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Surprising Decline in US Inventory Sent Crude Higher, Equities Dropped on Retail Concerns + MORE

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Energy and industrial metal prices slumped as China’s exports and imports disappointed in April. More importantly, market participants believed that the government would not add easing measures as aggressive as previously. Both crude benchmarks declined with the front-month WTI contract losing -2.73% and the Brent contract down -3…

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Commodity prices remained firm, led by crude oil prices on the surprising inventory decline. The front-month WTI contract rallied to a 2-week high of 46.36 before ending the day at 46.23, up +3.52%. The Brent crude initially soared to as high as 47.75 before settling at 47.6, up +4.57%. However, equities weakened as corporate news weighed on the consumer discretionary sector…

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In line with what was expected in the ADP report, US’ payrolls growth surprised to the downside in April. Headline non-farm payrolls increased +160K last month, down from consensus of +206K and the downwardly revised +208K in March. Note also that the strong gain of +245K in February was also revised lower to +215K…

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Supported by weakness in Japanese yen, the Nikkei 225 index rose more than +1.5% shortly after market opens. This should also lead other equities to strengthen in Asian Wednesday. Sentiment firmed in the US as crude oil rebounded following news of supply disruption in Nigeria and Libya. Wall Street soared …

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