown in the economy of No. 2 crude consumer China added to worries about global demand.