Crude dips on market talk of rising inventories

Oil prices fell in U.S. trading on Tuesday amid market talk that weekly inventory data due for release on Wednesday will reveal rising stockpiles.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded down 0.21% at USD96.87 a barrel on Tuesday, off from a session high of USD97.22 and up from an earlier session low of USD95.93.

The U.S. Energy Information Administration will release weekly data on crude inventories on Wednesday, and expectations began to build a day earlier that the U.S. is awash in supply, which pushed prices down in afternoon trading on Tuesday.

Still, better-than-expected U.S. factory data supported the commodity.

U.S. factory orders rose 3.0% in February, above expectations for an increase of 2.9% and well above January's 1.0% contraction, according to the Census Bureau.

Many investors remained cautious, however, after the Institute for Supply Management reported on Monday that its purchasing managers index for March fell to 51.3, from 54.2 in February.

Analysts had expected the index to remain unchanged at 54.2.

The figures sent oil falling amid concerns that the U.S. economy continues to battle headwinds amid its recovery and will demand less fuels and energy going forward.

Elsewhere on the ICE Futures Exchange, Brent oil futures for May delivery were down 0.46% at USD110.56 a barrel, up USD13.69 from its U.S. counterpart.

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European stocks higher ahead of E.Z. data; Dax up 0.48%

European stocks opened higher on Tuesday, as markets awaited the release of manufacutirng and unemployment data from the euro zone later in the day, while concerns over political deadlock in Italy persisted.
During European morning trade, the EURO STOXX 50 added 0.25%, France’s CAC 40 advanced 0.39%, while Germany’s DAX 30 gained 0.48%.
Italian President Giorgio Napolitano was due to meet with working committee advisors later Tuesday, in an attempt to break the political deadlock in the country.

The so-called group of ten "wise men" meeting in Rome was to include a Bank of Italy member, the country's statistics chief and politicians from both sides.
Separately, Cypriot government officials were preparing to meet with representatives of the European Union and the International Monetary Fund to seek easier bailout terms.
Financial stocks were mixed. In France, BNP Paribas and Societe Generale advanced 0.12% and 0.39%, while in Germany, Deutsche Bank retreated 0.72%.

Among peripheral lenders, Italian banks Intesa Sanpaolo and Unicredit tumbled 1.05% and 2.40% respectively, while Spain's Banco Santander and BBVA slid 0.19% and 0.89%.

Elsewhere, Syngenta, which produces crop protection products and seeds, plummeted 2.43% after Liberum Capital Ltd. downgraded the shares to hold.

In London, FTSE 100 climbed 0.54%.

Vodafone led gains, surging 3.80%, after accusing the Indian government of "contradictory and inconsistent" actions in an ongoing row over valuable phone spectrum licences.
Adding to gains, ICAP ralled 3.24% after Nasdaq OMX Group said it will buy eSpeed, the electronic trading system for U.S. Treasuries, from BGC Partners for about USD750 million in cash.
Meanwhile, financial stocks were broadly lower, as shares in HSBC Holdings dipped 0.03% and Barclays edged lower 0.16%, while Lloyds Banking slid 0.33% and the Royal Bank of Scotland tumbled 1.92%.

Mining stocks were also mostly on the downside. Rio Tinto slid 0.62%, while rivals Evraz and Eurasian Natural Resources plunged 2.61% and 2.44% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.19% gain, S&P 500 futures signaled a 0.14% rise, while the Nasdaq 100 futures indicated a 0.22% increase.

Also Tuesday, Markit research group said Spain's manufacturing purchasing managers' index fell to 44.2 in March from a reading of 46.8 the previous month, while Italy's manufacturing PMI ticked down to 44.50 last month from 45.80 in February.

Later in the day, the U.S. was to release a government report on factory orders.

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USD/JPY lower ahead of BoJ meeting

The Japanese yen is again trading higher against the U.S. dollar a day before Bank of Japan Governor Governor Haruhiko Kuroda presides over his first monetary policy meeting.

In Asian trading Tuesday, USD/JPY is down 0.23% at 93.03. The pair was likely to find resistance at 94.38, the earlier high, and support at 92.92, the low from March 5.
The yen rose against the greenback Monday after BoJ said that Tankan Manufacturing index rose to a seasonally adjusted -8 in the first quarter from -12 in the fourth quarter. Analysts expected a first-quarter reading of -7.

In another report, the central bank said that Japan’s Tankan large non-manufacturing index rose to a seasonally adjusted 6 in March from 4 in February. Analysts expected a March reading of 8.

