The Traderszone Network

Asian stocks rose on Thursday, extending the previous session’s gains, while the dollar drew support from minutes of the Federal Reserve’s last meeting showing the U.S. central bank was still on course to hike interest rates this year. Overnight, the FOMC minutes weren’t quite as dovish as some bulls had hoped, with the Fed divided over a June hike,” Jonathan Sudaria, a dealer at Capital Spreads, said in a note.

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The Federal Reserve could still hike interest rates in June despite weak recent U.S. data and investor skepticism, two influential officials with the central bank said on Wednesday, putting the spotlight squarely on the economy’s performance in the next two months. Disappointing U.S. jobs growth, manufacturing activity, and retail sales over the winter had pushed market expectations for a rate hike to later in the year. June has long been seen as the earliest the Fed could tighten policy, after more than six years of near-zero rates.

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Oil prices rose more than a percent on Thursday, clawing back part of the 6 percent slump in the previous session that was triggered by a shock jump in U.S. crude inventories and record Saudi output, although analysts said sentiment remained bearish. A 10.95 million-barrel surge in U.S. crude stockpiles to 482.4 million last week, the biggest gain in 14 years, and Saudi oil production of 10.3 million barrels a day in March had battered crude futures on Wednesday. “Total U.S.

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Some of the biggest dollar bulls in the global bond fund sector have reversed course in recent weeks, cutting exposure to the greenback amid concern the U.S. Federal Reserve will delay a widely-anticipated interest rate hike. The shift comes as the dollar’s rally to 12-year highs shows signs of flagging, hurt by soft U.S. economic data and efforts by European central banks to stimulate their own economies, fund managers and analysts said.

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Exxon Mobil Corp (XOM.N) has rejected a contract offer from the United Steelworkers (USW) local chapter representing hourly workers at the company’s Beaumont, Texas, refinery and renewed its offer of a six-year contract, a union official said on Wednesday. Exxon has been campaigning for a longer agreement with the Beaumont workforce, offering first a five-year agreement and then a six-year pact.

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The city council is scheduled to hold a public hearing on April 14 to consider establishing a reinvestment zone at the location. The company, which is among the top 10 employers in Arlington according to the city’s website, will spend $307 million on the physical expansion and $986 million on new equipment. “GM is developing a business case for a potential future investment at Arlington Assembly. We cannot share details at this time,” GM spokeswoman Jennie Ecclestone said in an emailed statement.

Lafarge and Holcim have appointed long-time Lafarge executive Eric Olsen as the chief executive of their combined company once their merger is completed, the two groups said in a statement on Thursday. …