US and Asian stock markets increased on better-than-anticipated earnings and factory output data in Japan. The Energy Department said, crude stockpiles increased 4.1 million barrels in the week ended April 2009 to 374.6 million barrels, the highest since September 1990.
“What drove the gains was the performance of equities and the weaker dollar,” said Toby Hassall, an analyst at Commodity Warrants Australia Ltd. in Sydney. “The crude numbers were overlooked to an extent.”
Japan’s industrial output increased 1.6% from February 2009, the first raise in six months and twice the pace predicted by economists. The news pushed Asian stocks higher.
The MSCI Asia Pacific Index climbed 3.4% to 91.08 as of 12:40 p.m. in Tokyo. The gauge has risen 12% in April 2009, poised for the best monthly performance since October 1998. All markets open in Asia advanced today.
US stocks increased, pushing the Standard & Poor’s 500 Index toward its best month since 2000, as companies beating profit forecasts outnumber those that trailed 10-to-1. The S&P 500 climbed 2.2% to 873.64.
The dollar dropped 0.9% to $1.3271 per euro on April 29, 2009 and was at $1.33 per euro today.
Range Trade
Crude oil in New York has traded between $43.83 and $53.90 in April 2009 as inventories increased and equities rebounded on speculation the economy will recover later this year.
Brent crude for June 2009 settlement increased as much as 43 cents, or 0.9%, to $51.21 a barrel on London’s ICE Futures Europe. The contract increased 79 cents, or 1.6%, to end the session at $50.78 a barrel on April 29, 2009.
