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Currency Markets the dollar hovered near a seven-week high on Thursday on increasing signs given by Federal Reserve officials that the U.S. central bank is seriously considering raising interest rates this month. Against its Japanese counterpart, the dollar was up 0.3 percent at 114.04 yen. The greenback hovered near a six-week high versus the loonie, last standing at 1.3356 Canadian dollar. Sterling sank to a six-week low of $1.2261 as disappointing economic data on Wednesday added to political nerves that have begun to weigh on the currency again after last year's Brexit vote. The euro was down 0.2 percent at $1.0529. The Australian dollar sagged on weaker-than-expected trade data, falling 0.3 percent to $0.7654.
Commodities Markets crude oil fell for a third consecutive session on Thursday as a record build-up in U.S. stockpiles weighed on the market, with producers boosting shale oil production. Crude stockpiles in the United States, the world's top oil consumer, rose by 1.5 million barrels last week, less than forecast, but touching a record at 520.2 million barrels after eight straight weekly builds. U.S. West Texas Intermediate futures fell 0.2 percent, to $53.73 a barrel. Benchmark Brent crude futures gave up 3 cents to $56.33. Spot gold fell 0.2 percent to $1,246.14 per ounce and spot silver fell 0.2 percent to $18.38 an ounce. Platinum was down 0.2 percent at $1,012.70, while palladium fell 0.2 percent to $773.50.
US Equity Markets the Dow on Wednesday blasted through the 21,000 mark for the first time after U.S. President Donald Trump's measured tone in his first speech to Congress lifted optimism and investors viewed a looming interest rate hike as a glass half full. The Dow Jones Industrial Average jumped 1.46 percent to end at 21,115.55, while the S&P 500 rallied 1.37 percent to 2,395.96. The Nasdaq Composite climbed 1.35 percent to 5,904.03. On Thursday, all eyes will be on the trading debut of Snap Inc, owner of popular messaging app Snapchat. Despite having never turned a profit, Snap on Wednesday raised $3.4 billion in an initial public offering, giving it a valuation of $24 billion.
Bond Markets Japanese government bonds mostly fell on Thursday as they took their cue from weaker U.S. Treasuries and firmer Japanese equities, but were underpinned by decent demand at an auction of 10-year JGBs. The benchmark 10-year JGB yield rose 0.5 basis point to 0.065 percent, while 10-year JGB futures were up 0.03 point in afternoon trade at 150.50, up from their morning close of 150.38. The 20-year yield rose 3 bps to 0.680 percent, while the 30-year JGB yield added 4 bps to 0.875 percent.
Asian Equity Markets Japan's Nikkei index hit a 14-month high on Thursday after Wall Street rose and the dollar gained on rising expectations the U.S. Federal Reserve will hike interest rates in March. The Nikkei gained 1.1 percent to 19,605.85 points in mid-morning trade, after climbing as high as 19,668.01 in early trade, the highest level since December 2015. The broader Topix added 1.1 percent to 1,569.36 points, and the JPX-Nikkei Index 400 advanced 1.1 percent to 14,069.73 points. MSCI's broadest index of Asia-Pacific stocks outside Japan rose 0.7 percent, led by rebounds in Australian and Hong Kong stocks.
