Asian Stocks Pare Yesterday’s Gains But Crude Stays Bullish

Asian stocks dropped, snapping a three-day advance in the regional index as Japanese shares slipped following yesterday’s surge. Crude oil extended gains from a four-month high before stockpiles data while silver retreated after its longest rally in at least 45 years.

The MSCI Asia Pacific Index lost 0.2 percent by 9:21 a.m. in Tokyo as Japan’s Topix Index fell 0.6 percent after climbing the most in five months yesterday. Standard & Poor’s 500 Index (SPX) futures lost 0.2 percent after most stocks rose in New York. West Texas Intermediate oil added 0.7 percent in a second day of gains while silver slipped 0.4 percent following a 13-day rally. The South Korean won and Thai baht weakened versus the dollar.

Minutes of the Federal Reserve’s January meeting are due today, after homebuilder confidence and New York manufacturing data trailed estimates. Malaysia posts inflation while in Thailand, four people were killed and others injured as anti-government protesters tussled with police in Bangkok. Snow in the U.S. Northeast has bolstered demand for heating and analysts predict a report tomorrow will show supplies at Cushing, Oklahoma, the biggest U.S. oil-storage hub, fell a third week.

Bloomberg

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