Bloomberg Business
-Stocks: The S&P 500 rose 0.1 percent at 10:43 a.m in New York, poised for a gain of 1.1 percent in the first quarter. The index is coasting to the end of the three-month period defined by two distinct halves, with a blistering comeback in the last six weeks erasing losses from the worst-ever start to a year. European shares are heading for their first monthly gain since November, although they won’t avoid a quarterly drop. The Stoxx 600 slid 0.9 percent, with banks leading declines. Since rebounding 14 percent in five weeks through March 14, the gauge’s advance has stalled, and it is heading for a 7.5 percent quarterly drop.
-Currencies: Bloomberg’s dollar gauge, which tracks the greenback against 10 major peers, slipped 0.4 percent, for a fourth day of declines. The index has lost 4.1 percent this month, its steepest drop since September 2010. It is heading for its worst quarter since 2010. The yen, regarded as a haven investment along with gold and government debt, held steady at 112.44 per dollar. After the ringgit, Japan’s currency is the best performer in Asia this quarter, with volatility at the start of the year burnishing its appeal.
-Commodities: West Texas Intermediate crude erased losses of as much as 2 percent to rise above $38.50 a barrel in New York. Brent rebounded 0.8 percent to $39.59. Both are heading for their first quarterly increases since 2015. Inventories expanded for a seventh week to 534.8 million barrels, according to a report from the Energy Information Administration Wednesday, while imports and production dropped. Gold for immediate delivery added 0.7 percent to $1,233.74 an ounce, after sliding 1.4 percent last session, while copper declined with zinc, nickel and lead in London.
-Bonds: The yield on 10-year U.S. Treasuries was little changed at 1.82 percent, and has plunged about 47 basis points since the end of last year. Two-year yields dropped one basis point to 0.75 percent, having reached the lowest since Feb. 26. Germany’s benchmark 10-year bond yield fell one basis point to 0.15 percent, down 48 basis points for the quarter, which would be the most since 2011. Bonds worldwide have earned about 3.2 percent this quarter and added $2.1 trillion of market value, according to a Bank of America Merrill Lynch index that tracks securities ranging from corporate and government obligations to mortgage-backed debt.
CNN Money
-What goes up: U.S. stock futures are dipping, oil prices are shifting lower and European markets are all firmly in the red in early trading. This comes after the U.S. stock market hit its highest level of 2016 on Wednesday. The Dow is currently up 1.7% for the year after enduring steep losses in January. The S&P 500 has also notched a 1% gain. However, the tech-heavy Nasdaq is still in negative territory for the year, down 2.8%.
– It’s Tesla time: Tesla (TSLA) investors are pinning their hopes on a successful launch of the new Model 3 electric car, which will be unveiled this evening in California. People have already begun lining up at some Tesla stores to reserve their Model 3 vehicles, even though the company hasn’t provided many specific details about the new sedan. Tesla is trying to have more mass market appeal with this vehicle by giving it a lower price point, around $35,000. Prices for the Model S sedan and Model X SUV start at $70,000 and $132,000, respectively.
– Market mover — Dalian Wanda: Shares in Dalian Wanda Commercial Properties surged 18% in Hong Kong on Thursday after its parent company, Dalian Wanda Group, said it is considering taking the firm private. China’s richest man, Wang Jianlin, is the man behind real estate and entertainment giant Dalian Wanda Group. His recent investments include Spanish soccer club Atletico Madrid and Hollywood film studio Legendary Entertainment.
– Spotlight on South Africa: South Africa’s highest court will decide Thursday whether President Jacob Zuma violated the constitution when he used $15 million in state funds to renovate his private residence.South Africa’s FTSE JSE All-Share index is dipping by about 1.3% in early trading, which is in line with European markets.