The yen’s rise of Kuroda’s first meeting as leader of BoJ may come as a surprise to some because traders have widely expected that Kuroda’s first monetary policy would bring about additional stimulus measures that could be implemented in the near-term.

Kuroda, a vocal critic of BoJ’s previous leadership, has recently said he will do everything in his power to help Japan reach Prime Minister Shinzo Abe’s desired rate of inflation of 2%. The Japanese currency is down more than 4% in the past 90 days, making it one of the worst-performing developed market currencies over that time.
Elsewhere, EUR/JPY is down 0.07% at 119.74 as the yen continues to hover near four-month highs against the euro.
AUD/JPY is higher by 0.04% at 97.23 ahead of the start of the Reserve Bank of Australia meeting later today. NZD/JPY is down 0.03% at 78.03

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Asian stocks mostly higher following China PMI; Nikkei down 1.17%

Most Asian stocks are trading higher to start the week following the release of China’s March PMI data, which rose from February, but fell short of analysts’ estimates.

In Asian trading Monday, Japan’s Nikkei 225 fell 1.17% after Bank of Japan said that Tankan Manufacturing index rose to a seasonally adjusted -8 in the first quarter from -12 in the fourth quarter. Analysts expected a first-quarter reading of -7.

In another report, Bank of Japan said that Japan’s Tankan large non-manufacturing index rose to a seasonally adjusted 6 in March from 4 in February. Analysts expected a March reading of 8.

Hong Kong’s Hang Seng fell 0.74% while the Shanghai Composite slipped 0.17% after after China reported March PMI of 50.9, slightly below analysts’ estimates calling for 51.2. Readings above 50 indicate expansion.
Still, the March reading is up 50.1 in February. China’s PMI reading has never declined from February to March, but the average increase prior to today had been 3.1 points, according to a research note released by Bank of America earlier today.

Australia’s S&P/ASX 200 fell 0.57% while New Zealand’s NZSE 50 added 0.24%. China is the largest trading partner for both Australia and New Zealand.

The dollars of both countries are trading lower as traders eschew riskier currencies in favor of safe-havens such as the U.S. dollar and yen on news the Bank of Cyprus will hammer depositors with accounts of more than EUR100,000 to the tune of 60%.
Under the terms of the new plan, Bank of Cyprus depositors will have 37.5% of their deposits above EUR100,000 turned into voting shares in the bank, which would also entitle the depositors to future dividends. Another 22.5% of the deposits will be withheld to ensure the bank is properly capitalized.

South Korea’s Kospi advanced 0.57% after the Korea National Statistical Office said that South Korean CPI fell to -0.2% in March from 0.3% in February. Analysts had expected South Korean CPI to rise to 0.3% last month.

Singapore’s Straits Times Index rose 0.05% while S&P 500 futures are off 0.12%. The benchmark U.S. index touched a new record high last week.

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Pengeluaran Pemerintah Tekan PDB AS Kuartal IV

New York - Pada kuartal keempat 2012, ekonomi AS sangat lambat. Pengeluaran pemerintah yang rendah menjadi faktor utamanya.

Produk Domestik Bruto (PDB) AS turun untuk pertama kalinya dalam tiga setengah tahun terakhir. Ekonomi AS hanya tumbuh 0,4% dari perkiraan ekonom yang akan tumbuh 1%.

Penyebabnya dengan pengeluaran pemerintah yang mengalami penurunan drastis hingga 15% sehingga menekan aktivitas ekonomi. Pengeluaran pertahanan turun menjadi 22,2%. Hal ini sebagai penurunan terbesar sejak akhir Parang Vietnam tahun 1972. Penurunan juga terjadi pada persediaan bisnis swasta. Pada kuartal ketiga, PDB AS masih kuat dengan tumbuh 3,1%.

Namun untuk tahun 2012 secara keseluruhan pertumbuhan ekonomi AS lebih kuat dari tahun sebelumnya menjadi 2,2% dari 1,8% di tahun 2011. Pada kuartal terakhir, kegiatan ekonomi terhempas badai Sandy di kawasan timur. Selain itu terjadi ketidakpastian politik dalam menyepakati penghematan anggaran dan meningkatnya pengeluaran di fiscal clif. Namun pengeluaran konsumsi pribadi naik 2,2% dari kenakan 1,6% di kuartal sebelumnya.

Namun ada prospek cerah dari laporan kuartal keempat yang suram. Sektor perumahan tetap melakukan investasi, perbaikan di belanja rumah yang naik ke 15,3 persen dan investasi bisnis naik 8,4%.

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