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Oil Drops With European Stocks, Apple Suppliers; Euro Bonds Gain

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Oil resumed declines amid further evidence of a global glut, dragging European stocks and U.S. equity index futures lower before the Federal Reserve’s first policy statement this year. European bonds gained and the yen strengthened.

West Texas Intermediate crude fell toward $30 a barrel after U.S. industry data showed stockpiles increased. European stocks deepened a monthly rout as disappointing earnings reports reignited investor concern about global growth prospects, with Apple Inc. forecasting its first drop in sales since 2003. Yields on Treasuries due in a decade held at around 2 percent and German note yields fell to record lows, while Malaysia’s ringgit climbed to a seven-week high as Prime Minister Najib Razak was cleared in a corruption probe.

Commodities

WTI futures fell 3.6 percent to $30.31 a barrel by 11:50 a.m. London time. Inventories surged by 11.4 million barrels last week, the industry-funded American Petroleum Institute was said to report. Government data Wednesday is forecast to show supplies rose for a third week.

Stocks

S&P 500 e-mini futures fell 0.7 percent, while those on the Nasdaq 100 Index declined 1 percent. Apple slid 4 percent in pre-market trading. ARM Holdings Plc, the semiconductor designer whose technology is used in most smartphones, slid 2.2 percent after the Apple forecasts.

Currencies

Australia’s dollar strengthened 0.4 percent to 70.33 U.S. cents. The nation’s trimmed mean inflation measure increased 0.6 percent last quarter from the prior three months, topping the median analyst forecast for a 0.5 percent increase.


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